IU Angel Network invests in candle-making startup co-founded by IU alum
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The angel investment arm of IU Ventures has invested $90,000 into a New York-based candle-making company that aspires to explore and develop new scents that contribute to well-being.
The New Savant, which describes itself as a modern scent studio, was founded by Indiana University alum Erica Anderson and their business partner, YouTube personality Ingrid Nilsen.
Nilsen made her first candle during a trip to visit Anderson’s dad in Valparaiso during the pandemic. Since the company’s launch, The New Savant has made and sold nearly 100,000 of its handmade candles.
“What we wear, how we wear it, and what we buy—it all reflects who we are and what we aspire to be,” said Anderson, a journalism graduate who worked in social media with Katie Couric at the “CBS Evening News” and at Twitter. “We are also participating in R&D on how scents can, and will, have a direct and positive impact on well-being.”
The investment from the IU Angel Newtork is a first for The New Savant after three years of bootstrapping, IU Ventures said. The New Savant plans to use the funds to invest in marketing and product development.
“Erica and Ingrid bring a wealth of management experience building products and communities for some of the largest brands in the world and have not transitioned their attention to creating unique experiences around one of the most traditional home products,” said Jason Whitney, chief venture officer at IU Ventures and executives director of the IU Angel Network. “In a short period of time they have created strategic partnerships that are positioning The New Savant for exponential growth.”
The fragrance industry is expected to grow to nearly $68 billion in global revenue by 2028, according to research company Statista.
The New Savant recently launched a candle for the WNBA and the New York Liberty and is working on its first body product, IU Ventures said.