Aunt Flow

• Once a dispenser is in, the refills follow. Aunt Flow's free-vend dispenser is patented to take only Aunt Flow products, so a building that mounts one buys its refills from Aunt Flow from then on. The dispensers replace the coin-operated boxes that haven't changed since the 1970s, and the disposal system cuts clogged-toilet costs by up to 90%, which makes it a facilities-budget purchase instead of a nice-to-have.

• The law creates the demand. 27 states now require schools to stock free period products in bathrooms, up from almost no policy when the company started in 2016. 30 states exempt the products from sales tax, and every federal prison has to provide them. Each new mandate adds buildings that need a supplier, and Aunt Flow doesn't spend to create that demand. It's an estimated $2B market that grows as more states pass laws.

• The customer list sells the next customer. 2,000+ customers, including 28 Fortune 500 companies, 32 stadiums, 1,600+ schools, Wells Fargo across its corporate offices, and Live Nation across 94 venues. Disney Parks alone runs Aunt Flow in more than 600 bathrooms across Walt Disney World.

• The national agreement changes the growth math. A 10-year exclusive with a major national facility-services partner carries $103M in minimum spend, $6M in royalties, and a $500K exclusivity bonus paid at signing. It was executed 22 July 2026 and does not formally launch until January 2027, so everything since is pre-launch: 3,822 dispensers installed against a 3,250 first-90-days mandate, $815,015 in spend against a $500K pre-launch minimum, 130 new commercial locations onboarded, and 150+ of the partner's inside sales reps trained across Tampa and Phoenix.

• Path to profitability is clear. Q2 2026 revenue was $3.01M, up 5% on the quarter, with EBITDA at negative $110K. The round funds growth, not runway: the model projects $13.2M in revenue this year, $20.0M in 2027, and $34.7M by 2029, with EBITDA crossing into profit in 2027 and reaching $4.8M by 2029.

• There's a real buyer set. Aunt Flow fits two active markets, personal-care consumables and commercial washroom supply. Comparable companies have sold at 5.4x to 6.8x revenue, and the big facility-services players are buying up the space.

Aunt Flow makes period care for commercial and institutional bathrooms: a patented free-vend dispenser, organic cotton pads and tampons (no PFAS, dyes, or fragrances) that also fit other dispensers, and a touch-free disposal system. The dispenser replaces the coin-operated box nobody has carried quarters for in twenty years, it's ADA compliant, and once it's on the wall the building needs a supplier for the refills.

Claire Coder started the company in 2016 on one question: toilet paper is free, so why aren't tampons? Ten years later that question is a $2B market that grows every time a state passes a law.

The result is an installed base, not just a customer list: more than 70,000 bathrooms across the US, UK, and Canada, 2,000+ customers from Disney Parks to every Apple store in North America, more than 2.5 million students, and more than 34 million products delivered. Revenue was $3.01M in Q2 2026, up 5% on the prior quarter, with EBITDA at negative $110K.

In 2016 there was almost no public policy on accessible period care. Today 27 states require schools to provide free products in bathrooms, and the market that created is estimated at $2 billion. The demand is written into budgets and law, not won one purchase order at a time.

Schools are the mandated buyer. Offices, stadiums, airports, and retail are the expected buyer, where free period care has quietly become standard in a well-run building, the way soap and toilet paper are. There's a lot of room left: a 2026 study found 63% of US workplaces still don't stock free period products for employees.

The competition is old-line paper and hygiene: coin-operated dispensers and generic product with no brand a facilities manager or a 16-year-old would pick on purpose. Aunt Flow has the product, the compliance work, and the installed base.

The policy floor keeps rising. 30 states now exempt period products from sales tax, every federal prison is required to provide them, and more than 10 countries require their governments to do the same.

The stickiness shows up in contract length, not only in the logo wall. Utah Schools signed in 2022 for five years and extended three more, covering 6,300+ bathrooms and 365,000 students. Apple made Aunt Flow its retail design standard for period care across US and Canada stores in 2023 and has kept it there. State Farm Stadium went in that same year, and Aunt Flow now stocks six NFL venues.

About $1M of the round is secondary, letting the founder take liquidity for the first time in nearly a decade of building the company. The board supports it as modest diversification while keeping long-term alignment. The remaining $1M to $2M is primary growth capital against four milestones over the next 24 months.

Management expects this to be the last round before an exit, on a two-to-four-year horizon. The likely buyers fall into two groups.

• Commercial and away-from-home bathroom leaders (Georgia-Pacific, Kimberly-Clark Professional, Essity, GOJO, and the facility-services majors) already sell into facility supply chains and would gain recurring period-care revenue in a footprint they own.

• Consumer and CPG strategics (Procter & Gamble, Unilever, Edgewell, Clorox) would gain a B2B channel they do not have and a foothold with the next generation of customers.

What the comparables say. Touchland sold to Church & Dwight in October 2024 at roughly $880M on about $130M of trailing sales, around 6.8x. The Honey Pot Co. sold to Compass Diversified in 2022 at roughly $380M on about $70M of revenue, around 5.4x.

Claire runs Aunt Flow from Columbus, Ohio with a senior bench around her. Two of these hires matter more than the rest for how this deal gets underwritten: a finance lead who has carried a billion-dollar balance sheet, and an engineer who has spent a career in the exact hardware this company sells.

• Jimmy Mastronardi, CFO. Previously CFO of a $1bn logistics startup.

• Gordon Thomas, Engineering. 35+ years designing and producing dispensing hardware.

• Sara Orbe, VP Operations. 20+ years in supply chain, previously at Unilever and The Sill.

• Sarah Howard, VP Revenue. Previously led a successful exit in the energy space.

• Jenna Saponaro, Chief of Staff. Previously a startup CEO, with 15+ years in management.