FORT LEE, N.J., June 4, 2021 /PRNewswire/ -- Creatd, Inc. (Nasdaq
CM: CRTD) (the "Company" or "Creatd"), the parent company of
Vocal and Creatd Partners, today announced that it has
completed the purchase of an additional 56% of the membership
interests in Plant Camp, LLC ("Plant Camp"), through its
wholly-owned subsidiary, Creatd Partners, bringing the Company's
total ownership of Plant Camp to 89%. As the majority owner, Creatd
Partners will control Plant Camp's operations going forward.
Additionally, Creatd will recognize all Plant Camp revenue in the
Company's consolidated financial statements. Management currently
estimates approximately $1 million in
annual revenues from this newly acquired business.
![Creatd Increases its Ownership Stake in Direct to Consumer Health Food Company Plant Camp Creatd Increases its Ownership Stake in Direct to Consumer Health Food Company Plant Camp](https://mma.prnewswire.com/media/1525959/Plant_Camp.jpg)
Plant Camp was first brought to market when its
co-founders, two Consumer Product Goods (CPG) industry executives,
identified the high-growth niche of healthy, kid-friendly foods. To
fulfill their vision, Plant Camp's founders joined forces with the
Creatd team, ultimately becoming the first company to join Creatd
Partners, the Company's corporate venture initiative. With Creatd
Partner's support, including capital investment, operational
know-how, and strategic marketing resources, Plant Camp evolved
from concept to development/formulation in under nine months. Since
inception, Plant Camp's business and operations have been managed
remotely using a platform and technology stack designed by Creatd's
product team, the same team behind the creation of Vocal, the
Company's flagship product.
Commented Creatd CEO Jeremy
Frommer, "It is rare to see ideas become realities. Plant
Camp's success thus far is due to the vision and creativity of its
founders, Angela Hein and Dr.
Heidi Brown. Without their
commitment and hard work, we surely could not have brought this
product to market."
Plant Camp had its soft launch at the end of the fourth quarter
of 2020, and entered the pre-order phase for its first product, a
nutrient-rich mac and cheese for kids. Over the next months, and
with the support of the Creatd team, Plant Camp implemented supply
chain and general operations, as well as a strategic
direct-to-consumer marketing framework that would lay the
foundation for its future scale. Plant Camp officially entered into
the fulfillment phase in January
2021, though a number of technical supply chain delays
related to the pandemic prevented sales from ramping up in earnest
until the beginning of the second quarter. Since that point, Plant
Camp has sold nearly half of its initial 15,000-unit order,
entirely through its e-commerce site, and expects to sell out of
its remaining inventory before the end of the second quarter.
The rate of revenue growth that Plant Camp has seen to date is
largely attributable to its access to and utilization of Creatd and
Vocal's business intelligence. In the same way that the Company has
yielded such successful campaigns for agency clients like Moleskine
and Fiskars, Plant Camp benefits from the ability to leverage the
rich pool of first-party behavioral data that Vocal, a community of
over one million registered creators, continues to steadily amass.
In particular, Creatd's proficiencies in audience targeting made it
a natural partner for Plant Camp, as its growth relies on the same
internal strategies that the Company applies internally to grow its
Vocal+ subscription program, as well as to drive successful
campaigns for its agency clients.
It was at the start of the second quarter 2021 that Rich Vinchesi, who was recently named the Lead
Acquisition Strategist for Creatd Partners, initiated discussions
with Plant Camp's original founders regarding purchasing a majority
stake, bringing on a new executive team, and implementing a
strategic plan, intended to increase revenue two- to three-fold
within 12 months.
Further commenting on the acquisition, Mr. Frommer continued,
"Plant Camp is our inaugural 'Creatd Partner,' and it took only a
matter of months for us to prove its viability sufficient to
warrant taking a more significant ownership interest. In addition
to other potential Creatd Partners opportunities that are in
development, we have recently announced publicly our plans to
introduce new e-commerce offerings, including by leveraging our
extensive library of archival content. Being able to now
consolidate Plant Camp revenues on our balance sheet represents the
first manifestation of Creatd's newly reconstituted e-commerce
pillar."
Looking ahead to the third quarter 2021, the Company expects to
continue accelerating sales. In the fourth quarter, the Company
expects to begin expanding Plant Camp's offerings by introducing
one or more additional SKUs to its product line, including a
nutrient-rich, kid-friendly pancake mix.
For more information on Plant Camp, please visit the newly
released Plant Camp Investor Presentation, found on Creatd's
investor relations website:
https://investors.creatd.com/news-and-events/presentations/default.aspx.
About Creatd
Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology
company and the parent company of the Vocal platform. Our mission
is to empower creators, entrepreneurs, and brands through
technology and partnership. We accomplish this through Creatd's
three main business pillars: Vocal Ventures, Creatd Partners and
Recreatd.
For news and updates, subscribe to Creatd's newsletter:
https://creatd.com/newsletter
Investor Relations Contact: ir@creatd.com
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SOURCE Creatd, Inc.