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Georgia

VTasteCakes

About Documents
50%
$15,100 Funded
$30,000 Target
21 days Time Left
19 Investors
$15,000 Min. Raise
$50,000 Max. Raise
60 mo. Term Length
10.5% Interest Rate
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Overview

VTasteCakes is a vegan bakery located in the Metro-Atlanta area that provides bespoke cakes, cupcakes, muffins, cookie dough, and cookies with no dairy, no eggs, and absolutely no animal by-products. We, at VTasteCakes, decided to create vegan desserts that not only tasted great but are also aesthetically pleasing and most importantly safe for those with allergies and or food preferences, to enjoy.

We want to take the burden off families or individuals hosting gatherings, who normally must purchase multiple desserts from different locations to accommodate everyone. It can be quite the hassle to ensure that everyone's allergies and/or food preferences are covered. Our product allows them to buy one dessert that everyone can enjoy!

Our current business model includes the following:

  • Direct to consumer items- cakes, cupcakes, muffins, cookies..etc (website only)
  • Wholesale partnerships
  • Custom Cakes & Wedding Cakes (premium pricing)
  • A soy-free and vegan line of products

We are raising $50,000 at a 10.50% interest rate, paid over a 60-month term!

Yes, it's all vegan!

 

The Project

Unfortunately, in the South, there aren't many options for baked goods that don't contain dairy, eggs, animal by-products or are even soy-free. There are even less easily accessible options i.e. retail storefronts. This is where VTasteCakes comes in. We currently operate from a commercial kitchen space that has served as a pick-up location for all of our online orders. We are hoping to become more accessible to our customers and future consumers due to demand. We are asked weekly, on multiple occurrences, if someone can come by and pick up a cake, cupcakes...etc. A retail storefront would allow us to expand our product line and have more flexibility when it comes to our baking & decorating schedule, which has become an increasingly difficult challenge.

With our expansion into a new retail space, we would add/include the following:

  • In-person/foot traffic (via retail space)
  • A full gluten-free line of products (recipes have already been curated, we just need a safe space to do our GF baking to avoid cross-contamination)
  • Vegan cake decorating classes
  • Finish up testing on a shippable product line

Our budget for our new space is as follows:

  • Retail build-out - $25,000 - $30,000
  • Equipment - $15,000 - $20,000
  • Licensing/Fees - $5,000

Jasmyn used her studies in food science to transform her Grandmother's recipes into delicious, natural, vegan baked goods! 

 

Business

History

VTasteCakes began after a group of students won a pitch competition for their concept of vegan desserts infused with vegetables on the campus of the University of Georgia in Fall 2018. Jasmyn took her winnings and went on to make VTasteCakes an LLC. At this time, the business only produced cupcakes. From there, Jasmyn continued to work on her recipes and started attending local pop-ups and farmer's markets. By 2019, VTasteCakes moved into its first commercial kitchen space in Atlanta, GA. Aneesha, officially joined forces with Jasmyn and began to research and use data to drive business initiatives. In March 2020, Jasmyn, unfortunately, lost her full-time job due to the pandemic and decided to take the leap to work on her own business, VTasteCakes, full-time.

The company began to see a lot of traction, even during a pandemic. Even though people were social distancing, they still wanted to celebrate birthdays, anniversaries, and accomplishments by purchasing baked goods. Sales tripled in 2020 and VTasteCakes was able to hire its first employees. Currently, VTasteCakes has expanded into its third commercial kitchen space and has two employees that have been a major help in keeping up with demand. The company has gone from baking cupcakes in a dorm room, to running as a full-fledged business that produces custom cakes, cupcakes, muffins, cookie dough, and cookies in less than three years.

VTasteCakes was started in Jasmyn's dorm room at UGA! The business has soared in a few quick years. 

 

Future

Our vision is to be a social advocate for sustainable, natural, and freshly baked locally prepared desserts that everyone- including those with allergies or dietary preferences- can enjoy! With this being said, we are also working diligently to decrease unnecessary waste by creating efficient practices and using recyclable items and/or materials when possible. We hope to continue and even increase our sustainable practices in the future.

After three commercial kitchen locations, VTasteCakes will be opening its first retail storefront! 

 

About the Owners

Jasmyn Reddicks

Jasmyn holds a dual studies degree in Food Science and Marketing from the University of Georgia, where she has found a way to transform her grandmother's recipes into delicious natural vegan baked goods! When she had the opportunity to enter into a pitch contest, on-campus, with her idea of creating desserts that didn't include dairy, eggs, or animal by-products, she went for it and won first place as the only minority undergraduate team against graduate student teams. The winnings went towards starting VTasteCakes in 2018! VTasteCakes started from humble beginnings in a college dorm. In 2020, Jasmyn lost her job due to the COVID-19 pandemic and she decided to work full-time for her own company. Jasmyn currently manages two onsite employees, product development, and business partnerships outreach for the company. She can be found in the kitchen and ensures that kitchen operations are efficient.

Aneesha Reddicks

Aneesha has been working with VTasteCakes since the official launch in 2018. In 2020, she became more hands-on and took on a managing role in the business. Aneesha's background in marketing, project management, and business analytics has proved to be very helpful for the progression of the company. Aneesha holds a Bachelors's in Marketing and a Master's of Science in Business Analytics. She handles most of the behind-the-scenes processes, manages the social media platforms, website, analytics, and business strategy for VTasteCakes. She uses data to leverage business initiatives and operations for continued growth (marketing strategies, new products...etc). Aneesha can generally be found behind a computer screen with a mug of coffee.

The sister duo! Jasmyn is the baker and visionary, and Aneesha is the marketing and data

Deal Summary

 Issuer

 VTasteCakes, LLC

 Doing Business As

 VTasteCakes

 Security Type

 Secured Loan

 Loan Purpose

 Retail location build out

 Offering Amount

 $15,000 - $50,000

 Interest Rate

 10.50% annually

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

  6 months interest-only followed by 54 months fully amortizing   

 Personal Guaranty  

 Jasmyn Reddicks

 Security Interest

 Blanket lien on assets of the company

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to VTasteCakes, LLC.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

 Investment Amount   One-Time Fee 

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85   $6.45   $128.96
 $500  $14.25   $32.24   $644.82
 $1,000  $28.50   $64.48   $1,289.63
 $5,000  $37.25   $322.41   $6,448.17

Your ongoing responsibilities from investing are limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts. *Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. There are no prepayment penalties and VTasteCakes, LLC may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

VTasteCakes, LLC pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges VTasteCakes, LLC a $250 posting fee and an 8% loan origination fee based on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

Like what you see?  Check out our other campaigns here

View our
Offering Documents

Comments

Q & A

+ 1) Is there a reason you are pursuing crowdfunded loan vs bank loan? 2) What are your quarterly profits for past 4 quarters? 3) I see the loan life is 5 years. Do you have plans to pay it back earlier than 5 years?

Hi there! Thank you for your question(s)! We'll jump right in on answering. 1) During the planning process of our storefront goal, Honeycomb reached out to us and we looked further into them and did our due diligence. We also spoke with another business owner who worked with Honeycomb and they had great things to say! We liked the idea of our community having an opportunity to be involved in our next step since our business was built based on a community need. We would not be where we are without our supporters. 2) For this question, I encourage you to checkout our Form C offering document in the "Documents tab" of our campaign. Our annual financial statements are included which will give you a better overall picture. We've been very blessed to be able to use our net income this year to reinvest in adding 2 more team members to keep up with demand, build out our website more, automate some of our internal admin processes and move to an upgraded commercial kitchen space. 3.) Yes, we plan to pay the loan back early and have created projections for our the new retail space with a detailed plan of action. We hope that this helps, but please let us know if you have any additional questions and we'll be happy to assist!

+ Hi, Jasmyn and Aneesha, and congratulations on your project. is VTasteCakes currently profitable or running at a loss, and what impact will opening a retail space have on your ongoing operating costs? Thanks, and I wish you luck in this endeavor.

Thank you and great question! We are presently able to incur our expenses (staff wages, commercial kitchen space, supplies...etc) without running at a loss and we are profitable. We were also profitable last year. The retail space will certainly increase our expenses, however, we have extensive plans to offset these operating costs by the following: - Being accessible to "walk-in" customers. We're currently operating as an online only bakery with curbside-pickup due to the commercial kitchen space that we are in. This is limiting. A storefront will allow us to capitalize on foot traffic. - Finishing up our testing on our shippable product line and adding on a local delivery service. There is a great need for vegan baked goods specifically within the Atlanta area since there are so few bakeries/establishments that provide them. Additionally, we've had customers order from as far as Australia to have a cake prepared for a loved one or friend (who may have a food allergy) in the Atlanta area. Our website analytics & google analytics have allowed us to track and see hot spots on where our customers are ordering from. - Lastly, offering vegan cake decorating classes to capitalize on the addition of a retail space. We hope that this helps! All the best, Aneesha & Jasmyn