NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Creatd, Inc.
(Nasdaq CM: CRTD) ("Creatd" or the "Company"), the parent company
of Vocal, today announced the closing of its purchase of a majority
ownership stake in Dune Glow Remedy ("Dune"), a
direct-to-consumer (DTC) brand focused on promoting wellness
through its range of health-oriented beverages. The transaction was
first announced in early August, when the Company entered into a
Memorandum of Understanding with Dune and commenced its due
diligence review.
Creatd acquired a 50.4% equity stake in Dune in exchange for
Creatd's common stock. Creatd will begin recognizing Dune's
revenues in its consolidated financial statements, which is
expected to generate between $750,000
to $1 million over the next 12
months.
Commented Creatd co-CEO, Jeremy
Frommer, "With the Dune acquisition now officially closed,
it represents a strong addition to Creatd's portfolio of DTC
brands. We are confident that, with Creatd's support, these brands
can materially grow revenues in a cost-efficient, timely and
scalable way, leveraging Vocal's powerful network and first-party
data to identify and activate an enthusiastic and loyal consumer
base."
Dune's founder, Tom Punch, has
recently joined Creatd as CEO of Creatd Ventures, the Company's
e-commerce pillar. In this role, Mr. Punch will oversee the
operations and expansion of Dune as well as that of each brand
within Creatd Ventures' growing portfolio. Mr. Punch joined Creatd
with extensive experience spanning across all sides of the startup
spectrum—from founder to growth marketer to advisor to investor.
With a proven capacity to build and scale digital consumer
businesses, Mr. Punch is uniquely suited for the role and is
expected to secure repeatable success across each of the Creatd
Ventures brands.
Commented Mr. Punch, "The opportunity that exists within Creatd
Ventures' growing family of brands is a direct result of the
incredible value the Creatd team has been delivering to its brand
clients over the past years through the Vocal platform. By
partnering with and taking direct ownership stakes in up-and-coming
DTC brands, we are maximizing the revenue potential for these
early-stage businesses while at the same time investing in the
value of Creatd, Inc. We believe Creatd Ventures and its
partnerships are designed to be a win-win for all
stakeholders."
The Company remains active in its efforts to further expand
Creatd Ventures through the addition of DTC brands that demonstrate
strong growth potential and that are aligned with Creatd's strategy
and vision. Most recently, the Company has entered into discussions
with an emerging DTC beauty brand focused on inclusive, gender
neutral products, and looks forward to providing updates on any
further developments. Additionally, the Company also announced that
it is no longer pursuing the purchase of a majority ownership stake
in DTC home improvement brand, Wobble Wedge.
Continued Mr. Punch, "Creatd and Wobble Wedge have mutually
agreed to cancel their non-binding memorandum of understanding
(MOU) for the proposed transaction due to a range of timing and
other factors. We look forward to continuing our relationship with
Wobble Wedge in the capacity of marketing services provider, and to
providing our next Creatd Ventures update later this month, with
the release of the rebranding of Plant Camp."
About Creatd
Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology
company and the parent company of the Vocal platform. Our mission
is to empower creators, entrepreneurs, and brands through
technology and partnership.
For news and updates, subscribe to Creatd's newsletter:
https://creatd.com/newsletter
Investor Relations Contact: ir@creatd.com
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SOURCE Creatd, Inc.