Food and beverage companies can’t afford to lose sales. Margins are already tight in the industry, and every lost sale is a lost opportunity.
Atlanta-based OTHRSource LLC formed to offer these brands a chance. The company’s gig-based, on-demand in-store support services provide merchandising expertise, including price checking, display and restocking. For online brands, the company helps promote their products and find new buyers.
This week, Florida Funders, a hybrid investment firm that sits between a venture capital fund and an angel investor, announced it has committed $150,000 in funding to OTHRSource from its Fund 1. This is the second investment Florida Funders has made in the company, following an initial $400,000 investment in February 2020.
“OTHRSource was created by passionate retail veterans, and they’re on a clear path towards success. Their revenue has been on a steady upward since our initial investment, with an average quarterly growth of over 100% in 2020,” said Tom Wallace, managing partner at Florida Funders. “Needless to say we’re excited by the fact that we will continue to partner with them moving forward.”
OTHRSource plans to use the funds to obtain new partnerships through increased retailer alliances and marketing to drive new leads from 25 per week to 100-plus per week, Florida Funders said. Additionally, funds will be used to hire a vice president of sales and expand the sales team as well as fund the developments in the company’s technology.
“What sets us apart is that our team has ample experience in the field and understands the unique challenges faced by emerging brands, such as how to best lend our support in merchandising, e-commerce, digital, content and data analysis,” said Mark Feinberg, CEO at OTHRSource. “We’ve been able to stay ahead of the competition by conducting industry analysis and then focusing on custom solutions for the unique challenges each brand faces.”
The way OTHRSource works with brands is:
— Brands first request OTHRSource to merchandise specific store locations.
— OTHRSource then employs creative individuals, known as “Brand Helpers,” via the OTHRSource App to help with the execution.
— The brand then pays OTHRSource the agreed amount of money per merchandised event.
— Finally, OTHRSource pays the Brand Helpers per merchandised event at each store where they participate.
Additionally, OTHRSource offers store-level recommendations based on services data and sales in order to solve brands’ unique challenges.
In July 2020, OTHRSource formed a partnership with full-service digital marketing agency Look Listen to create OTHRDigital. The joint venture offers digital marketing tools and custom services to brands across websites, social media channels, content programs and email.
“I never believed in the traditional agency model and rules. So, the things that make Look Listen successful are what we have infused into OTHRDigital: Deep client partnerships, data-driven decision making, and a passion for simply doing good work,” said Kit Hughes, CEO and co-founder of Look Listen. “It’s a powerful relationship that’s been years in the making. OTHRSource brings unrivaled industry expertise and Look Listen brings proven, repeatable success in digital marketing. We both started as underdogs and have scrapped our way to the top of the mountain. The partnership is a no-brainer, and I can’t wait for our clients to experience it firsthand.”
Click for more Modern Shipper articles by Brian Straight.
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