A 31-year-old entrepreneur successfully built a company that is projected to generate $48 million in revenue this year, all thanks to olive oil.

Andrew Benin has always desired to find the most effective way to communicate his thoughts and ideas. He admits that there was always a "need to break free and do it independently."

A 31-year-old Brooklyn native, who is a first-generation American, graduated from Binghamton University's School of Management with a bachelor's degree in international business and management. He then began his career in the retail sector at Warby Parker before moving on to hold various roles at mattress company Casper, including project manager.

He discovered his entrepreneurial aspirations while working at young companies and soon realized that the food industry was the space he wanted his company to operate in.

"He says, "As a child, I struggled with managing my weight and feeling confident in my own skin. My original goal was to make a positive impact in that area.""

In 2018, he began attending conferences about food security and nutrition, which led to meeting James Beard Award-winning chef Michael Anthony. This eventually resulted in him leaving his job at Casper and staging at Michelin star restaurant Gramercy Tavern. Afterward, he did a series of short work stints at startups like Oura and Magic Spoon.

In October 2020, Benin founded his olive oil company Graza after tasting the best olive oil he'd ever had in Spain in December 2019. The experience was truly sensory for him and served as the catalyst for his business.

According to the company, Graza's total gross sales are projected to surpass $48 million in 2024. Here's how Benin, co-founder and CEO of Graza, built his thriving olive oil business.

Squeeze bottle was 'the form factor'

Benin, after tasting olive oil in Spain, embarked on a DIY tour to sample various oils in the country and brought some back to the US. He then presented them to his mentor, chef Anthony, who was impressed and suggested that Benin make the oils accessible to a wider audience.

Benin discovered the Picual olive, found in Jaen, Spain, and decided to use it for his oil. He appreciated its taste and knew it could withstand a long journey across the Atlantic. "This product will have to travel from Spain to warehouses via containers," he says, emphasizing its durability.

Benin had the idea to put his oil in squeeze bottles while taking a shower using a squeeze bottle of Dr. Bronner's Castile soap. "That's it," he thought at the moment. "This is the form factor."

To ease the burden of building the company and reduce the feeling of isolation, Benin decided to bring on a partner. He welcomed Allen Dushi, now the co-founder and COO of Graza, to the team. Dushi, a longtime acquaintance whom Benin admired, had over a decade of retail experience that he believed would be valuable to the company.

Grazalema, a village in the province of Cadiz in Spain, is the namesake of Graza, the first stop on Benin's olive oil tour.

'We sent 300 packages out' to influencers

The company received two early investments. The first was from Neil Parikh, co-founder of Casper, who invested $50,000 in May 2021. This funding helped them create their product and build their website. Later that year, they raised $230,000 from various angel investors, which they used to purchase more product.

His olive oil bottles are made from single varietal olive oil, unlike some bottles that contain a blend. The majority of the production process takes place in Spain, from harvesting to pressing to packaging. Despite recent oil shortages, most of the production remains in the country. Once the bottles reach their New Jersey port, they are ready for sale.

Graza initially offered two olive oil products: Sizzle, intended for cooking, and Drizzle, designed for use as a salad and pizza topping. The price points for these products fell within the mid-range of retail olive oils, with Drizzle priced at $20 per bottle and Sizzle costing $15.

The company lacked a marketing budget initially, so they utilized social media's power to promote their product. They sent bottles to influencers such as Justine Doiron and Molly Baz, who have large Instagram followings, to share.

"Our advertising budget for the first eight months of our existence was entirely spent on sending out 300 packages, as stated by Benin."

On January 11, 2022, their oil was launched on the site and became an instant hit. According to Benin, they had raised enough funds for six months of operation with the inventory they had. By the end of the day, it was completely sold out.

Whole Foods called the following day.

'We don't need luxury in this industry'

In the first year, Graza generated over $4 million in sales. By the end of 2023, that amount had increased to more than $19 million.

Graza's product has received positive reviews from both Bon Appetit and Food & Wine, and the company has continued to send their oil to influencers. Benin, the founder of Graza, believes that the success of the company can be attributed, in part, to good coverage. He says, "You've got someone with a million followers, you're not going to give them a $35 bottle of olive oil for the outsized return?"

Graza's oil is highly regarded for its quality, simplicity, and affordability. Currently, Sizzle sells for $16 and Drizzle for $21 (prices have increased by $1 after a poor harvest year in 2023). Customers can purchase the product at more than 13,000 retailers or directly from Graza's website. In addition to full bottles, Graza now offers beer can refills of both types of oil to reduce waste and convenience for customers. They have also collaborated on products such as canned, nonalcoholic olive oil martinis and chips.

Graza faced packaging issues during its first year in operation, with damaged bottles and labels falling off. The company's CEO, Benin, sent out a mass email to around 35,000 customers, apologizing and addressing all the problems.

In April 2023, Benin received media attention for posting an angry LinkedIn post about a competitor's new pizza oil that came in a squeeze bottle. He later edited the post to include an apology.

Overall, the company is in a good place.

Benin argues that the industry doesn't require luxury, but rather high-quality products at an affordable price point to make it accessible to as many people as possible.

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