Understanding the investment opportunity
Mim Habits is a FoodTech company that has created a new food category (Advance Immunity Food) combining science and tradition to create foods with advanced properties that can fight ailments such as anxiety, insomnia, stress, joint pain, digestive disorders and many more, all with quality ingredients and excellent taste.
Did you know that only 3% of your DNA is actually yours, and that the other 97% belongs to the nearly 2kg of bacteria that live in your body in perfect symbiosis, and in a 10:1 ratio with your cells? thus constituting your microbiome, your army against inflammatory diseases such as cancer, obesity, diabetes, autism or IBD (a generic term used to refer to conditions including Crohn's disease, ulcerative colitis and other inflammatory diseases affecting the intestine) among many others suffered by 1/5 people globally, as explained in the "value proposition" section. The study of the microbiome is now the No. 1 focus of research and development by laboratories such as Johnson & Johnson, Merck Sharp & Dohme, Pfizer and many others, along with numerous biotech companies, which continue to delve into what, according to Forbes, is the decade of the microbiome.
Mim Habits was founded in June 2019, after the entry of its partners, Xavi Cortadellas, Pol Tusquets and Quim Lorente, as investors in an international biotech that, after more than 10 years of research in the Human Microbiome, had developed a formula against cancer, already in phase II and with more than 90% effectiveness.
The Mim team, after seeing that this formula, formed by bacteria, was able to have this effect on cancer patients, wanted to bring this science to food by creating universal foods with advanced properties that will improve the quality of life of any person, simply by enjoying a meal, breakfast or mid-morning snack.
In this way they started to develop, in collaboration with this biotech and using the same technology, new formulas for other ailments such as insomnia, joint pain, anxiety, digestive disorders and other conditions suffered by more than 3.5 billion people on our planet. Along the way they discovered that, thanks to the biotech's patented technology, they were able to subject bacteria to high temperatures without affecting their properties (something never seen before) so they were able to make bread, chocolate and any food that requires temperature for its elaboration, allowing them to be pioneers and create for the first time a range of foods with advanced properties. Today they already have 8 SKUs (Stock Keeping Unit or versions) in the market, 4 breads for different ailments that you can find with or without gluten, in Spain 10 days ago in their own ecommerce and soon in physical point of sale and in the UK in October 2022 through their ecommerce and Amazon.
Of these 8 SKUs, they have 4 formulas under an exclusive contract with this biotech (under a 4% royalty), which allows them to exploit it in food and 4 new formulas (for psoriasis, joint pain, fertility and cholesterol for the next 6 months) under development, owned by Mim Habits.
They aim to become the dominant player in this category and will do so by reaching 9 markets, including the US, UK and Australia (leading supplement markets along with China and Russia) by creating 30 new Mim Habits proprietary formulas/patents and a total of 60 products.
INVESTMENT STAGE
MARKET
- fast-moving-consumer-goods
- food&beverage
- foodservice
- (+1)
OFFICIAL WEBPAGE
MIM Habits Team
Xavi Cortadellas
Chief Executive Officer
Emprendedor hace 22 años, 11 startups levantadas, 65% success rate, ventas entre 16M/25M repartido geográficamente entre US, Euram & Latam
Pol Tusquets
Chief Financial Officer
Nombrado entre el Top 10 como mejor selector de fondos en 2021, sólido track record con más de 10 años de experiencia gestionando activos
Carolina Logarzo Skenasi
Chief Marketing Officer
Marketing leader a escala global, con una visión de hyper-growth ejecutada en marcas como Revlon Professional, Eksperience, Intragen, ProYou
Quim Lorente
Chief Product Officer
Más de 10 años creando una nueva técnica para usar bacterias en la preparación de alimentos que afecten a nuestro microbioma.
David Parera
Head Expansion & operations
20 años impulsando proyectos internacionales, escalando Granier de 8 puntos de venta a 300 en Estados Unidos y de 5 a 40 millones de Euros
Oscar Subirana
Paid Social
Enrique Hernandez
Creative Director
Edu Barredo
Data Director
Jessica Romo
Content Creator
Q2BSTUDIO
Developer
Leonardo Gonzalez
Ecommerce Director
Oscar Ramilo
SEO Director
Jorge Mata
ADVISOR
Luis Krug
ADVISOR
Diego Barral
ADVISOR
Faissal Tahiri
ADVISOR
Andreu Costafreda (familia ex propietarios Panrico)
BUSINESSANGEL
GVC Gaesco
INVESTOR
Joan Condal (Familia Condis)
BUSINESSANGEL
Reasons to invest View more data
- Disruption in food and health: At Mim Habits we are changing the way we understand food and health, bringing together two previously separate worlds, but with a trend (the importance of food as the basis of our health) that is growing by leaps and bounds and in which Mim will be the driving force and the lever of change.
An excellent product: The value of Mim Habits lies in the combination between the effect our products have after 3 weeks of consumption, which range between 60% and 80% effectiveness against each ailment (according to clinical studies with 240 patients carried out by external agencies) and the quality of the product where 9 out of 10 users have stated that there is no equal product in terms of taste and effect (according to the same studies). But it is better to read the reviews that our customers leave us on Google::
- Barrier to entry: Such technology is protected by patents, exclusivity contracts, and intellectual property. At Mim, we have a hybrid R&D model where we combine proprietary formulas (4 in development) with others licensed under exclusive contracts (4 currently) in food, which makes it very difficult for anyone to access our technology.
- Rapid internationalization: At Mim Habits we have created an expansion model that allows us to open new markets in 2 months, fast and with hardly any investment in the operation. We have a technological structure (Data, Systems, e-commerce, web, CRM) already prepared for 9 markets and a centralized operating model that applies to marketing and production, allowing us to expand our DTC (direct to consumer) in an agile and efficient way.
- Scaling: In a market of 130 billion dollars with an annual growth of 6%, with numerous cases of products with functional properties (non-medicinal, i.e. that bring you benefits but do not help you to deal with an ailment), a mono-country positioning, billings between 60-120 million euros per year (Foursigmatic, Symprove, etc...) and a differentiating offer, where we bring greater effectiveness with greater comfort, Mim Habits has a great opportunity for growth. Therefore, we have defined a business model based on three growth levers that will allow us to pick up speed:
- A subscription model for B2C that will bring recurrence with 800 units sold by the end of 2022 and 2,000 units per day by Q3 2023.
- A distribution model with a forecast presence in more than 150 points of sale by 2023, supplying more than 100 tonnes of product per year.
A "food service provider" model: Helping companies to inject innovation through new formulas created for them through contracts under royalties per unit sold.
The team that has already faced the challenges of Mim Habits: An experienced team behind the scenes:
- Xavi Cortadellas with more than 11 startups created, a 65% success rate, with a turnover between 16 and 26 million euros and geographically distributed between the United States (65%) and Europe & Latin America (35%).
- Quim Lorente, the creative force behind MIM and >20 years dedicated to food innovation.
- Pol Tusquets, with the financial know-how of >15 years of experience in the industry, son of Carles Tusquets, and deep experience in M&A.
- Carolina Logarzo with >15 years experience as Ex-CMO at Revlon launching numerous consumer products internationally, same type of consumer as Mim Habits.
- An advisory to the board composed of real "serial entrepreneurs" with Jorge Mata (creator of myalert among many others), Luis Krug (Electronic24 sold to mediamark for 500M), Diego Barral, President of Clorox (Australia, New Zealand, Africa, Asia, the Middle East, Latin America, Canada, Europe and Greater China) or Faissal Tahiri president of Bountiful Company when it was acquired by Nestlé for 1 billion.
- A product already validated: Mim Habits is already on sale in Spain and in just 10 days we have achieved >50,000 visits to the website, the interest of La Vanguardia, Cosmopolitan, among others (link below), have offered us to be in more than 100 points of sale (November) and with an ecommerce that generates 20 customers per day (without investment in media to date). And before its launch, tested for 8 months in 6 international markets (USA, UK, SP, FR, IT, GR) with metrics such as CTRs of 12%, conversions to purchase button of 40%.
- Confidence of industry investors: Two major investors behind, Andreu Costafreda (Panrico family) and Joan Condal (Condis family).
- Ambitious plan: At Mim habits we have a big ambition. We want to be in 9 markets, develop 30 patents and launch 60 products in order to be able to handle a turnover of more than 100 million Euros in the first 4 years.
Who is the reference investor?
Andreu Costafreda (familia ex propietarios Panrico)
BUSINESSANGEL
About Andreu Costafreda (familia ex propietarios Panrico)
Andreu Costafreda pertenece y es parte de la gestión del family office que lleva el nombre de su familia, fundadores de Panrico, la marca que trajo a España el Donut y que fue adquirida por bimbo, grupo mejicano que mejoró su presencia en Europa gracias a dicha adquisición.- Tamaño del fondo:10M €
- Gestora del fondo:Nekko Cap
Minicoders has a very powerful team, and the developed product will be launched in a market where there is currently no competitor with the same characteristics as Minicoders. Moreover, as a company co-founded from Nuclio Venture Builder, it is invested by Nuclio's fund.
It has also invested in...
Live
Chat
You need to be registered to view the content
This content is confidential and you must be registered with Startupxplore in order to access it.
Register meOpportunity analysis Last update Dec 30, 2022 9:00:49 PM
You need to be registered to view the content
This content is confidential and you must be registered with Startupxplore in order to access it.
Register meThis investment opportunity is already closed.
Documentation
You need to be registered to view the content
This content is confidential and you must be registered with Startupxplore in order to access it.
Register me