NYA FOUNDER SPOTLIGHT ‒ RICHARD BENNETT, EPICURED CEO
Richard Bennett is the CEO and Co-Founder of Epicured and has successfully gained investments from 20 NYA Members. Richard first met NYA 15 years prior to founding Epicured and has continued to build his relationship ever since. Richard shares how NYA was the perfect fit for Epicured, how he’s built one-on-one relationships with NYA Members, and the little-known secret that he is the primary food-photographer for company.
How did you first connect with New York Angels?
I had been part of a startup company about 15 years before founding Epicured, and I knew about New York Angels then. Once Epicured reached a certain stage, New York Angels felt like a natural fit for the company. We were a New York-based company, and we were local and not national at the time. When we were preparing to apply, it seemed like it was a good fit, not just because of our headquarters, but because we thought we could meet the New York Angels Members interests especially as we planned to scale nationally. We also wanted to be part of the New York Angels community to learn from all the great people around the table. So while I technically first NYA at a meetup back in 2005, my real conversations with NYA Members did not start until 2020.
What were you looking for when you were fundraising? Why did you choose to work with New York Angels?
While there are many reasons, as a founder, the number one thing we were looking for was capital. We had a strong team, a great product, and a big opportunity, but we needed cash to grow. Beyond that, it were looking for well-matched investors: Were the investors people we could collaborate with? Did we share the same mission and ethos in how to build a company? With New York Angels, we found not just investors but entrepreneurs, operators, and builders. New York Angels were not just money managers, but they had earned their capital through entrepreneurial means, whether as a founder or an intrapreneur, so we were excited to have such a strong fit between our organizations.
What was the overall fundraising process like for Epicured?
Painful. Fundraising is not pleasant, and unfortunately, most founders, including me, spend over 80% of their time on it. There are a lot of no’s, and many conversations go nowhere. New York Angels, however, ran a very efficient, diligent, and structured process, which I appreciated. But overall, throughout Epicured’s history, a huge portion of my time has gone toward capital formation and funding the next growth opportunity. Founders don’t start companies to get into the business of raising capital, but unless you get good at it, it is hard to succeed.
What have you enjoyed most about working with New York Angels?
New York Angels is not just a monolith. New York Angels is actually a collection of incredible human beings that are all individuals. We have over 20 New York Angels Members in the Epicured deal, and getting to know each of them has been a privilege. They have toured our facility, come into the office, and have been engaged on everything from legal and IP to marketing and technology. Building those one-on-one relationships has been my favorite part of working with New York Angels.
I have a huge amount of gratitude to New York Angels for being in our corner, challenging us, supporting us, and always picking up the phone when we call.
What advice would you give other founders who are fundraising?
First, I always ask: are you sure you want to be a founder? Then I ask, are you willing to go ask people for money? Taking outside money is a big decision because when you do, you cross a point of no return. You can’t just quit and go back to another job. Fundraising is excruciating, even for me with a background in finance, investment banking, and venture. For founders without that background, it can be overwhelming. It is important to find mentors, double down on learning the financial side quickly, and always keep the investors’ perspective in mind. Yes, investors want to support you, but they also expect a return. Understanding their motivations helps you adjust and succeed.
What advice would you give other early-stage investors?
Early-stage investing is illiquid and high-risk. Investors need to understand what they are getting into and strike the right balance of involvement. Being too passive does not help you learn for future investments, and being too active begs the question of: Do you actually want to be an investor or do you want to be an entrepreneur? Each investor has to find their own style.
Today, the cold hard truth is that founders need cash. Strategic value is always a great add-on, but capital is what keeps companies alive. Once you back a founder, pick up the phone when they call. Angel investing is a unique dynamic compared to other forms of investing because of the relationship-element.
What has driven Epicured’s success?
Good people. Early-stage companies face a lot of hard days, and it comes down to having resilient, aligned people who are honest with each other and willing to ride out the ups and downs together.
What motivates you as Epicured’s CEO?
Building something bigger than myself, an organization that lasts, has impact, and can thrive without me. At Epicured, our mission is to reform healthcare and improve health outcomes through food. Bringing diverse people to tackle that challenge, and creating something strong enough to live on its own, is what drives me.
What’s something interesting about you that founders or investors should know?
I don’t fit the stereotype of a serial entrepreneur. I came to startups later in life after working in corporate and private equity.
My background comes with both pros and cons, but I think it adds a lot of value to the business and to the more junior team members. I walked away from a clear, easier path to success to take a gamble on something I believe in with ChillSkyn, and I am having the most fun I have ever had in my career. I love mentoring and supporting a team of super smart and driven people who are eager to learn about our business. That is a part of the secret to our success.
