What's the Big Deal with Tween Periods?
Ep. 129 RedDrop: Pitching the Big Vision
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Listen to the unedited version of Monica’s pitch on The Pitch UNCUT.
I was away from home when it happened. Spending a week with my cousin Brent - a guy - when I got my first period. Figures…
Away from my mom, I tentatively told my aunt who scrambled to find me products before leaving for work. I spent the day with my giant secret, until aunt #2 called and asked if I wanted to run the stairs at Ben Hill Griffin stadium.
“Uhhh… Aunt Julie maybe you could call Aunt Elaine, and she can tell you what’s going on...”
Starting your period is scary! It’s this big unknown just lurking for YEARS while you wait for the jump scare.
THAT’s why Monica Williams is redefining feminine hygiene for tweens.
Walk into any store and tween products can’t be found on the shelf, period.
Finding something that fits comfortably is a challenge.
*Direct quote from my sister: “It feels like I have a duck between my legs,” as she waddles, uncomfortably, wearing a pad that’s too large.
That was the year 2000. How is it possible we still don’t have pads that fit in 2024?!
Well now we do. Thanks to RedDrop.
They started with “Period Kits” and educational videos, including one specifically for tween dads.
But what really got my attention is their distribution strategy.
B2B Sales
RedDrop’s $5M in sales-to-date was primarily done through D2C. However, Monica sees most of their future growth coming from sales to schools & organizations like Girl Scouts of America. RedDrop just became their official partner.
(Note: 25 states have legislation requiring free access to period products in schools.)
What did The Pitch investors have to say?
What they liked:
Because periods are an emotional issue for customers, RedDrop can build a loyal following.
Tweens have the potential to be customers of RedDrop for a long time.
Before coming on The Pitch, RedDrop had no institutional investors. Still, they were able to do $3M in sales in 2023 alone.
Monica! She’s a great founder. The investors really like that she began her pitch with RedDrop’s traction and that she was upfront about the reasons for this raise (to scale).
What they didn’t like:
Unlocking the omni-channel formula for a CPG company can be difficult.
RedDrop should be raising more than $500K.
RedDrop’s CAC is a little high ($20)
Quotable Moments
“She figured out her customer. She's gotta figure out how to grow – figuring out how to grow is a problem money solves. A lot of founders we see have other problems that money doesn't solve that we're trying to get to. When you got a founder where their only problem is, “I need money to solve this problem,” that is something that VCs are really good at.” -Mac Conwell
“Women have blood forever.” -Beck Bamberger
“Three of our best companies - Bobbie, Pepper and Pair Eyewear - are all D2C and they're all real companies. - Charles Hudson
The Essentials
Company: RedDrop
Year Founded: Founded in 2018 & launched in 2021
Industry: FemTech, E-Commerce, Healthcare
HQ: Atlanta, GA
Founders: Monica Williams & Dana Roberts
Previously Raised: $274K (bootstrapped & one angel investor)
Currently Raising: $500K seed round
Costs: $20 CAC & $5 manufacturing cost
Margins: 80% direct margin, 65% gross margin
Funding Round Goals: Scale!
Target Customer: Tween moms (customers are moms & users are tweens/teens)
Business Model: B2B with schools, and Girl Scouts of America. Direct-to-consumer (with plans to launch a subscription model). Retail in Fall 2024.
Sales: $5M in revenue since 2021 launch, $3M in revenue in 2023, & path to $100M in revenue in <5 years
Comps
Who’s in?
Mac Conwell with RareBreed Ventures: $50K (he invested in less than 20 minutes, a new record for The Pitch!)
The Pitch Fund: $50K
Now, it’s your turn.
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