The Honest Stand raises $1 million in seed round

LOUISVILLE — Honest Stand Ltd. has raised $1 million in its seed round.

The Louisville natural products company has raised $888,207, according to a Form D filed with the U.S. Securities and Exchange Commission on Oct. 26. The company is raising the funds through equity and the date of first sale was Oct. 12.

The Honest Stand also filed a second Form D for $348,000 on Oct. 26. Those funds were raised through a convertible note option, founder Alexandra Carone told BizWest. The date of first sale was April 17, 2017.

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The company makes dairy-free, gluten-free, vegan cheese-style dips that are all plant-based. Flavors include garlic parm, cheddar, smoked cheddar, mild nacho and spicy nacho. The Honest Stand was recently a runner-up in the natural products category for BizWest’s IQ Awards.

The funds will be used to propel The Honest Stand’s growth in sales and marketing to support the demand for its products. Carone said the company has been investing in operations, including a manufacturing facility in Louisville it moved into in November 2017. The new capital will be used to building out the sales and marketing parts of the business to support its operations.