- Type: Retail
- Total Round Size (min): AUD$250,000
- Price per share: AUD$1
baresop is now accepting investments!
- Fees Paid by Issuer: 6% of funds raised
- Cooling-Off Rights: 5 working days
- Minimum Parcel Size: $250
- Note: ESIC eligibility is subject to ongoing due diligence which will be confirmed in the next few weeks.
For more information please see section 3.2 of the Offer Document
Investments up to $999 receive: 5% lifetime discount and a 10% discount on new product releases.
Investments between $1,000 and $4,999 receive: 10% lifetime discount, a 15% discount on new product releases and a free Xmas Bundle gift.
Investments that are $5000+ receive: 15% lifetime discount, a 20% discount on new product releases and a free Extra Xmas Bundle gift.
What is baresop?
baresop is a zero-waste personal care startup and our mission is to eliminate 1 billion single-use plastic bottles from landfills around the world annually by 2023. Most hand, body and hair soap products are 90% water and 10% active ingredients. This means that we are essentially just shipping water and plastic around the world.
baresop bath and body wash products use proprietary and patent-pending technology to address this global problem, and sell on a wholesale and D2C basis. Our core, current products are plant-based powder soap sachets and a dispenser for individual purchase or as part of a kit. You simply add water, which creates native scented foam for washing and cleaning.
We have significantly invested in developing a unique proprietary formulation that sets our products apart from the market. We have crystallised the active ingredients of soap into a powdered formulation using only plant-based ingredients and native scents. This allows us to provide our customers with a compact, easy-pour sachet to start their zero-plastic journey. Each sachet saves one single-use plastic bottle from landfill. This allows for significant plastic waste and carbon emission reduction in the environment.
We use 100% recyclable packaging, with our refill sachets being certified home compostable. Both the sachets and dispensers are made in Australia from locally sourced ingredients, ensuring a high standard of quality. We serve as a compact and convenient alternative product, and are also carbon positive as no transportation of water or sending back is involved.
With months of research and validation behind us, and multiple product releases sold out, we are raising capital to scale and rapidly grow the brand. We have signed some great contracts with the likes of Amazon, Healthy Life, Flora & Fauna, and Nourished Life in Australia and are rolling out to the US in 2022 through additional wholesale partners.
- Unique Proprietary Formulation & Solution
We use our proprietary and patent-pending soap formulation in our baresop products as part of our modern-day zero waste solution, which is both better for the planet and better for your skin. Using only organic plant-based ingredients (no artificial ingredients) and uplifting Australian native scents, alongside a cruelty-free process, we have developed a waterless crystallisation of active ingredients and created a unique and planet-friendly product.
- Convenient and Carbon-Positive Business Model
Our core products can be bought as a one-off or through a monthly subscription to provide ultimate convenience for customers.
Crucially, all products are made out of 100% recyclable packaging, with the sachets biodegradable and suitable for compost. Unlike some competitors, there is no need to send anything back for a refill, which creates a convenient and more carbon positive solution with no additional transportation or use of additional water.
- Addressing a Significant Global Environmental Problem
Sustainability in beauty is increasingly becoming a consumer priority across the globe, as part of a broader shift to buying fewer single-use plastic products. This paradigm shift is driving innovations such as waterless skincare, upcycling, carbon-neutral, and reusable/ refillable packaging solutions. The global market for low carbon environmental goods will reach US$5.1 trillion by 2050, with key industry players such as Unilever attributing 80% of its growth to sustainable products.
- World-Class Management and Advisory Team
Our growth and vision is driven by our experienced and diverse leadership team. Founder Prisca, who has global experience across startups and sustainability ventures, is also joined by a range of notable Directors and Advisors, including Kate Morris, founder of Adore Beauty, and David Huggett, who has held senior positions at CUB and ABInBev.
- Multiple Awards Won, including Amazon Launchpad and Startmate
After only a few months of operation, owing to R&D for our proprietary formulation, baresop was awarded one of just five Amazon Launchpad Innovation Grants. In addition, we have also received investment from Startmate and have been included in their W21 Accelerator cohort, a unique and prestigious opportunity to accelerate our growth under the guidance of the best mentors, investors, and operators across Australia and New Zealand.
- Rapid Organic Traction to Date
With a limited marketing budget to date, we have already sold over 3,000 units, with multiple releases selling out. We have also secured contracts with large scale retail partners such as Healthy Life (owned by Woolworths), Nourished Life, Amazon, and Flora & Fauna. Now that we have validated the concept, our brand is ready to scale, through both D2C and Wholesale channels, using increased marketing spend following this raise.
- Ready to Scale
Having grown with just our hand wash product so far, we still have a significant opportunity available following this capital raise. We intend to scale our offering into additional product lines to broaden our exposure to the general skincare and hygiene market, including body wash, shampoo, and more. With Australia our first market, we have plans in place to roll out to the US in 2022 to address our global mission.
It’s estimated that people around the world buy a total of 1 million plastic bottles per minute. That’s almost 1.5 billion plastic bottles per day. The use of single use plastics worldwide is driven by countless industries, in particular the personal care industry. On top of plastic waste, the carbon emissions created by transporting soaps comprised of 90% water across borders significantly increases our carbon footprint.
The personal care industry is also responsible for the usage of a range of ingredients that are a detriment to personal and environmental health. These include non-vegan, cruelty involved, artificial ingredients produced in poor working conditions in developing nations.
To date, many sustainability-focused solutions have often fallen short in meeting consumer expectations in convenience and quality. To break personal category inertia and create behaviour change we need a no compromise solution.
With baresop, you don't need to compromise your personal care experience to save the planet and reduce your carbon footprint. Our proprietary soap formula addresses each of these key global issues in how it is made, transported and used by customers. Our mission is to eliminate 1 billion single use plastic bottles from landfill annually by 2023, while making the personal care industry more sustainable and environmentally friendly in every possible way.
Core Business Model
baresop is a sustainability-focused CPG company operating through D2C eCommerce and B2B wholesale channels, producing and selling sustainable hand wash powder sachets and reusable bottles/dispensers. All of our products are locally sourced and produced here in Melbourne, Australia.
baresop currently provides customers with the choice of buying our signature products in different bundles, either one-off or on a monthly subscription basis (newly introduced). Under the subscription model, baresop receives recurring revenue whilst customers can get a discount on the refill sachets. To date, baresop has had a 75% customer retention rate for its products, reflective of the brand's loyal following.
2 Hand Wash Refill Sachets
Using only planet-friendly Australian native botanicals, our active ingredients are distilled into safe, sustainable, and sensitive hand-friendly powder. One 15g sachet equates to 300+ pumps.
You can compost this sachet by simply chucking it into (inside of the soil) one of your home pot plants and it will be gone in a few months! We think that's pretty awesome!
1 Sink Hand Wash Starter Kit
This starter kit comes with x1 300 ml refillable bottle dispenser + x1 compostable hand wash powder sachet - perfect for a single sink home.
2 Sinks Hand Wash Starter Kits
This starter kit comes with x2 300 ml refillable bottle dispensers + x2 compostable hand wash powder sachets - perfect for a 2 sink home.
3 Sinks Hand Wash Bundle
This starter kit comes with x3 300 ml refillable bottle dispensers + x7 compostable hand wash powder sachets - perfect for a 3 sink home.
To date, our growth has been intentionally limited whilst we focused on developing and perfecting our proprietary soap formulation and validating our concept in the market. Having built a strong team, developed our products and primed the market, we are ready to aggressively pursue key growth opportunities with the proceeds of this funding round.
Our core business goal is to create change in the sinks of every Australian home and restaurant and become the leading brand in the personal care segment. We aim to become a direct consumer solution for all of your hygiene needs in one place, saving time, money and the planet.
Our strategy is focused on the following key pillars:
- Innovation & Product Expansion for both D2C and Wholesale - We aim to position ourselves as a one-stop shop for sustainable personal care products. We intend to scale our concept horizontally into broader product categories such as body wash to provide cross-selling opportunities and capture a greater proportion of consumer expenditure, and meet their preferences.
- Further Wholesale Partnerships - We will continue to expand our footprint across key wholesale channels such as large online and instore retailers to range baresop’s products. We will endeavour to increase demand from our current online wholesale retail partners Flora and Fauna, Nourish Life, Healthy Life and Amazon, whilst onboarding new online and in-store wholesale retail partners. This will further increase consumer accessibility, raise our brand awareness and drive demand for our products. Our initial focus is to grow and consolidate our presence nationally.
- International Expansion - We are looking for opportunities to build out an international presence, being in conversation with US retailers such as Amazon and Wholefoods to range in their brick & mortar stores. Upon developing strong brand recognition, we will be looking to expand into other markets such as the UK and Singapore.
- Marketing & Brand Partnerships - The baresop brand is positioned as an innovative and sustainable alternative to water-filled liquid soap products. We will look to partner with sustainability aligned B2B enterprises initially in Australia, then the US, to champion our cause and be an enterprise customer. We are currently targeting airlines, sporting events such as the Australian Open and other similar players. This will strengthen our brand awareness, create positive associations for our enterprise customers, and increase sales.
The broader market opportunity for sustainability-focused startups is significant. Globally, the market for low carbon environmental goods and services is estimated to be valued at US$5.1 trillion, and continues to rapidly grow. This trend is reflected in the largest of consumer goods players, with 80% of Unilever’s growth coming from its sustainable products.
The zero-waste industry itself represents a large opportunity for us. As consumers become increasingly conscious of their environmental footprint, disruptors that focus on the sustainability of their product offerings continue to grow. Compostable, recyclable and reusable packaging alternatives have entered mainstream market positions in recent years and are expected to grow at a CAGR of 9% from 2020-2027 globally.
baresop’s products align with several key industry tailwinds in sustainability, while still focusing on a high quality product that exceeds customer expectations. Together, this dual focus on sustainability and product quality positions us well to seize the significant and rapidly growing market opportunity available.
Why Equity Crowdfunding
We have chosen to raise capital through equity crowdfunding to give our customers and key stakeholders a chance to become shareholders at an early stage. baresop aims to make the world a better place, and we are focused on improving the longer-term environmental outcomes of global communities.
It made sense to allow our earliest supporters to become co-owners in the business, to help drive our growth and ensure we remain community-focused. As the brand grows, we hope to allow these investors to share in our future success while eliminating single use plastics worldwide.
Key Team Members
For more information please see section 2.9 of the Offer Document.
Always curious and interested in creating change, Prisca started her career as an environmental journalist, where she followed the traditional path to public relations, marketing and professional consulting for some fortune 500 companies. Nevertheless, her interest in designing impactful products eventually led her to start an organic, sustainably sourced luxury cashmere brand, where the company experienced exponential growth before being acquired by a Korean fashion retail chain.
Prisca then moved onto South East Asia (Ho Chi Minh City), where she co-founded a sustainably sourced and reusable resort tote. The brand currently helps 5-star award-winning resorts reduce their carbon footprint by supplying them with recycled and reusable totes made by generational families in the Mekong Delta.
And now, fully equipped with startup experiences while also being part of the Startmate Accelerator program, Prisca is determined to further contribute to a cleaner future with the waterless, zero-waste soap solution represented by baresop. Backed by science, Prisca hopes to revolutionise the personal care industry and make it easy for millions of people across the globe to eliminate single-use plastic waste from the bathroom.
David has over 20 years of FMCG experience having worked in the Sports & Beverage industry at Adidas, Coca-Cola, Carlton & United Beverages and AB-InBev in Australia, New Zealand, the UK and Asia.
David brings a wealth of experience, having launched Coke Zero in 2006 before designing, building and launching Adidas’ D2C eCommerce platform and Carlton & United Breweries B2B platform.
In 2019, he moved to China and was responsible for AB-InBev Digital Transformation Strategy across China + Korea. Earlier this year, he moved back to Melbourne, Australia. Whilst he has worked for some large corporate organisations, his skills have been designing, setting up, scaling new businesses and he is therefore excited to bring his experience to support baresop on the next stage of its transformation journey.
Beauty advocate and CEO of Adore Beauty, Kate is an early believer in the scalable positive impact that baresop can have. As part of her passion to support female founders doing their lifework to create change, Kate has been instrumental in baresop’s progress from the product, GTM strategy, B2B focus and Supply Chain among others. She will continue to be part of the baresop advisory team as the company grows and scales. Kate brings insights to successfully growing an e-commerce skincare business based on her experience starting and growing Adore Beauty, Beauty, valued at a market capitalisation of $653 million when it was listed on ASX in Oct 2020. To make a positive impact in the start-up ecosystem, Kate has recently co-founded a purpose-led venture private equity firm, Glow Capital Partners.
Owen brings a wealth of experience in direct to consumer, sustainable CPG, e-commerce and subscription-driven sales growth, scaling market expansion to acquisition. Most recently, Owen ran and sold Pod and Parcel, Australia’s leading sustainable coffee pod brand. Owen is taking his previous investment banking experience to work with Australian start-ups that he believes will make a positive impact on the world
Natalie is an accomplished leader with significant experience working with leading CPG/FMCG companies including Coca Cola Amatil. She has a wealth of knowledge in finance, supply chain, marketing, innovation and corporate venture capital and governance. Most recently, she co-founded Amatil X to leverage the start-up ecosystem and led the delivery of the Xcelerate program, Coca Cola Amatil’s venture-backed accelerator program.
Kate is a media relations guru and a growth marketing expert with an eye for detail and has been a key person in opening press media opportunities for baresop. Kate not only has experience in PR and Press Media, but is also deeply involved in the Australian startup ecosystem. Her ideas and strategy deliver impactful media coverage and brand leverage.
Matt is an experienced senior executive with a track record in driving revenue and brand growth with strong leadership and team development, within both start-up and multinational environments. With an ability to balance the commercial and creative priorities, Matt builds and develops teams where creative thinking and collaboration solves problems and drives growth.
For more information please see section 2.12 of the Offer Document.
Use of Funds
For more information please see section 3.3 of the Offer Document.
Key Risks Facing the Business
For more information please see section 2.14 of the Offer Document.
baresop relies on its supply chain to manufacture and distribute its products in a timely manner. The delay and unavailability of ingredients or products can impact baresop’s ability to meet demand, generate revenue and grow.
Currently, in Australia, baresop is not under any regulation. However, for any potential future expansions, baresop may also need to acquire regulatory approvals to sell our products in any overseas jurisdictions (e.g. US/EU).
The unforeseeable lockdowns and outbreaks may affect baresop’s business expansion plans. Further, our products are contingent upon our customer’s discretionary income. The volatile economic climate generated by COVID-19 may negatively impact demand, hence reducing sales.
The sustainable goods industry is rapidly growing, with innovators entering the market regularly. It can be expected that independent brands will target similar markets due to the overall low barriers of entry. In addition, incumbents may also capitalise upon the large opportunity within this space, either through an acquisition or launching new products. Both of which pose competition pressures that may undermine baresop’s value propositions.
Our sustainable brand image must be consistently reflected through our product offerings and marketing channels, including social media campaigns, influencers and packaging designs. Any discrepancies may damage brand reputation and result in a loss of customer loyalty.
baresop is in the process of raising funds to achieve our next significant milestone. In the event of insufficient capital raised or higher than anticipated costs, baresop may require additional funding to achieve all of our business objectives.
The patent-pending intellectual property of baresop is integral to our success. If we are unable to gain patents or protect our intellectual property rights, baresop risks losing our technology to competitors who will create substitutes for our product. This will cause baresop to lose our competitive edge and hence affect our ability to compete in the market.
baresop’s upcoming commercial expansion is currently secured through partnerships with large scale retailers such as HealthyLife. Any changes in the partnership agreements may affect baresop in completing commercial expansion within the expected timeframe.