Premoney 17: Oak & Wellnest

Welcome to Week 17! This week features two companies who’s founders are young, driven, and very well positioning to take on their markets.

What you’ll find today:

Two companies below who recently launched, are actively raising (or both) with a bit more detail.

If you’re interested in connecting with them, please use the form I linked to and let me know which company you’re interested in chatting with and we’ll get you introduced!

Know a founder? Let’s get them featured.

If you know a founder that is raising or thinking about their growth strategy, have them sign up here: www.premoney.xyz and get them in front of our investor base :-)

This weeks companies:

As mentioned last time, the Harvard Venture Demo Day took place last week. I chose two companies (first was Hihome, second is Oak, which you’ll see below) from those presented that felt best positioned for success, and hadn’t raised money yet. Todays second company is a mission-based wellness product focused on improving mental health & self confidence.

Oak

Company: Oak 

Founders: Unique Hodge, Toluwalope Moses, and Miela Foster

Vertical: Marketplace, Chrome Extensions, Consumer

Business Model: Affiliate

1-liner: Oak is a company that is devoted to delivering black people the best black-owned products for their specific hair.

Description: Oak is personalizing and democratizing the natural hair care market. 91% of Black people surveyed are currently searching for a consistent hair care regimen in order to achieve their hair health goals.

Oak provides individualized hair product recommendations using a proprietary algorithm that matches over 100 data points about one's hair to over 300 individual ingredients. With our online dashboard and chrome extension, users can ensure product compatibility while browsing products online and receive a cash back bonus for shopping Black-owned through Oak.

Traction:

• Harvard Innovation Labs Venture Incubation Program

• 400 first-round beta users.

• 9% conversion rate on recommended products

• 8 confirmed business partners

Wellnest

Company: Wellnest

Founders: Tommy Searle, Mars Hovasse, Jack Kornet, Drew Pilat

Vertical: Consumer, Health

Business Model: Subscription

1-liner: Wellnest is a journaling app that helps you talk about your mental health, discuss topics like imposter syndrome and self-confidence, all while using your voice.

Description: “I was quickly thrown into the world of mental health after my Dad took his life my freshman year of college. I found a therapist, joined support groups, tried self-care apps, etc. but found the time that I struggled most was when I was alone with my thoughts. Unfortunately, the self-care apps I found were old and assessment-based, and mental health is hard enough to approach on its own. So, we wanted to create an app that allowed people to talk about their feelings, and be guided through topics like imposter syndrome, self-confidence, or even modern love. All while using their voice, and in an experience that almost feels like a game.” - Tommy Searle

Traction:

• Launched on App Store early December

• 3k+ downloads including many super-users with 100+ entries & engagements

• Partnerships with Carnegie Mellon and Boston University.

• Partnerships with 15 content creators who have written question packs for Wellnest and have a cumulative 1.5M reach on social.

That’s all for today! Let me know if you have any feedback - and please share this with fellow entrepreneurs and investors :)

See you next week,

Jake