Aimee Yang has always been passionate about health and wellness. Like many women, she’s had “a complicated relationship with food over the years,” she said.
So she spent a lot of time thinking about how to break the cycle in which some women have been conditioned to associate guilt or deprivation with what they eat. As a long-time pescatarian, she was constantly looking for ways to add more plant-based protein into her diet.
All this catalyzed her to create BetterBrand in 2021. It’s a consumer food-tech company in the multi-trillion-dollar refined carb space.
The company recently closed a Series A raise of $6 million at a pre-money valuation of $170 million. The round was led by Verso Capital, with participation from returning venture capital firms such as Gaingels Fund, Alexis Ohanian’s Seven Seven Six and Craft Lane.
This valuation set the record for the highest Series A valuation posted by a sole female founder in venture history, according to Crunchbase.
Foundation
Yang’s background is in operations, finance and entrepreneurship. As as a CPA and CFE, she got her start in consulting with Ernst & Young before finishing her MBA from Wharton.
“I always knew I was going to lead a startup, and that dream became a reality when I launched BetterBrand,” she told L.A. Inno.
Funding
In its first year, BetterBrand raised $1.2 million in pre-seed funding.
Over the past few years, other notable investors have included Sean Thomas of the Wendy’s family, and actors Patrick Schwarzenegger and Emmy Rossum.
BetterBrand’s revenue grew over 800% year-over-year from 2021 to 2022, and it’s on track to experience a similar increase this year, Yang said.
Target demographic
BetterBrand is targeting the “conscious consumer,” someone who’s motivated by the desire for personal transformation.
“Our customers identify as people who make smart, progressive decisions and believe in science and technology as powerful forces to create a better world,” Yang said. “They seek out modern, simple solutions in each and every part of life and don’t want to be constrained by unnecessary limits.”
Specifically, the company serves several demographics, including shoppers with specific dietary needs like low carb, high protein, keto, plant-based and diabetic. Also, those looking for an entry point into health and wellness.
Its main product is The Better Bagel, which “tastes and toasts like a regular bagel” but was designed with the net carb equivalent of two banana slices. And, it’s packed with 26 grams of plant-based protein. It’s made with non-GMO all-natural ingredients and has no added sugar.
The Better Bagel available online and on shelves in more than 1,500 stores in the U.S., including Whole Foods, Sprouts and Gelson's.
“In 2022, we drove more than $1 million in gross sales at Whole Foods Market alone during our first five months on shelves, organically outperforming our best case estimates,” Yang said.
Future plans
The company intends to create an international distribution network, as well as expand across North America and Europe.
It’s also planning to unveil more than 16 new products before the end of the year.
Benefits of Being in L.A.
BetterBrand’s headquarters is in Santa Monica.
Los Angeles “represents the intersection of technology, health, wellness and great food, which closely aligns with the BetterBrand mission,” Yang said.
The company has close to 10 full-time employees, distributed nationally.
Market value
The refined carb market size — including bread, pasta, and pastries — has a market value of approximately $12 trillion.
