Esther & RuthTitle01 / 21

Investor Portal · Confidential

Esther & Ruth

New Season,
Same Roots.

Perimenopause hair health — clean-label, evidence-backed, and built for the woman living through it.

Co-Founders

Janice TaylorJoAnne Fontanini

Launch

Black Friday 2026

Esther & RuthThe Moment02 / 21

01 — The Moment

A category
without a leader.

1.1B

women in perimenopause / menopause globally

52%*

report hair thinning as a top symptom

↑ 300%*

search growth for “perimenopause hair thinning” since 2021

clean-label brands owning the category

*Category-referenced stats — source citations to be added before external distribution.

Esther & RuthMarket Size03 / 21

02 — Market Size

Massive whitespace, three ways.

TAM

$29B

Combined Market

Hair loss $8.4B · Menopause wellness $16B · Clean-beauty haircare $4.5B

SAM

$1.2B

Perimenopause hair health

North America — the woman in her season.

SOM

$60–80M

DTC clean-label

Capturable 11–25% of SOM by Year 3.

*Capture-rate assumption (11–25% of SOM by Year 3) is a planning estimate — full build-up available on request (Business Plan Section 24.2b).

Esther & RuthThe Science04 / 21

03 — The Science

The essentials no single product delivers.

Every active is chosen for a specific perimenopausal mechanism — falling estrogen, rising DHT sensitivity, slower follicle cycling, thinning scalp microcirculation. No single product combines all of these at clinical dose. That is the gap Esther & Ruth is built to close.

Ingestible actives

Hormonal pathway

Pumpkin Seed Oil · 400mg

“+40% hair count over 24 weeks.”

Natural 5-α-reductase inhibitor. Blunts the DHT surge that drives perimenopausal thinning at the crown and part line.

Saw Palmetto · 320mg

“~30% drop in serum DHT.”

Second DHT lever. Clinically shown to slow androgenic miniaturisation — the exact pattern women see as estrogen falls.

Pumpkin seed & saw palmetto evidence base is drawn primarily from studies in men with androgenetic alopecia; female- and perimenopause-specific trials remain limited.

Topical actives

Scalp, follicle & fibre

Follicle growth & activation

Caffeine

“Counters testosterone-induced follicle suppression in vitro.”

Penetrates the follicle in ~2 min, extends the anagen (growth) phase and stimulates a sluggish perimenopausal scalp. (Lab-based follicle studies; finished-product effect size less rigorously proven than lab conditions.)

Redensyl

“+9% hair growth vs. placebo (Induchem-sponsored clinical, 84 days).”

Reactivates dormant follicle stem cells (ORSc). Wakes up follicles that have quietly slipped into resting phase.

AnaGain (Pea Sprout)

“+78% anagen / −39% telogen ratio shift (Mibelle-sponsored study).”

Nudges follicles out of telogen (shedding) and back into growth — targeting the ‘sudden loss’ perimenopausal complaint.

DHT defence & follicle anchoring

Procapil

“Anti-DHT + anti-ageing follicle complex (Croda-sponsored research).”

Biotinyl-GHK peptide + apigenin + oleanolic acid — protects the follicle from androgen attack and re-anchors the bulb.

Capixyl

“+13% anagen / −29% catagen in 4 months (IFF / Lucas Meyer-sponsored).”

Biomimetic peptide + red clover isoflavone — a plant-based estrogen echo that soothes the hormone gap in the follicle.

Scalp barrier & fibre strength

Niacinamide (B3)

“Improves scalp barrier & microcirculation.”

Restores lipid barrier and blood flow — both compromised as estrogen drops — so follicles receive more oxygen and nutrients.

Panthenol (Pro-Vitamin B5)

“Up to 10% increase in fibre thickness (cosmetic-industry literature).”

Humectant that thickens and elasticises each strand — critical when perimenopausal hair loses diameter and snap-back.

Baicapil

“+13% new hair, −18% shedding in 3 months (Provital-sponsored study).”

Triple botanical (Baicalin, Soy, Wheat) — density booster proven on the mid-life shedding pattern.

Diaminopyrimidine Oxide

“Supports scalp microcirculation, prolongs anagen.”

Cosmetic, non-drug vasodilation-adjacent mechanism — well-documented, though no independent long-term safety comparison to minoxidil exists.

Botanical support

Rosemary Extract

“Matched 2% minoxidil for regrowth at 6 months (Panahi et al., 2015 RCT).”

Boosts scalp microcirculation with less reported scalp itching than minoxidil. Single small RCT — promising, not yet at minoxidil-scale evidence.

Castor + Rosehip + Frankincense · Phase 2 — The Lydia

“Ricinoleic acid, vitamin A + boswellic acids.”

Anti-inflammatory oil blend that seals the cuticle and calms the reactive, itchy scalp perimenopause quietly delivers.

Coconut Oil

“Reduces protein loss from the fibre by up to 39% (Rele & Mohile, 2003).”

Penetrates the cortex to lock in moisture and rebuild lipid content lost as estrogen declines.

Argan Oil

“Emollience & shine via fatty-acid + vitamin E content.”

A different, well-established mechanism from coconut — restores the softness and slip perimenopausal hair mourns.

Esther & RuthIntroducing the Starter Kit05 / 21

04 — The Starter Kit

Introducing the Starter Kit.

The essentials for hair foundation — so a woman can reclaim what she has lost and begin building the essentials for hair rejuvenation. Seven products, one system, engineered around the pillars the science demands.

Pillar 01

DHT Defense

Ingestible actives blunt the androgen surge driving perimenopausal thinning.

Pillar 02

Follicle Activation

Wake dormant follicles and extend the anagen growth phase.

Pillar 03

Fibre Strength

Rebuild diameter, elasticity and shine in every strand.

Pillar 04

Scalp Health

Restore barrier, microcirculation and the soil hair grows from.

Pillar 05

Detangling & Mineral Care

Daily fibre protection and weekly hard-water reset for hair already under hormonal stress.

The foundation — a daily ritual designed for the season of loss, and the beginning of return.

Esther & RuthThe System06 / 21

05 — The Starter Kit

Named for the women of the season.

Seven products, one ritual — the full foundation kit.

Esther
& Ruth

The Naomi

Pumpkin Seed Oil Capsule

The season of returning full

Esther
& Ruth

The Sarah

Phyto-Caffeine Scalp Tonic

The season of unexpected renewal

Esther
& Ruth

The Hannah

Clarify & Strengthen Shampoo

The season of quiet devotion

Esther
& Ruth

The Kiki

Hydrating Conditioner

The season that shows up every day

Esther
& Ruth

The Elizabeth

Density & Renewal Serum

The season that works before it shows

Esther
& Ruth

The Deborah

“Second Wind” 7-Second Detangler

The season of second wind

Esther
& Ruth

The Miriam

“Reset” Mineral Detox Pre-Shampoo

The season of the reset

Esther & RuthProof of Concept07 / 21

06 — Proof of Concept

The system, tested on the founder first.

Before Esther & Ruth was a company, it was a recovery. The unedited timeline from long & colour-treated, through the door perimenopause opened, to full auburn density on the finished formulations.

01
The Start
Long, blonde, colour-treated for years.

04
Cut It Off
Chopped it off. Started over.

06
Started to Grow
Right ingredients + patience.

07
Shine Returned
First real sign the roots were healthy.

08
Paying Off
Fuller, brighter, hers again.

09
Length Followed
Thicker ends than in years.

10
Jan 2024
The exact system that became E&R.

11
Today · Density
Length and density that match.

12
Today · Shine
Soft, shiny, healthy at the ends.

Source: estherandruth.com/our-story — founder's documented hair journey.

Esther & RuthThe Founders08 / 21

07 — The Founders

Built by the women who needed it.

Janice Taylor, Co-Founder — Janice Taylor
Co-Founder

Harvard scholar. Three-time venture-backed tech founder. Inventor of the Science of Emotional Fitness. Honorary Captain of the Royal Canadian Navy, appointed by the Prime Minister. Bestselling author. She spent 30 years researching why people hurt — then built Esther & Ruth for the season no one built for.

30+

Years researching emotional health

3×

Venture-backed tech founder

HarvardHon. Captain, RCNTEDxWilson AIBestselling Author

JoAnne Fontanini, Co-Founder — JoAnne Fontanini
Co-Founder

Former President of Capitol Wholesale Meats, parent company of Fontanini Italian Meats & Sausages. Daughter of Italian immigrants who founded the Chicago business in 1960, she grew up in the company and, alongside her late brother Gene, built it into a leading foodservice brand before orchestrating its $425 million sale to Hormel Foods in 2017. She brings decades of operational scale, premium-brand execution, and family-business discipline to Esther & Ruth.

$425M

Sale to Hormel Foods, 2017

President

Capitol Wholesale Meats / Fontanini Foods

Family-Business OperatorBrand BuilderM&A & ScaleItalian Heritage

“I wanted something clean — something that actually celebrated women, instead of quietly apologizing for what was happening to them.”
— Janice Taylor, Co-Founder

Esther & RuthProduct Roadmap09 / 21

08 — Roadmap

From starter kit to a full collection.

Phase 1

Oct – Nov 2026

Starter Kit — Naomi, Sarah, Hannah, Kiki, Elizabeth, Deborah, Miriam. Marketing begins early October; exclusive sample-driven pre-launch ahead of Black Friday.

Phase 2

Months 6–18

The Abigail · The Lydia · The Christina — Mask, Face Oil, Lightweight Hair Oil · plus The Jennie hero SKUs (Italian heritage line)

Phase 3

Months 18–30

Color Care Collection — JoAnne · Shiah · Peyton

Esther & RuthCompetitive Landscape10 / 21

09 — Competitive Landscape

The only brand with all six.

Brand	Supplement	Topicals	Clean Label	Menopause	Storytelling	Subscription
Nutrafol	●	○	●	○	○	●
Vegamour	●	●	●	○	○	●
Better Not Younger	○	●	●	●	○	○
Womaness	○	○	●	●	○	○
Esther & Ruth	●	●	●	●	●	●

● Offered○ Not offered● Esther & Ruth

Esther & RuthGo-To-Market11 / 21

10 — Go-To-Market

Direct, subscription-first, community-led.

Launch Timeline

Early October: marketing & promotion begins

Build anticipation through creator seeding, PR, and email capture. Exclusive sample sets drop ahead of Black Friday, converting early believers into launch-day customers.

DTC Shopify

Recharge / Skio Subscriptions

Klaviyo + Postscript

Influencer-led launch

Perimenopause communities

Podcast partnerships

Esther & RuthInfluencer Strategy12 / 21

11 — Influencer Strategy

Three phases, one voice.

Phase 1

Seed

Micro + mid-tier creators in the season.

Phase 2

Educate

Education-first storytelling and testimonials.

Phase 3

Convert

Bundles, subscriptions, and referral loops.

Esther & RuthBusiness Model13 / 21

13 — Business Model

High margin.
Compounding revenue.

New Customer DTC

First-purchase acquisition through the Starter Kit.

Subscription

Auto-replenish for capsules, tonic, shampoo, serum.

Cross-Sell

Collection expansion into Phase 2 & 3 SKUs.

Bundle Value vs. Buying Separately

Competitor equivalent — bought separately

Supplement

Nutrafol / similar

~$92

Density serum

Vegamour / similar

~$78

Clarify shampoo

Clean-label premium

~$36

Hydrating conditioner

Olaplex / K18 tier

~$34

Scalp tonic

Caffeine treatment

~$34

Detangler

Unite 7 Seconds tier

~$38

Mineral detox pre-shampoo

Color WOW Dream Filter tier

~$36

Competitor total

~$348

Esther & Ruth Starter Kit

$160

Seven products, one ritual, one box — capsules, tonic, shampoo, conditioner, serum, detangler and mineral-detox treatment engineered to work together for perimenopause hair health.

Savings vs. buying separately

$188 · 54%

Gross Margin

78–85%

Subscription Reorder

~90%

Esther & RuthCapital Structure14 / 21

13 — Capital Structure

Two rounds. Clear purpose.

Angel Round · Now

$200K

Foundation, first production run (7-SKU kit), and go-to-market through launch.

Pre-Seed · Q1 2027

$250–400K

Scale, subscriptions, and clinical validation.

Esther & RuthAngel — Use of Funds15 / 21

14 — Angel · Use of Funds

Where the first $200K goes.

◆Formulation + stability

◆Packaging + labels

◆First production run (7 SKUs)

◆Website + e-commerce

◆Regulatory + legal

◆Brand & launch marketing (creative, PR, launch campaign)

◆Digital marketing & paid acquisition (begins early October)

◆Early Black Friday pre-launch with exclusive sample sets

◆Founder salaries (minimal, operational support)

◆Soft launch

Esther & RuthPre-Seed — Use of Funds16 / 21

15 — Pre-Seed · Use of Funds

From launch to scale.

◆Inventory scale-up

◆Paid influencer campaigns

◆Subscription optimization

◆Clinical pilot

◆Phase 2 SKUs

◆6–9 month runway

Esther & RuthBreak-Even17 / 21

16 — Break-Even

Break-even in months, not years.

Break-Even Month

6–8

CAC

$35–55

AOV

$85–120

Sub. Conv.

25–35%

Retention

60–70%

*Target metrics based on category benchmarks and internal modeling — not yet validated with live sales data. AOV range reflects partial-kit purchases; full 7-product bundle sits at $160. Figures will refresh with real data after the first 90 days of launch.

Esther & RuthRevenue Projections18 / 21

17 — Revenue Projections

Three scenarios. One trajectory.

Conservative

Y1$750K

Y2$2.2M

Y3$4.8M

Base Case

Y1$1.2M

Y2$4.5M

Y3$9M

High-Growth

Y1$2M

Y2$8M

Y3$18–22M

Scenarios are top-down, TAM-capture-based estimates. A bottom-up model built from the 7-SKU starter kit pricing and subscription assumptions is available on request and currently projects a more conservative Year 1 (~$410K–$450K) — see Business Plan Section 24.2.

Esther & RuthValuation19 / 21

18 — Valuation

Valuation projections.

Beauty / DTC multiples · 3–4× revenue at this stage, up to 7× for brands with proven subscription and retention metrics (sector average 3.6× — Capstone Partners; premium multiples reserved for brands with 35%+ 12-month repeat-purchase rates).

Scenario 1 · Y3 $4.8M

$14 – 24M

Scenario 2 · Y3 $9M

$27 – 63M

Scenario 3 · Y3 $20M

$60 – 140M

Scenario 1 uses the lower end of the multiple range. Scenarios 2–3 assume the retention and subscription metrics on the Break-Even slide are achieved and validated first.

Esther & RuthWhy We Win20 / 21

20 — Why We Win

Seven reasons this brand wins the season.

01Clean-label + evidence-backed

02Emotional storytelling + scientific credibility

03Subscription-first model

0478–85% gross margins

05Massive underserved demographic

06Founder-led authenticity

07Category-defining brand identity

Esther & RuthClosing21 / 21

Thank you

Esther & Ruth