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Cabinet Health isn't accepting new investments

Cabinet Health’s deadline was August 16, 2022

Follow the company to stay updated on their progress, including future investment opportunities


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Cabinet Health

Sustainable healthcare company with $10M+ annual revenue and 113% CAGR ('18-'21)
Social Impact Veteran Founders Reduce, Reuse, Recycle AAPI Founders Healthcare B2C
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Featured image of Cabinet Health
$217,640
Raised
495
Investors
Successfully funded and closed on August 16, 2022.
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Co-investors
Techstars
Leading seed accelerator
Techstars is a global platform for investment and innovation. We connect entrepreneurs, investors, and corporations. Techstars has invested in more than 2,200 companies and today has a market cap of $27 billion.
Techstars also invested in:
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Gaingels
Growth Stage, Venture Capital Firm
Gaingels seeks top investment returns by co-investing with the best venture capital firms, and seeks to influence social change through business by investing in the best companies that embrace LGBT+ leadership.
Gaingels also invested in:
Companies
Pitch Updates 3 Reviews 84
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Closed on August 16, 2022. Information may not be up-to-date. Campaign closed on August 16, 2022. Information displayed may not be up-to-date.
Problem Solution Product Traction Customers Biz. model Market Competition Vision and strategy Funding Founders
About Team Press

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by Cabinet Health P.B.C.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Cabinet Health Crowd SAFE Cabinet Health Form C:A #2.pdf Cabinet Health Form C:A.pdf Cabinet Health Form C.pdf
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Hear from some of the 495 people reserved or invested in Cabinet Health


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Highlights


10-24 employees
Company has 10-24 employees on payroll
$10M revenue
Company had over $10M in revenue in the past 12 months
$5M+ raised
Company has previously raised over $5M in capital
Leading VC-backed
Company is backed by a leading VC firm
  • Building The Sustainable Healthcare Co.™, starting with medicine essentials
  • $27.7M cumulative revenue generated on first $6.6M raised
  • 113% CAGR from 2018–2021
  • 13 patents filed for sustainable medicine packaging system
  • 3 Enterprise contracts secured for distribution in 2022
  • $22M in revenue projected for 2022
  • B-Corporation certified

Problem


The healthcare industry is destroying the environment, 

and we don’t have a sustainable option.

The healthcare and pharmaceutical industry has created an “Unsustainable Cycle of Healthcare.” Today, consumers have no choice but to live with environmentally damaging products, low-quality medicines, and transactional care.


The problem in detail


Environmental Destruction: Approximately 194B plastic bottles  are produced by the pharmaceutical industry annually, with only 9% recycled.

Plastic that is not recycled ends up in our oceans, landfills, or being incinerated. When plastic enters our oceans and landfills, they break down into microplastics that have a direct impact on our health. Plastics that are incinerated release toxins into the air we breathe.

Quality Infrastructure Erosion: Only 1% of medicine in the U.S. is tested and there are ~3 drug recalls a day.

The rapid growth of our healthcare needs are exceeding the quality infrastructure required to protect us. Not only are healthcare and medicine industries destroying the environment, but they cut corners in quality to do it.

Transactional Healthcare: 3B+ over-the-counter medicine purchases annually in the U.S., with no care.

When it comes to our personal healthcare and medicine needs, we’re mostly on our own. Today, people are unable to tell the difference between COVID-19, allergies, colds, or the flu; and the vast majority of us have no one to ask for help. This is only a small example of how transactional care in health causes deep problems. There are 3B+ transactions of over-the-counter medicines a year and they’re treated just like buying shampoo or razor blades. Consumers have no one to help guide them to plans or products that can address their health issues. 

We should never have to compromise on our personal health or the health of our planet. 

And yet, over the last 2 years, Covid has accelerated this unsustainable cycle: there are now more masks in the ocean than jellyfish, the FDA has been focused on the pandemic vs. improving medicine quality infrastructure, and we're making healthcare transactions while healthcare workers are stretched thin.

We need to act now to break this unsustainable cycle.

"194B plastic bottles" based on market research and internal industry knowledge

Solution


The Sustainable
Healthcare Company

Healthcare that is better for you and better for the planet.


Cabinet is a healthcare company that delivers innovative, sustainable packaging, higher quality medicine, and personalized care. 

Product


✅ Smart, refillable medicine system with 13 patents filed

✅ Sustainable pharmaceutical packaging with IP on packaging performance by product

✅ 3rd party batch-level tested medicine



Traction


Generated $27.7M in cumulative revenue on our first $6.6M raised

We are just getting started on building towards the future of sustainable healthcare.


Cabinet has steadily grown since our founding in 2018. Our anticipated growth in 2022 continues with the launch of 3 additional enterprise contracts (2 Retail and 1 Sustainable Private Label), and product portfolio expansion in our e-commerce channel. By early 2023, we will launch nationally in retail.

In 2020, Cabinet outperformed the revenue plan by $6M due to a rapid demand increase from the COVID-19 pandemic. The strength of our supply chain enabled us to serve customers during this time and drove a revenue bump for our business. Our foundation of revenue (aside from this Covid ‘bump’) has steadily grown year-over-year since 2018.

Alongside revenue growth, we have built a strong and growing IP base around our product system, brand, and drug-level R&D data (required to commercialize products in new packaging). While we have grown The Sustainable Healthcare Company, we have also built one of the largest OTC usage datasets in the U.S. Given our e-commerce focused distribution, we have a deep understanding of who purchases our products and why. This data has and will continue to inform product development and expansion in the future.

Customers


For our customers,
Cabinet is a no-brainer:

A more sustainable, better looking and higher quality option for their everyday medicine essentials.


Target customers for growth in 2022 and 2023:

Business model


We sell our products across 3 sales channels,

with revenue streams that will diversify as we grow.


We sell 30+ products across 5 core categories of health: allergy relief, cough and cold, digestive health, sleep relief, and pain relief. These products are sold in 3 primary channels (E-Commerce, Retail, and Sustainable Private Label), which we'll continue to diversify in 2022 and beyond. 

Our deep supply chain expertise combined with a first to market advantage on sustainability packaged OTC medicine has enabled us to secure retail and sustainable private label contracts in 2022, with plans to launch retail nationally in early 2023.

In 2024 and beyond, we anticipate retail growth to outpace our other sales channels as it achieves overall scale.

Market


We are in a $378B
market that is growing
8.9% annually,

at the intersection of digital
healthcare and sustainability trends.



Market Trends in Detail


Sustainable brands lead the way: Consumers are voting with their wallets to buy from brands that align with their values. Sustainable brands lead growth in consumer products. Over the last 5 years, 55% of market growth in consumer goods has come from sustainable brands, despite just representing 16% of market share.

Digital health adoption is rocketing: Consumer awareness of public health is at an all-time high, and consumers are willing to try new forms of care delivery at unprecedented rates. Adoption of telehealth increased from 11% to 46% from 2019 to 2021.

The medicine market is large and rapidly growing: The U.S. OTC and Prescription market are $378B, with no sustainable healthcare brands in the market. That represents a $60.9B market opportunity to serve sustainability and quality-focused consumers. Meanwhile, the global prescription market is growing at 8.9% annually. 

Competition


 One of the only healthcare companies competing on sustainability and quality


Cabinet capabilities in detail:

  • Supply chain built on 55 years of manufacturing expertise, which enables product innovation and built-in scale for retail launches and sustainable private label sales channels
  • Differentiated product system focused on sustainability, quality, and design
  • 13 patents filed with extensive R&D to commercialize products in non-plastic packaging
  • A humanized brand - being care-centric is a core value of Cabinet, understanding the transactional nature of the OTC experience today, we have built a competitive advantage on treating our customers the way we treat our own families.
  • Exclusive distribution partnerships slated for 2022 and beyond, enabling Cabinet to reach a mass-market audience 
  • Deep regulatory expertise in bringing different drug formats to market, including prescriptions in 2022
  • Digital healthcare platform built in-house by a team of healthcare and technology experts. This platform enables us to launch prescription and tele-health services through our website when desired

Vision and strategy


Aiming to build the world's most sustainable
healthcare company


Funding


Backed by leading VC investors looking for market-leading returns

that also drive meaningful societal value.


Our investors consist of leading firms and an extensive network of CEO/Founders/Operators in Digital Healthcare and Consumer Goods.

Founders


The right team for the market opportunity


Our founding team represents expertise spanning medicine manufacturing, retail launch and scaling, mission-driven brand building, and digital healthcare.

Deal terms


Valuation cap

$75,000,000

The maximum valuation at which your investment converts into equity shares or cash.
Learn more

Minimum investment

$150

The smallest investment amount that Cabinet Health is accepting.
Learn more

Maximum investment

$300,000

The largest investment amount that Cabinet Health is accepting.
Learn more

Funding goal

$1.07M

The maximum amount the offering can raise is $1.07M.
Learn more

Deadline
Cabinet Health needs to reach their minimum funding goal before the deadline ( ). If they don’t, all investments will be refunded.
Learn more
Type of security

Crowd SAFE

A SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event. · Learn more

Nominee Lead

Chief Executive Officer of the Company

Will direct the Nominee on certain matters like voting, amendments and conversions affecting the security.
Learn more

How it works

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by Cabinet Health P.B.C.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Cabinet Health Crowd SAFE Cabinet Health Form C:A #2.pdf Cabinet Health Form C:A.pdf Cabinet Health Form C.pdf

Bonus perks

In addition to your Crowd SAFE, you'll receive perks for investing in Cabinet Health.
Invest
$150
Receive
  • 1 Year of Free Cabinet Membership, Includes: $15.00 Credit Towards First Order, 20% Off Refills, and $3.00 Carbon-Neutral Shipping
Invest
$250
Receive
  • 1 Year of Free Cabinet Membership, Includes: $15.00 Credit Towards First Order, 20% Off Refills, and $3.00 Carbon-Neutral Shipping
  • 1 free Starter Set of your choice
Invest
$500
Receive
  • 1 Year of Free Cabinet Membership, Includes: $15.00 Credit Towards First Order, 20% Off Refills, and $3.00 Carbon-Neutral Shipping
  • 1 free Starter Bundle of your choice
Invest
$2,500
Receive
  • Cabinet sustainably sourced t-shirt
  • 1 Year of Free Cabinet Membership, Includes: $15.00 Credit Towards First Order, 20% Off Refills, and $3.00 Carbon-Neutral Shipping
  • 1 free Starter Bundle of your choice
6 investors
Invest
$5,000
Receive
  • Early access to new Cabinet product launches
  • Cabinet sustainably sourced t-shirt
  • 1 Year of Free Cabinet Membership, Includes: $15.00 Credit Towards First Order, 20% Off Refills, and $3.00 Carbon-Neutral Shipping
  • 1 free Starter Bundle of your choice
  • Limited (19 left of 25)

About Cabinet Health

Legal Name
Cabinet Health P.B.C.
Founded
Sep 2018
Form
Delaware Corporation
Employees
11
Website
cabinethealth.com
Social Media
Headquarters
Google Map location of of Cabinet Health
30 Florida Avenue #6 , Washington, DC
Headquarters
30 Florida Avenue, #6, Washington, DC, United States 20001

Cabinet Health Team
Everyone helping build Cabinet Health, not limited to employees

Profile picture of Achal Patel
Achal Patel
CEO and Co-Founder
Profile picture of Russell Gong
Russell Gong
Co-Founder & President
Profile picture of Nalini Boodoosingh
Nalini Boodoosingh
Head of Retail & Business Development
Profile picture of Tyler Martin
Tyler Martin
Head of Digital & Analytics
Profile picture of Joanna Tam
Joanna Tam
Pharmacist
Profile picture of Vandana Patel
Vandana Patel
Clinical Advisor
Profile picture of Megan Young
Megan Young
Head of Marketing
Profile picture of Mary Kate Kloeblen
Mary Kate Kloeblen
Head of Operations
Profile picture of Carrie Rich
Carrie Rich
Board Member & Impact Advisor
Profile picture of Ken Goldberg
Ken Goldberg
Advisor - Finance and Business Development
Profile picture of Raj Malik
Raj Malik
Advisor - Legal and Business Development
Profile picture of Rhett Woods
Rhett Woods
Advisor - Design and Business Development
Profile picture of Tiff Luk
Tiff Luk
Community Manager
Profile picture of Emily McMachen
Emily McMachen
Creative Production Manager
Profile picture of John Sylvester
John Sylvester
Product Manager
12 more team members
Achal Patel
CEO and Co-Founder
Rhett Woods
Advisor - Design and Business Development
Russell Gong
Co-Founder & President
Nalini Boodoosingh
Head of Retail & Business Development
Tiff Luk
Community Manager
Tyler Martin
Head of Digital & Analytics
Emily McMachen
Creative Production Manager
Joanna Tam
Pharmacist
John Sylvester
Product Manager
Vandana Patel
Clinical Advisor
Megan Young
Head of Marketing
Mary Kate Kloeblen
Head of Operations
Carrie Rich
Board Member & Impact Advisor
Ken Goldberg
Advisor - Finance and Business Development
Raj Malik
Advisor - Legal and Business Development

Press

This four-month-old DTC health company is riding the over...
Business Insider
·
Mar 30, 2022

Cabinet, a new direct-to-consumer health company that specializes in over-the-counter medications, is quickly finding its...

The 10 most innovative social good companies of 2022
Fast Company
·
Mar 8, 2022

Every company should bake a larger purpose into its business, so the better it does, the more people it helps. Warby Park...

Eureka 206: Cabinet, The Entrepreneurs - Radio
Monocle
·
Jul 13, 2020

Sign up to Monocle's email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film...

Why We Put 137 People on Our Cover
Entrepreneur
·
Jul 7, 2020

Mustafa Nuur was born in Somalia but fled after terrorists killed his entrepreneurial father. He eventually settled in La...

Valisure and Cabinet Announce a Partnership for Certifica...
Prnewswire

NEW HAVEN, Conn. and NEW YORK, Sept. 8, 2020 /PRNewswire/ -- Valisure and Cabinet announced a partnership to bring Valisu...

Council Post: Five Consumer-Facing Challenges Of The OTC ...
Forbes

When we think about the broken U.S. healthcare system, our minds naturally lead to health insurance and prescription medi...

Logo of Cabinet Health

Cabinet Health

Cabinet Health successfully raised $217,640 from 495 investors on August 16, 2022
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ANDRE, Brian, Takashi, Khuzema A, Adam, and 490 others invested. 84 Reviews
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