WASHINGTON — Macaroni and cheese maker 8 Myles has launched an equity crowdfunding campaign to support continued growth. Myles Powell, founder and chief executive officer, plans to use money raised to expand his operations and marketing team, build brand awareness and purchase production equipment to increase capacity.
Described as “clean comfort food,” 8 Myles produces a line of frozen macaroni and cheese meals featuring whole grain elbow pasta tossed in cheese sauce and topped with a breadcrumb crust. Offerings include homestyle, Buffalo and barbecue, formulated with no artificial flavors and less sodium than leading brands, according to the company. Products are sold in hundreds of retailers across the country, including Sprouts Farmers Market, Whole Foods Market and Target stores.
The startup is set to unveil a refreshed brand identity and plans to introduce additional products next year, including a line of family-size meals and other comfort food items.
Over the past two years, the business has grown exponentially from $35,000 in annual revenue to more than $330,000.
“Our customers love our product, but they want to be able to find it in more locations and more products like that,” said Mr. Powell, an engineer-turned-food entrepreneur who appeared on Food Network’s “America’s Best Cook.” “This campaign is going to allow us to grow our distribution channels, get newer and upgraded products to our customers and continue to grow.”
8 Myles is raising a convertible note with a valuation cap of $4.5 million through investment crowdfunding platform Honeycomb Credit. Potential backers may learn more at https://invest.honeycombcredit.com/campaigns/8Myles.