A frozen comfort food company receives seed money
8 Myles, a frozen food startup, has acquired $1.05 million in venture money to grow its business and bring on a full-time manager of sales and marketing.
A range of frozen macaroni and cheese meals with whole grain elbow pasta swirled in cheese sauce and finished with a panko crust is marketed and distributed by the company. The goods, which are marketed as “clean comfort food,” are available for purchase at hundreds of stores nationwide, such as Whole Foods Market, Sprouts Farmers Market, and Target. The company’s founder and CEO, Myles Powell, stated that a sizable retail expansion is planned for this year.
On the set of the reality television show “Shark Tank,” Mr. Powell made a presentation to the group of investors last autumn. During the unaired portion, he did not close a sale, but he described the event as “a really valuable experience” that “catapulted me in the right direction.”
Mr. Powell remarked, “I didn’t have a team or a co-founder at the time.” “It served as a wake-up call for me to make some changes in the company.”Zhanna Godkin, the former director of operations of Outstanding Foods, became a co-founder and director of operations at 8 Myles in November.
Even after we bring on our first full-time employee, we want to keep developing the team, Mr. Powell stated. “Perhaps it’s an additional part-time position, perhaps an intern.”
Less than 2% of venture capital funds support Black-owned businesses like Mr. Powell’s, who highlighted the challenging fundraising climate for early-stage consumer products enterprises, especially those headed by entrepreneurs of colour.
In order to provide other Black founders, minority founders, and women founders in general an opportunity to be seen by those who sign the checks, Mr. Powell stated, “I want to do what I can to help increase awareness of these people.” “Getting access and starting the conversation is the hardest part.”
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The a16z Talent x Opportunity Initiative of Andreessen Horowitz, Virginia Venture Partners, The Enterprise Centre, gener8tor’s Bronze Valley Investment Accelerator, Kompass Ventures, and a number of angel investors took part in the seed round.
“Myles Powell, the founder of 8 Myles, was a go-getter from the beginning, transitioning from a full-time student of civil engineering to a full-time entrepreneur,” stated Tom Weithman, managing director of Virginia Venture Partners and chief investment officer of Virginia Innovation Partnership Corp. “After appearing on “America’s Best Cook” on cooking Network, he made the decision that he was ready to pursue his love of cooking. Powell’s remarkable work ethic and genuine passion make for a very successful business, and we’re eager to see where 8 Myles goes from here.