From Sri Lanka To New York, Millennia TEA Sets Its Sights On Growing Market
ARTICLE DATE OCT 7, 2019
SAINT JOHN – Saint John-based Millennia TEA has its sights on the American market, and with the help from an upcoming pre-seed round and a spot in one of the world’s leading food startup accelerators, they are planning to do just that in 2020.
Millennia TEA are the makers of a flash-frozen tea line that best preserves its antioxidant qualities. After a few years of growing the business and customer base in Atlantic Canada, co-founder and CEO Tracy Bell says now that they have secured suppliers and found their product-market fit, they are ready to take things to the next level with their first round of investing, also known as a “pre-seed” round.
“Once we did all of that, we felt like we de-risked the business enough that it was time to go out for an investment round,” says Bell.
Millennia TEA is in the middle of completing its first seed round. So far, Bell says they have been able to secure funds from both private and public sources, including four angel investors, and a VC firm in New York. Though some deals are still being finalized, she says they’ve surpassed their goal of $500,000.
“Our work now is to really expand. The funds we use from our round will be used to support sales and marketing efforts. The plan at the end is to have standardized our operations, making sure that our processes are right and that we have a critical mass of retailers,” she says.
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[EDIT] + ACC presents...How a New Brunswick Start-Up Is Disrupting The Tea Industry and Going Global. Owned and operated in Saint John, New Brunswick, by female entrepreneur Tracy Bell, start-up Millennia Tea has an inspiring story to tell.