Ironclad Pan Co
Handmade To Be Handed Down
- Type: Retail and Wholesale
Ironclad Pan Co
Founded in 2019, the Ironclad Pan Company produces the only cast iron cookware with a Three Generation Guarantee.
Company Overview
Ironclad Pan Co are a sustainably focused cookware brand making products that will last more than one lifetime. The only cookware brand offering a multi-generational guarantee, Ironclad’s trademark Three Generation Guarantee is the longest legally binding product warranty on earth.
All of their cast iron is made from the highest quality recycled iron, and every pour is tested. The only cast iron cookware company manufacturing in Australia and New Zealand, Ironclad’s vision is to make planet friendly products that will be cherished and handed down for generations.
While Ironclad sells quality cast iron cookware, their cast iron cookware sells something far more emotional: the idea of slowing down, of spending quality time with loved ones, and creating a culinary bond that transcends generations.
Roughly 70% of their $1.6m CY22 sales came online via their separate Australian and New Zealand websites, while 30% came through wholesalers. 77% of sales are in New Zealand, while 23% come from Australia and further afield.
Not content with producing the original line of pans, Ironclad maintains a consistent focus on New Product Development in order to drive the agenda in the category. By way of example, their knife range was the world’s first application of merino wool in knife handles.
The company currently lays claim to a tiny sliver of the US$25 billion cookware market, which is forecast to grow at an annual CAGR of 6.5% until 2030. While they sell globally, their focus is currently on Australia and New Zealand.
Capital received from this raise will be put towards growing their brand, D2C sales, and retail presence in Australia. Over the medium turn, given the purchase requests flooding in already from an additional 13 countries, Ironclad has a soft launch in the US planned for 2024.
Investment Highlights
- Meaningful Foothold Quickly Gained Upon Launch
In 2019, the three co-founders invested $1,000 into the business. Since then, revenues have grown from $250k in 2019 to $1.6m in 2022. In addition, Ironclad works with 150+ chef and influencer partners, has 40,000+ social media followers, and has had over 15,000 customers to date.
- Sustainable Platform From Which To Grow
Having grown revenue more than 70% p.a. over FY22 and FY23 without sacrificing profitability, Ironclad has found a successful balance between growing quickly and sustainably. This is aided by a solid (~50%) gross margin profile as well as a highly efficient customer acquisition engine - the majority of their retail partnerships to date have come inbound organically.
- Already Present in Australia with Plans to Expand to the US
In April 2022, Ironclad soft launched in Australia with Australian made cast iron products. Within the first four months, there were Australian sales weeks that outperformed New Zealand. In August 2022, they signed Kitchen Warehouse - Australia’s largest kitchenware retailer. After four months in the market, AU D2C daily sales were higher than NZ.
- Impact Baked Into the Business Model
With an average recommended lifespan of two years, millions of chemically treated non-stick pans end up in landfill. While the mountains of waste grow, over one billion people experience iron deficiency worldwide. By educating people about the environmental issues associated with Teflon and the health benefits of cast iron, Ironclad has found a current context for an ancient product.
- Significant Founder Brand Building Experience
With backgrounds in Advertising and Design, Ironclad’s team have decades of global experience working with some of the world’s biggest brands. In four years, they have set the foundations for building their own brand as part of their mission to grow local foundations into a global brand.
Why Equity Crowdfunding?
In an era of disposable stuff and low quality imports, Ironclad Pan Co creates products that last for generations, and reduce the millions of Teflon pans being sent to landfill every year that leach potentially harmful chemicals into our soil. Their sustainable mission is community-led at its very core.
By investing in Ironclad Pan Co, you are becoming a part owner in a trailblazing sustainable Kiwi business.
Register your interest to learn more about joining the Ironclad family!