Phoenix, AZ -- Paraffin International Inc., parent company of gLOVE Treat, recently announced that the company has closed a $500,000 seed funding round from a group of Scottsdale-based investors.
“We are excited and proud to have the financial support of our Arizona-based, seed round investors, many of whom also bring strategic value to the company as we seek to further expand our customer base and distribution partnerships,” said Kevin Weber, CEO of Paraffin International. The company has also received non-dilutive financial capital of $250,000 from the Arizona Commerce Authority as a winner of the fall of 2015 Arizona Innovation Challenge.
For the six months ending April 30th, Paraffin has increased sales revenue by 294% compared to the previous six months, and has significantly expanded its customer base. The company will use this seed investment to continue to increase revenue by hiring an accomplished product marketer, expand gLOVE Treat sales and marketing programs, establish a manufacturing base in Arizona and prepare the launch of gLOVE Treat into the occupational/physical therapy market early in 2017.
“gLOVE Treat is truly revolutionizing the way paraffin wax treatments are administered in the United States and this funding will enable the company to add the personnel and programs to accelerate its revenue growth,” said Deanna Montrose, the inventor of gLOVE Treat and the founder of the company.
gLOVE Treat gloves and boots are an innovative, all-in-one solution to the disadvantages of traditional paraffin wax treatments. The easy-to-use, self-contained paraffin gloves and boots feature patented technology that allows the all-natural paraffin formula, which also contains lavender and coconut oils, to penetrate the skin and provide exceptional moisture absorption in less than 15 minutes.
gLOVE Treat recently earned a coveted spot on O, The Oprah Magazine’s acclaimed O List, a hand- selected compilation of Oprah Winfrey’s favorite consumer products and gift items, making its debut in the January 2016 issue.
For more information or to purchase gLOVE Treat, visit www.glovetreat.com.
About Paraffin International Inc. and gLOVE Treat
gLOVE Treat is a patented, all-in-one enhanced paraffin wax treatment for hands and feet, created by licensed cosmetologist and award-winning salon owner Deanna Montrose. Manufactured, marketed and trademarked by Arizona-based Paraffin International Inc., the revolutionary paraffin gloves and boots, eliminate the pain points for the paraffin industry and change the way customers experience paraffin wax treatments. With therapeutic and aesthetic benefits, the all-natural paraffin formula restores, replenishes and soothes tired, dry hands while relieving the effects of aging, bursitis, fibromyalgia, psoriasis and multiple forms of arthritis. gLOVE Treat’s innovative design has been featured in O, The Oprah Magazine, Refinery29, the FABLife Show, and Arizona Foothills. For more, visit www.glovetreat.com.
Paraffin International Inc. currently operates out of the Center for Entrepreneurial Innovation (CEI), a Phoenix-based business incubator that supports innovative companies at all stages of development in the bio- and life-science, medical device, clean and renewable technology and software-as-a-service industries. CEI offers customized business advisement and growth strategy development, specialized mentorship, discounted 3D printing and engineering services, as well as flexible office and/or wet lab space to each of its client companies.
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