18 Jun IU Angel Network Invests in The New Savant, A Modern Scent Studio Co-founded by IU Alum Erica Anderson
FOR IMMEDIATE RELEASE
Brooklyn, NY — The IU Angel Network, an investment vehicle of IU Ventures, is proud to announce an investment of $90,000 in The New Savant, a modern scent studio providing unique olfactory experiences inspired by fresh takes on familiar scents and new innovative scent combinations. 
The New Savant, co-founded by IU alum Erica Anderson and their business partner Ingrid Nilsen, currently sells candles made by hand, using small-batch artisan techniques and high-quality ingredients from a 500-square-foot studio in Brooklyn, NY. The idea for the business came in 2020, during the depths of the pandemic, when Anderson and Ingrid visited Anderson’s dad in Valparaiso, Indiana. While there Nilsen made her first candle—and then spent the next few months perfecting the recipe. Their first collection sold out instantly in December 2020.
“My co-founder had just retired from more than 10 years on her YouTube channel, where she had been a pioneer of the platform and had amassed a community of millions—but she always knew she would quit and 2020 gave her that opportunity.” Anderson explained. “She saw a candle on my dad’s coffee table and asked ‘I wonder how you make that’ which led to a trip to the store to procure her first supplies. Our product resonates with people who are curious for new scent experiences that speak to their lived experiences.
Since the company’s launch, The New Savant has made and sold nearly 100,000 candles. Anderson explained that the fragrance industry is a massive market financially ($44 billion a year, globally) but also in terms of cultural significance.
“What we wear, how we wear it, and what we buy—it all reflects who we are and what we aspire to be,” Anderson noted. “The New Savant is designing scents that connect with the next generation, by centering new olfactive notes (like steamed rice or golden saffron) and developing new stories (like our scents DREAMGIRL or Kimberly). We are also participating in R&D on how scents can, and will, have a direct and positive impact on well-being.”
Anderson holds a B.A. in journalism with minors in political science and religious studies from IU Bloomington and rode in the Little 500 for Delta Delta Delta sorority. Prior to starting The New Savant, Anderson worked in social media with Katie Couric at the CBS Evening News, was one of the first employees at Twitter, and led global Google News Lab efforts to combat misinformation.
The investment from IU Ventures is a first for The New Savant, after three years of bootstrapping. The New Savant plans to use the funding from the IU Angel Network to invest in marketing and product development.
“Erica and Ingrid bring a wealth of management experience building products and communities for some of the largest brands in the world and have not transitioned their attention to creating unique experiences around one of the most traditional home products,” said Jason Whitney, Chief Venture Officer at IU Ventures and Executives Director of the IU Angel Network. “In a short period of time they have created strategic partnerships that are positioning The New Savant for exponential growth.”
Anderson is proud that the company’s first investment comes from their home state and alma mater.
“The IU Angel Network’s team prepared me for the pitch,” explained Anderson. “As a first-time founder running an already profitable business with serious potential, this was an invaluable experience for me, and it’s already helped me in subsequent pitches.”
The New Savant recently launched a candle for the WNBA and the New York Liberty and are currently working on their first body product, which will come out in the fall. In the meantime, as a business, their focus is to make every dollar count.
“This is a challenging environment for entrepreneurship and at the same time it’s never been more exciting,” said Anderson. “My co-founder has a strong, cutting-edge vision, and that will continue to manifest in our future product lines. For now, it is about profitability, building relationships that can help us to expand our scale and distribution, and above all, delighting and expanding our loyal community of savants.”
If you are an investor interested in learning more about the IU Angel Network, please apply on our website. If you are an IU Entrepreneur looking to meet with the IU Ventures team, please apply for funding on our website.
About The New Savant
The New Savant is a modern scent studio providing unique olfactory experiences inspired by fresh takes on familiar scents and new innovative scent combinations. The New Savant currently sells candles made by hand, using small-batch artisan techniques and high-quality ingredients in their Brooklyn studio. https://thenewsavant.com/
About IU Ventures
IU Ventures invests in and supports IU-affiliated early-stage companies. Its investment programs include the IU Philanthropic Venture Fund, IU Angel Network, Shoebox Fund and Innovate Indiana Fund. It further supports IU founders through the Executive in Residence Program and IU Founders and Funders Network. Student support is provided through a variety of engagements, including the new IU Venture Fellows Program. Each program takes unique approaches to accelerate and support the positive impacts that entrepreneurs affiliated with IU already achieve across the world. IU Ventures is a recognized leader in increasing opportunities for diverse and historically underserved entrepreneurs and investing in Indiana startups with a shared commitment to diversity, equity and inclusion. www.iuventures.com
Media Contacts:
Erica Anderson
The New Savant
erica@thenewsavant.com
Jason Whitney
IU Ventures
jaswhitn@iu.edu