$3.5M Seed Funding Closed to Launch Merryfield: a New Clean Label Rewards App
Style Magazine Newswire | 2/11/2020, 9:37 a.m.
While the tides are rising for clean label products, these better-for-you brands are facing their own challenges amidst tremendous opportunities for growth. Digital saturation has made it hard for any one CPG brand to stand out. Merryfield built its business solution for member brands around three new and permanent changes impacting all brands with purpose:
Loyalty programs for CPG brands are no longer optional- They are necessary and expected but very hard to do on your own.
New customer acquisition costs are excessive and getting worse- In the pre-digital age, brands could afford to direct resources toward customer acquisition at the expense of customer retention but not today.
Influencer validation is now a prerequisite for serious consideration of a brand- This is especially true for shoppers who are new to better-for-you brands and shopping for clean label product options.
For these brands, Merryfield sits at the intersection of loyalty, consumer promotions, and influencer marketing. The app helps member brands cost effectively find and engage new audiences and build loyalty all in one place.
Merryfield is looking to add six to eight additional brands covering different product categories ahead of its April launch.
"Five years from now, the grocery retail landscape will be mainly better-for-you versions of private label store brands in every category and fewer, but much bigger national brands," said Mayer. "Stores are just too hectic for people today with so many options so consolidation will happen; it's happening now. We built Merryfield to help a collective of purpose-driven brands already successful in the natural channel that want to be leaders in a much bigger market space as better-for-you, clean label products move mainstream."
The new funding announced today comes from members of the management team and high-net-worth individual investors, and it will be used to make new hires to further build out the platform and support Merryfield's go-to-market plans with its collective of member brands.