{"data":{"type":"company_profile","id":24736,"entity_id":"wefunder:company:24736","attributes":{"canonical_url":"https://wefunder.com/naia","generated_at":"2026-06-16T17:46:17Z","updated_at":"2026-06-16T05:02:13Z","entity_ids":{"company":"wefunder:company:24736","slug":"wefunder:company_slug:naia"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-16T17:46:17Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-16T05:02:13Z","as_of":"2026-06-16T17:46:17Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-16T05:02:13Z","as_of":"2026-06-16T17:46:17Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-16T17:46:17Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-16T17:46:17Z","confidence":"medium"}}},"company":{"id":24736,"entity_id":"wefunder:company:24736","slug":"naia","name":"Naia","tagline":"16 years of original, award-winning gelato","elevator_pitch":"Sixteen years ago, we opened a scoop shop in Downtown Berkeley to bring great tasting gelato with simple, real ingredients to Northern CA. Now we sell gelato tubs and Bar Gelato, our signature \"gelato on a stick,\" in 250+ retailers across Northern CA. We were named one of the San Francisco Business Times' fastest-growing businesses five years in a row, and with the capital\u0026nbsp;to update and expand our creamery, we're primed to break into the national market.\u0026nbsp;","location":"Hercules, CA","website":"https://gelaterianaia.com","total_amount_raised":627105,"total_investors":321,"is_funded":true,"is_active":true,"quality_score":3,"related_urls":["https://wefunder.com/naia","https://gelaterianaia.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/24736/xxl_blob.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/24736/large_cropped_BarGelato_158_557-square.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/24736/standard_blob.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/24736/standard_blob.jpg"},"links":{"company_url":"https://gelaterianaia.com","twitter_url":"https://twitter.com/gelaterianaia","facebook_url":"https://facebook.com/gelaterianaia","instagram_url":"https://instagram.com/gelaterianaia"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"$2.9M in revenues in 2017."},{"index":2,"claim_id":"claim-fact-2","value":"Sold in 250+ Northern California stores."},{"index":3,"claim_id":"claim-fact-3","value":"51% profit margin for branded products."},{"index":4,"claim_id":"claim-fact-4","value":"16 years in operation."},{"index":5,"claim_id":"claim-fact-5","value":"Named in the\u0026nbsp;San Francisco Business Times' fastest-growing private company list each year from 2013-2017."},{"index":6,"claim_id":"claim-fact-6","value":"Won three national awards for coffee, pistachio, and burnt caramel flavors."}],"team":[{"id":265719,"entity_id":"wefunder:company_role:265719","role":"employee","name":"Craig Nisbet","title":"Sales Manager","bio":"28+ years in distribution and sales management at Loacker’s cookies and other ice cream companies.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/265719/square_cropped_Screen_Shot_2018-06-11_at_6.02.12_PM.jpg?1528777952","linkedin_url":"https://www.linkedin.com/in/craig-nisbet-9b5b2a53/","related_urls":[]},{"id":266368,"entity_id":"wefunder:company_role:266368","role":"employee","name":"Ray Williams","title":"Distribution Manager","bio":"20+ years in distribution and ops management at Coca-Cola, Foster Farms Dairy, and Markstein Sales.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/266368/square_cropped_Ray_2.jpg?1528765289","related_urls":[]},{"id":267530,"entity_id":"wefunder:company_role:267530","role":"employee","name":"Danny Rynning","title":"Catering Manager","bio":"13+ years with Naia at nearly every position in the company.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/267530/square_cropped_unnamed.jpg?1528849466","related_urls":[]},{"id":268115,"entity_id":"wefunder:company_role:268115","role":"employee","name":"Elsa Vasquez","title":"Accounting Manager","bio":"25+ years of experience with startup and enterprise accounting.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/268115/square_cropped_Elsa.jpg?1529022962","related_urls":[]},{"id":257342,"entity_id":"wefunder:company_role:257342","user_entity_id":"wefunder:user:156661","role":"founder","name":"Chris Tan","title":"CEO and Co-Founder","bio":"Former Director of Engineering turned gelato entrepreneur with 18+ years in product development.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/257342/square_cropped_Chris.jpg?1528915759","profile_url":"https://wefunder.com/tan","personal_url":"http://gelaterianaia.com","linkedin_url":"https://www.linkedin.com/in/tanchristopher","related_urls":["https://wefunder.com/tan","http://gelaterianaia.com"]},{"id":263748,"entity_id":"wefunder:company_role:263748","user_entity_id":"wefunder:user:158371","role":"founder","name":"Trevor Morris","title":"VP Operations and Co-founder","bio":"28+ years in food \u0026amp; beverage operations including Brinker International. Grew up on a dairy.","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/158371/large_cropped_macys2.jpg?1528849450","profile_url":"https://wefunder.com/trevormorris","personal_url":"http://gelaterianaia.com/","related_urls":["https://wefunder.com/trevormorris","http://gelaterianaia.com/"]}],"featured_investors":[],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":35,"featured_investors":0,"faq_entries":5},"active_fundraises":[{"id":18117,"entity_id":"wefunder:fundraise:18117","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":474000.0,"funding_started_at":"2018-06-19T18:32:36Z","funding_closed_at":"2018-09-02T04:02:13Z","auto_close_at":"2018-09-01T03:59:59Z"}],"latest_fundraise":{"id":18117,"entity_id":"wefunder:fundraise:18117","state":"successful","offering_type":"4(a)(6)","structure":"safe","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2018-06-19T18:32:36Z","funding_closed_at":"2018-09-02T04:02:13Z","terms":{"eb":null,"nb":"$8.7M","txt":"valuation cap"}},"recent_posts":[],"q_and_a":[{"id":313687,"entity_id":"wefunder:comment:313687","question":"Dear Chris. any updates? I do not see any financial reports published for the last few years.","author_name":"Rainer Filthaut","votes":1,"created_at":"2025-08-25T23:01:30Z","canonical_url":"https://wefunder.com/naia#question-313687","answers":[]},{"id":125701,"entity_id":"wefunder:comment:125701","question":"Any updates? any current financials?","author_name":"Rainer Filthaut","votes":1,"created_at":"2021-01-21T02:39:46Z","canonical_url":"https://wefunder.com/naia#question-125701","answers":[{"id":125718,"entity_id":"wefunder:comment:125718","answer":"Hi Rainer, thanks for the questions. We do publish our financials annually with the Naia Annual Report that's available on this Wefunder platform - please contact them if you did not receive it.\u0026nbsp; We will be posting an update shortly with some of our new products and projects.","author_name":"Chris Tan","votes":0,"created_at":"2021-01-21T05:49:24Z"}]},{"id":299086,"entity_id":"wefunder:comment:299086","question":"I requested an update by emailing mail@gelaterianaia.com. I will let you know if I get a response. It does appear that the company is still active as there are postings on the Facebook account.","author_name":"Suresh Goel","votes":0,"created_at":"2024-12-28T21:57:10Z","canonical_url":"https://wefunder.com/naia#question-299086","answers":[]},{"id":295094,"entity_id":"wefunder:comment:295094","question":"Any updates?","author_name":"Lay Mon","votes":0,"created_at":"2024-10-25T21:11:31Z","canonical_url":"https://wefunder.com/naia#question-295094","answers":[]},{"id":281291,"entity_id":"wefunder:comment:281291","question":"This company would appear to still be in business - based on it's Facebook page - https://www.facebook.com/gelaterianaia. Website is now at gelaterianaia.com. Can you please provide an update? And apologies in advance but what does the 'Disclosure' mean below this text box \"I have a financial relationship with Naia\". Is that Wefunder? Thanks in advance.","author_name":"Phil Dutton","votes":0,"created_at":"2024-04-12T23:54:45Z","canonical_url":"https://wefunder.com/naia#question-281291","answers":[]},{"id":255325,"entity_id":"wefunder:comment:255325","question":"Any update on 2022 financial ?","author_name":"Rainer Filthaut","votes":0,"created_at":"2023-07-22T15:41:39Z","canonical_url":"https://wefunder.com/naia#question-255325","answers":[]},{"id":249509,"entity_id":"wefunder:comment:249509","question":"With the Regulation of \u0026nbsp;Crowdfunding deals the amount we can invest per year across this platform will hit the limit, so We were wondering if you have provisions to accept alternative outright financing. With that, we can cover over 60% of your target raise. Kindly reach out to me at\u0026nbsp;HornbeckInvestment@protonmail.com\u0026nbsp;so we discuss further.","author_name":"Hornbeck George","votes":0,"created_at":"2023-06-06T23:01:55Z","canonical_url":"https://wefunder.com/naia#question-249509","answers":[]},{"id":234231,"entity_id":"wefunder:comment:234231","question":"Hello Naia team. I hope all is well. Haven't heard a peep (nor a cent) from Naia in quite a while... Any update?","author_name":"Amy Cortese","votes":0,"created_at":"2023-02-10T18:33:55Z","canonical_url":"https://wefunder.com/naia#question-234231","answers":[]},{"id":221217,"entity_id":"wefunder:comment:221217","question":"Hello - any annual report or updates to share?","author_name":"Robert Brandon Sokol","votes":0,"created_at":"2022-10-06T15:01:36Z","canonical_url":"https://wefunder.com/naia#question-221217","answers":[]},{"id":204450,"entity_id":"wefunder:comment:204450","question":"Any update when the 2021 financials will be available?","author_name":"Rainer Filthaut","votes":0,"created_at":"2022-05-06T19:16:58Z","canonical_url":"https://wefunder.com/naia#question-204450","answers":[]},{"id":152132,"entity_id":"wefunder:comment:152132","question":"It is better if you do zoom meeting time to time with investor like some company are doing these days to discuss about the investment, financial status, progress report and future planning of the company to keep trasnparent.","author_name":"Roshan Joshi","votes":0,"created_at":"2021-06-02T04:07:45Z","canonical_url":"https://wefunder.com/naia#question-152132","answers":[]},{"id":133480,"entity_id":"wefunder:comment:133480","question":"Any Updates? You guys have been pretty quiet.","author_name":"Mike Joyce","votes":0,"created_at":"2021-03-04T18:11:54Z","canonical_url":"https://wefunder.com/naia#question-133480","answers":[]},{"id":116041,"entity_id":"wefunder:comment:116041","question":"Hi, I invested with you guys, but I never received any gelato. Is your new facility in operation yet, and when can I expect some goodies?","author_name":"Jacob Sindel","votes":0,"created_at":"2020-11-25T23:05:47Z","canonical_url":"https://wefunder.com/naia#question-116041","answers":[{"id":116048,"entity_id":"wefunder:comment:116048","answer":"Hi Jacob, thanks for the question. Our facility is in (cautiously and socially distanced) operation, and we'll have an update on everything in December.","author_name":"Chris Tan","votes":1,"created_at":"2020-11-26T00:31:25Z"}]},{"id":66476,"entity_id":"wefunder:comment:66476","question":"How are sales going? Is the construction complete?","author_name":"K M","votes":0,"created_at":"2019-10-20T04:29:07Z","canonical_url":"https://wefunder.com/naia#question-66476","answers":[{"id":66487,"entity_id":"wefunder:comment:66487","answer":"Thanks for checking in - sorry we haven't had an update recently (and another investor has asked as well) as we finally completed the construction last week but are busy moving new equipment in.\u0026nbsp; We will send an update this week!","author_name":"Chris Tan","votes":1,"created_at":"2019-10-20T15:47:28Z"}]},{"id":54377,"entity_id":"wefunder:comment:54377","question":"How do I get k1 form for 2018","author_name":"Jerry Lee Culliton","votes":0,"created_at":"2019-05-31T17:08:18Z","canonical_url":"https://wefunder.com/naia#question-54377","answers":[{"id":54396,"entity_id":"wefunder:comment:54396","answer":"Hi Jerry - thanks for the question.\u0026nbsp; As we are not an LLC, there are no K1 or other tax forms for 2018.\u0026nbsp;\u0026nbsp;","author_name":"Chris Tan","votes":0,"created_at":"2019-05-31T23:02:09Z"}]},{"id":26927,"entity_id":"wefunder:comment:26927","question":"Just some questions here: 1) \". In doing so, even if we ultimately provide ROI via dividend, the preferred shares contemplated by the SAFE provide a 2.0x dividend preference intended to support a secondary market for Wefunder investors. \" - could you explain this to me? I was under the impression this SAFE doesn't get dividend / preferred status? 2) What are you sales YTD 2018? 3) What is your 3-5 year game plan?","author_name":"Daniel Wong","votes":0,"created_at":"2018-08-31T22:48:27Z","canonical_url":"https://wefunder.com/naia#question-26927","answers":[{"id":26928,"entity_id":"wefunder:comment:26928","answer":"Thanks, Daniel. Thanks also for contacting me directly, and was glad to chat on the phone to talk through your questions! For the benefit of anyone else interested in our discussion on dividends, I thought I would write it down here in the answer: That's true that SAFEs don't get dividend /preferred status, but our intention is to get investors to Preferred Shares. To take a step back, the reason we chose a SAFE is because when we first met Wefunder's staff, they suggested their user base was most familiar with a SAFE and their systems are most compatible with SAFEs. I think typically, a tech startup will use a SAFE because they have not drafted Corporate documents and Shareholder agreements, which all cost legal fees upfront. By contrast, we are already comfortable with drafting documentation having issued Preferred Shares in the past. As a Main Street type of company, we believe in responsible growth - including that Wefunder equity holders, not just the common shareholders, should enjoy dividends when reaching profitable plateaus in our lifecycle. So our idea is the SAFE is a transient proxy to get our Wefunder investors to Preferred Shares relatively quickly once all the dust has settled (and definitely before any dividends are declared), as contemplated in our SEC Form C, which includes a 2.0x Dividend Preference and a 1.5x Liquidation Preference.","author_name":"Chris Tan","votes":2,"created_at":"2018-08-31T23:45:03Z"}]},{"id":26872,"entity_id":"wefunder:comment:26872","question":"Hi Chris, congratulations on exceeding your minimum! I'm definitely considering joining in as well, maybe significantly, but I'm hoping you can add a little detail to your answer to my questions: Since I don't know what the quarterly breakdown was in 2017 it's hard to know what % increases y/y really mean. Can you provide actual Q2 2018 numbers for revenue and NI? And any preliminary numbers from this summer? What is your cash on hand right now? Finally, I really liked your answer as far as how you can be a launchpad for other companies - what are your revenues and margins on that side of the business, and what would a conservative projection of growth be for that side?","author_name":"Alan Jacobson","votes":0,"created_at":"2018-08-31T11:45:56Z","canonical_url":"https://wefunder.com/naia#question-26872","answers":[{"id":26898,"entity_id":"wefunder:comment:26898","answer":"Thanks, Alan. We're completely humbled and grateful for the response during this raise. Before answering, I should confess our accounting team have been backlogged from their typical close targets for our financials. Courting both a non-dilutive SBA lender and equity near-simultaneously put a once-in-sixteen-years burden on them with 650+ pages of due diligence (SBA lender) and 400+ pages of due diligence (GAAP financials for the SEC Reg CF offering). I take responsibility for our raise strategy, as we understand the importance of timely financials: we manage to numbers. We do have revenue and cash on hand numbers: Here are the revenue numbers for Naia brand CPG (Bars, Tubs, 14oz) which grew from Jan-Jul 2017 $513k to Jan-Jul 2018 $582k (13.5% increase). Our cash on hand is $43,708. For the launchpad, our distribution services run a 25% margin and our revenue from third-party distribution grew from Jan-Jul 2017 $698K to Jan-Jul 2018 $737k (5.5% increase). Our manufacturing services' margin still needs to be determined after the construction and operation of our new kitchen. For formulation, contracts vary wildly per client and job, but revenue has been as high as $300K for a project. A conservative projection of launchpad income is tougher for new customers - with four customers to date there aren't enough statistics. As I mentioned in the last answer, however, we have more new work in our pipeline than we have in any years past. Without breaching any NDAs there's a big company with a large set of work for us, two dairies which we have formulated which we can get started manufacturing, and a non-dairy product we're just getting started with in formulation.","author_name":"Chris Tan","votes":0,"created_at":"2018-08-31T15:25:35Z"}]},{"id":26864,"entity_id":"wefunder:comment:26864","question":"Congrats Chris on raising above the minimum target!!!! Wish you much success.","author_name":"Lyle Notice","votes":0,"created_at":"2018-08-31T05:38:37Z","canonical_url":"https://wefunder.com/naia#question-26864","answers":[{"id":26896,"entity_id":"wefunder:comment:26896","answer":"Thank you Lyle! It's been an amazing ride!","author_name":"Chris Tan","votes":0,"created_at":"2018-08-31T15:22:50Z"}]},{"id":26779,"entity_id":"wefunder:comment:26779","question":"Hey Chris, Thanks for the quick reply, though it was somewhat confusing. At the start you say \"Unilever and Nestlé comprise 80% of the freezer aisle\" yet shortly after its '\"One company won't rule the market\" [Ref 1]. The Wefunder pages indicate Naia's major retailers are obviously Whole Foods, but also Safeway, a much more ubiquitous B\u0026amp;M national retailer, where the $4 \"everyday\" Talenti pint price came from. As an engineer (me too), you gave the technical/product content answer to the differences between Naia and the completion (dextrose, \"natural vanilla\", etc.), but not the business/financial answer (fixed cost breakeven, etc.) WRT competitors pints and pops? Please amplify... Also I'm interested in your thoughts on the company's position/response whence the inevitable \"downturn/crash of ~2019-20\", or similar, occurs? I think you'll make your 474K bogie... Thanks again, Mark","author_name":"Mark Benz","votes":0,"created_at":"2018-08-30T02:43:16Z","canonical_url":"https://wefunder.com/naia#question-26779","answers":[{"id":26782,"entity_id":"wefunder:comment:26782","answer":"Thanks, Mark. We have got our fingers crossed, but we're still on the \"nothing\" side of \"all-or-nothing\" and are pushing hard! I see the confusion - perhaps author Ryan Caldbeck in that [Ref 1] would have been clearer if he had said \"one brand won't rule the market\". Unilever and Nestle own all the brands in the freezer aisle - Unilever has Ben and Jerry's, Nestle has Haagen-Dazs (US), Unilever has Cornetto, Nestle has Drumstick, Unilever has Breyers, Nestle has Dreyers, Unilever has Popsicle, Nestle has Outshine... Different retailers have different margins - it's most timely for us to check Whole Foods Market's pricing because we distribute there daily (our product is distributed to Safeway via a broadliner instead of our fleet.) One strong point on that comparison is that our costs are not crazy out-of-the-park in comparison to the Unilever product given similar retailer margins at Whole Foods Market. With regards to intrinsics - we focus on sell-thru as a core performance metric. That subsequently focuses us on what turns on a consumer. Your Wefunder profile did not describe where you are from, so I assumed you may not have tasted \"Truth in Flavor\" with Naia's product before (Core differentiator #1), or be familiar with our particular local partners (Core differentiator #2). Besides that, our philosophy of sourcing regionally with real foodmakers who get their hands dirty (Core differentiator #3), simple processing (Core differentiator #4), and simple ingredients (Core differentiator #5) provide the backbone differentiating us and Unilever in a consumer's eyes. The back-end - the business/financial measures you ask about - are Unilever's core strength. They keep their numbers close to the chest, but I can tell you right now their economies of scale dwarf anything we can try to sling as David to their Goliath. Thus, we keep agile and innovate brand and product around them, not compete directly on food costs or be lower on price. As Ryan Caldbeck infers in [Ref 1], there's plenty of gold to be mined from the leftovers of Big Food. Think Plover bird and crocodile. :) As for gloom, doom, and downturns... well we're fortunate enough to have seen the ship through not one but *two* downturns - first post 9/11 when we started the company, and the second being the Great Recession a decade ago. It can be scary, but Trevor and I have risen and embraced these challenges, to figure out a pivot to put the company and our team on more solid footing. I agree periodic downturns do appear to be the way of the modern world. [Ref 1]: Caldbeck, Ryan {Founder and CEO of CircleUp}. “What Silicon Valley tech VCs get wrong about consumer investing.” TechCrunch, Oath Inc., 3 Feb 2018, techcrunch.com/2018/02/03/what-silicon-valley-tech-vcs-get-wrong-about-consumer-investing/","author_name":"Chris Tan","votes":0,"created_at":"2018-08-30T04:03:20Z"}]},{"id":26768,"entity_id":"wefunder:comment:26768","question":"What is management doing to get to a Series B round, what are the present prospects for closing on a Series B round, and when does management expect the closing to take place?","author_name":"Rafael Pacquing","votes":0,"created_at":"2018-08-29T20:41:00Z","canonical_url":"https://wefunder.com/naia#question-26768","answers":[{"id":26770,"entity_id":"wefunder:comment:26770","answer":"Thanks, Rafael. In our Form C there's reference to a \"Series B\" preferred share contemplated, for the Wefunder SAFE to convert from. If you are asking what we are doing for this Wefunder, our Updates (wefunder.com/naia/updates) detail some of the creative ways we are reconnecting with the ~10,000 fans who buy Bar Gelato every week. With regards to present prospects, we've gotten a groundswell of support in the past 48 hrs as we get to our deadline of this Friday, August 31 (two days from this answer!)","author_name":"Chris Tan","votes":0,"created_at":"2018-08-29T21:32:46Z"}]},{"id":26748,"entity_id":"wefunder:comment:26748","question":"Hi, congrats on this raise so far - I hope you get to your minimum (or beyond). Maybe I missed it, but could you share numbers from 2018, revenue, net, and cash on hand? Do you have any numbers from summer yet as compared to 2017? Also I'm fascinated by your \"side\" business of helping other brands with distribution and R\u0026amp;D. Can you say more about how you see that side evolving? Finally, post raise and after you have that loan what will your runway be and how much revenue will you need to generate, at minimum, to get to cash flow positive? Thanks!","author_name":"Alan Jacobson","votes":0,"created_at":"2018-08-29T11:03:42Z","canonical_url":"https://wefunder.com/naia#question-26748","answers":[{"id":26754,"entity_id":"wefunder:comment:26754","answer":"Thanks, Alan. Let me answer the side business part of your question first: For the side business of helping other brands with R\u0026amp;D, manufacturing (with this raise), and distribution - I draw the analogy like this: What we do is build a launchpad for brands/product lines - both for Naia and for others - in a key \"food explorer\" market, the San Francisco Bay Area. Another general name for our space/product are 'novelties', as novelty sells - and we get to participate in a lot of novelty! Because we tie together those three stages for other brands, we can help provide a full-service launchpad that is appealing to small brands, but ALSO appealing to large dairies and even Big Food. Big Food has challenges being agile - their R\u0026amp;D facilities require bureaucratic vetting, their manufacturing facilities require large minimum runs, and their distribution fleets require standardization and low SKU count lines to operate efficiently. They need an innovation center that operates vertically like a \"special forces unit\" or they aren't able to innovate. We've been innovating as a special forces unit for 16 years. Thus we work with the entire gamut of small to massive companies (often under NDA) to provide a 'skunkworks' for the ice cream space. And 2018-2019 looks like our biggest years ever for the skunkworks! With regards to updated numbers, as we complete our raise, the bank periodically does ask for some key numbers from 2018 to ensure we're tracking and still meet their conservative metrics. In our last update they were impressed that in the first five months of 2018 we are up 72% on our tub gelato sales and up 8% on our bar sales. With regards to the runway, if I might crib some of the earlier answer to Sam W, when we sat down with the bank and they looked over our financials, they felt we would be cash flow positive around 60 days after we finish constructing our upgraded creamery - getting us to cash flow positive within ~150-180 days after the close of the Wefunder campaign. They did not disclose their underwriting financial models completely, but with the refinancing of high-interest debt and their helping us conserve cash flow, they only appeared to project modestly higher revenue levels than last year at this time.","author_name":"Chris Tan","votes":0,"created_at":"2018-08-29T14:26:56Z"}]},{"id":26743,"entity_id":"wefunder:comment:26743","question":"I saw $259K loan from Mortgage Capital Develop Corporation in the Form C. What is this loan for? Do you own any of your buildings? Thanks.","author_name":"Sheldon Shi","votes":0,"created_at":"2018-08-29T05:53:15Z","canonical_url":"https://wefunder.com/naia#question-26743","answers":[{"id":26744,"entity_id":"wefunder:comment:26744","answer":"Thanks, Sheldon. Yes, this loan is part of our SBA mortgage that we took out in 2003 to purchase our existing creamery at 736 Alfred Nobel Drive in Hercules. The $2.4M package approved by the bank will refinance this mortgage and allow us to purchase the neighboring 734 Alfred Nobel Drive.","author_name":"Chris Tan","votes":0,"created_at":"2018-08-29T05:58:14Z"}]},{"id":26740,"entity_id":"wefunder:comment:26740","question":"In your deck, you mentioned the 2.4M loan will be used for equity injection (450K), working capital (150K-550K). Can you explain what the equity injection is for, and why there is a range in working capital?","author_name":"Sheldon Shi","votes":0,"created_at":"2018-08-29T05:07:40Z","canonical_url":"https://wefunder.com/naia#question-26740","answers":[{"id":26742,"entity_id":"wefunder:comment:26742","answer":"Thanks, Sheldon. 1. The $2.4M package is structured like a typical SBA loan, meaning that the bank provides 80% of the funds ($1.9M) and Naia provides 20% of the funds ($450K) as the \"equity injection\". This means that Naia is providing equity (rather than debt) to finance 20% of the overall $2.4M package. Thus, the \"equity injection\" is similar to the downpayment on a house - the bank wants to see Naia is providing 20% in equity without being contracted to any future debt payments on that equity injection. The platform Wefunder then charges a 5% fee so that we need to raise $474K to cover the Wefunder fee, which is why you see the minimum raise as $474K up above. 2. As part of that $2.4M package, $150K is available as working capital. We also can make strong use of additional funds, which is why we set the maximum raise up to $895K ($850K after the Wefunder fee). This would net us an additional $400K which would go to working capital. Thus in the deck we reflect $150K in working capital (at the minimum raise) to $550K in working capital (at the maximum raise) as a range dependent on the final Wefunder raise amount.","author_name":"Chris Tan","votes":0,"created_at":"2018-08-29T05:24:52Z"}]},{"id":26737,"entity_id":"wefunder:comment:26737","question":"Please discuss Talenti from Unilever as a significant existing national competitor, at about the $4 price point for a pint, unless I have missed it? Thanks.","author_name":"Mark Benz","votes":0,"created_at":"2018-08-29T04:40:12Z","canonical_url":"https://wefunder.com/naia#question-26737","answers":[{"id":26741,"entity_id":"wefunder:comment:26741","answer":"Thanks, Mark. Unilever and Nestlé comprise 80% of the freezer aisle, and \"Big Food\" is always a strong and significant competitor - they have a large marketing budget! At least in the Northern California market, the suggested retail price (SRP) of Talenti in Whole Foods Market as of yesterday was $5.49 for a pint, to compare with our SRP there of $5.99. Both products will go on \"promo\" at various depths and frequency which may be where you saw the $4 price point, or it may be a different market than ours. Unlike other spaces such as tech, our consumer packaged goods (CPG) space is not about dominance, it's about choice and expression: \"One company won't rule the market\" [Ref 1] With regards to Unilever/Talenti they are different from Naia. Many of their flavors use dextrose and nearly all use natural flavors [Ref 2]. Naia does not use dextrose. As a food, dextrose is often derived from corn sources and then highly processed to provide pure dextrose. Naia also avoids corn syrup; there are plenty of GMO concerns over the use of corn based sweeteners. Naia additionally avoids highly processed foods. Naia does not use natural flavors. Natural flavors, despite the nomiker that includes the word 'natural', are chemicals. Furthermore, natural flavors may be identical to artificial flavors in composition - the term 'natural' simply refers to the original source of the chemicals. [Ref 3] For example a natural vanilla may be derived from vanilla orchids or beavers. An artificial vanilla may be derived from the pulp and paper industry - yet be closer to the natural vanilla than the \"natural flavor\" derived from beavers. [Ref 3, Fig 2]. (Personally, this is also why I avoid any vanilla gelato that uses natural flavors.) So Naia provides a different style of gelato than Talenti - one free of dextrose and natural flavors. We believe there is a room and support for both styles of gelato. [Ref 1]: Caldbeck, Ryan {Founder and CEO of CircleUp}. “What Silicon Valley tech VCs get wrong about consumer investing.” TechCrunch, Oath Inc., 3 Feb 2018, techcrunch.com/2018/02/03/what-silicon-valley-tech-vcs-get-wrong-about-consumer-investing/ [Ref 2]: Talenti Website as of 28 Aug 2018, www.talentigelato.com/product-category/talenti-gelato-flavors [Ref 3]: Science in the News. (2015). The Flavor Rundown: Natural vs. Artificial Flavors - Science in the News [Harvard University]. Available at: sitn.hms.harvard.edu/flash/2015/the-flavor-rundown-natural-vs-artificial-flavors/","author_name":"Chris Tan","votes":1,"created_at":"2018-08-29T05:17:17Z"}]},{"id":26166,"entity_id":"wefunder:comment:26166","question":"Do you have any intentions to make a vegan gelato?","author_name":"Chris Robinson","votes":0,"created_at":"2018-08-20T02:52:02Z","canonical_url":"https://wefunder.com/naia#question-26166","answers":[{"id":26168,"entity_id":"wefunder:comment:26168","answer":"Thanks, Chris. Not only do we have intentions to make vegan treats, we already have! (We got started in Berkeley in 2002 which has a large vegan community, so we started with vegan options out of the gate.) All of our sorbetto are vegan. In fact, we were featured in last year's VegNews July/August issue when they listed the Best Dairy-Free Ice Cream Treats. Our Guittard Dark Chocolate Sorbetto bars were listed as one of their favorites!","author_name":"Chris Tan","votes":0,"created_at":"2018-08-20T05:39:17Z"}]}],"faq":[{"question":"Fascinating pitch so far and thank you. What are your long-term exit goals? As a SAFE vs. an equity stake or debt note, one naturally wonders how a 16-year-old private company gives investors opportunities for a return. I love the business so far, I'd just like to hear about p...","answer":"Thanks for reaching out Brad! 1. Regarding long-term exit goals and opportunities for return: Boutique food companies have some lofty models for exit goals - some examples from friends we work closely with include Nestlé's incredible acquisition of Oakland's Blue Bottle Coffee or Ezaki Glico's recent acquisition of Berkeley's TCHO Chocolate. But we also see grounded models here for privately held dividend-returning companies like our friends at local bakery Semifreddi's in Alameda, whose CEO ..."},{"question":"What are the financial goals of the company for 2018 and 2019? What are your ideas around getting to a cash flow positive position?","answer":"Thanks, Kevin. The plan set out with the SBA lender includes an immediate reduction in monthly payments with the refinancing of most of our current debt. This, and the interest-only period of the loan during construction, gives us the cash flow to open the upgraded creamery with its cost-of-goods efficiencies. Even with the new real estate, construction costs, and new equipment, our monthly payments on loans will decrease by around $15k. There are some cost increases in something like utiliti..."},{"question":"Given the availability of VC or Angel investments in Bay Area specialty foods market, why are you not raising the money through that route? Why did you choose a bank loan and crowdfund?","answer":"Thanks, Nico. When you look at what some of our fundraise is going towards, for example acquiring real estate and equipment, a bank is a strong option because they can collateralize those hard assets. One good thing about a bank is that it does not dilute the equity in the company. We thought a crowdfund here would be appropriate because: (A) the bank has already done its due diligence for the crowd; (B) every $1 raised on Wefunder unlocks up to $4 of non-dilutive capital; and (C) it's \"all o..."},{"question":"Hi, how did you come up with the $8.9 million valuation? When do you expect to be cash flow positive? Thanks","answer":"Thanks, Sam. 1. With regards to our valuation, I think you meant an $8.7 million valuation, which is our valuation cap for this offering. That $8.7 million valuation was based on our last successful share sale which was set at $2.25/share. It's somewhat comforting that with our current revenue, that valuation is roughly a 3.0x multiple of revenue. This may be within the ballpark of sanity for a valuation, given that the average of food and CPG (Consumer Packaged Goods) startup valuations have..."},{"question":"Your form C shows 2017 Revenue down approximately $678,000 vs 2016 Revenue. What happened? Negative Tax amounts in 16 and 17 implies that there was a profit in prior years so you could get a Net Operating Loss Carryback credit. Is this correct? If so, when was the company last...","answer":"Thanks, Ted. A. We had mentioned the decline in revenue above to Wefunder during our interview as it has to do with our ancillary distribution business rather than anything related to the Naia brand. For convenience I will reproduce that here: . Wefunder: Can you tell us more about the dip in sales from 2016 to 2017? . Chris: One of our larger customers, Whole Foods Market, publically went through a tough time pivoting the company and ultimately getting acquired by Amazon.com. As part of the ..."}]}}}