Boston-based startup Slate, cofounded by friends Manny Lubin and Josh Belinsky to create a healthier version of the classic chocolate milk, hit a rough patch shortly after it started. When the founding duo presented their early prototype on Shark Tank back in 2019, the judges were unimpressed:“Oh, I do not like that at all!” Mark Cuban was heard yelling after taking a sip. Fellow sharks Kevin O’Leary and Barbara Corcoran also called out the product’s “little funky chicken” element and “distinct dryness,” respectively, during their taste testing. Those prototype products never made it to the shelves, according to Lubin. After spending a year on reformulation, Slate launched its first commercial product made with 17g protein, nine grams of added sugar and 130 calories per can, and sweetened with a combination of cane sugar and monk fruit. With Slate growing 300% in sales from 2020 to 2021, more than 60% of which came from e-commerce, Lubin confirms the unenthusiastic feedback from Shark Tank earlier hasn’t really stopped new consumers from trying their lactose-free, ultra-filtered milk product, and the market demand will likely remain strong.“There are tons of chocolate milk lovers out there,” Lubin said, “and people looking for better protein shake or latte options. So many consumers wanted to try themselves.”To fuel that continued growth momentum, Slate has just closed $3.3 million, an extended seed round following its earlier $1.7 million fundraise in late 2020, putting the company’s total funding to around $6 million to-date. This round is led by a group of reputable CPG entrepreneurs and investment groups, including Peter Rahal, founder of RXBar; Halo Top’s cofounder Doug Bouton; Yasso Frozen Greek Yogurt’s cofounders Drew Harrington and Amanda Klane; MVMT Watches’ cofounder Jake Kassan; Nick Rellas, cofounder of Drizly; as well as Skyview Capital and Riverpark Ventures. OneRepublic’s lead singer Ryan Tedder and entertainment company JDS Sports also contributed to the round. Most of these investors, Lubin believes, have been in similar situations when building their businesses and can effectively help Slate expand retail and online footprints. “We feel as though our taste profile and nutritional makeup for 20g protein, zero added sugar and no artificial ingredients is really what sets us apart,” he said. Slate, which sources dairy from family-owned farms in New York, is currently available in three different varieties: classic chocolate and dark chocolate milk, in addition to an espresso chocolate milk boosted with 150mg of caffeine per can. The newly raised capital will support the launch of its two new flavors in 2022 and continued retail and e-commerce expansion.
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