So far sixteen investors participated to Rooibee Red Tea Co‘s $2 million non-brokered financing round. Financial backers bought, a week ago, 48% of the offering or $951,000 worth of equity. The offering will remain open until March 2015 while an additional $1.05 million worth of securities is sold to investors. The equity offering’s expected net proceeds will amount to $1.97 million which excludes $30,000 to be paid toward officers’ salaries. Two previous unregistered financing rounds raised an estimated $1.86 million.
The company manufactures organic bottled tea. The company’s tea is made from naturally caffeine-free rooibos bush from South Africa. The product, which is low in tannins and high in antioxidants, is brewed, bottled and packaged in Louisville. The product is available at Whole Foods, Kroger and Giant Eagle stores. The company also launched a beverage for kids called Rooibee Roo.
The company, headquartered in Louisville KY, is led by Heather Howell (CEO). Revenues on or below $1 million were reported by Rooibee Red Tea Co.
The executive team includes Phoebe A Wood.
The board of directors includes Theodore Halstead Nixon.
The company has raised an estimated total of $2.81 million via private unregistered security offerings.
Status: First close
Company: Rooibee Red Tea Co
Amount offered: $2 million
Amount placed: $951,000
First sale: 03-31-2014
Data as of: 04-07-2014