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News for July 14, 2023

Recent Transactions in the Nutrition and Health & Wellness Industry:

Jenny Craig to relaunch

Wellful, Inc. has acquired the Jenny Craig brand and plans to relaunch it as a separate, independent brand this fall. Jenny Craig, which previously operated through physical weight loss and nutrition centers, will now adopt a direct-to-consumer delivery model with personalized coaching services. Wellful, the owner of Nutrisystem, aims to expand its portfolio through this acquisition and utilize its experience to revive Jenny Craig. The move comes after Jenny Craig went out of business in May due to competition from other weight loss programs and the shift towards online weight loss solutions


AI calorie app funding

SnapCalorie, a health management startup, has secured $2 million in seed funding from Y Combinator. The Virginia-based company has developed AI technology that can determine the calorie content of a meal from a single photo. SnapCalorie’s app claims to be more accurate than a trained nutritionist, using an algorithm outlined in an academic paper co-authored by Wade Norris, a former Google AI engineer and co-founder of the startup. The company leverages Roboflow’s advanced computer vision systems for dataset management and labeling, which has reportedly significantly sped up model prototyping and decreased labeling time.


EGYM raises $225M from Affinity

Munich-based smart fitness startup EGYM has secured a €207 million ($225 million) equity investment led by Affinity Partners, the investment firm founded by Jared Kushner. EGYM’s business encompasses connected gym equipment, software for optimizing workouts, a corporate health network called Wellpass, and a mission to shift the focus of healthcare from repair to prevention. The company generated $130 million in revenues in 2022, with a 70% year-over-year growth, and aims to double overall revenues to $260 million in 2023 while expanding into the US market. EGYM’s funding round is one of the largest in Europe, and it plans to go public in the future.


eFishery reels in $200M

Indonesian aquaculture startup eFishery has raised $200 million in a Series D funding round, making it the first startup in the global aquaculture industry to achieve a valuation of over $1 billion. The funding was led by 42XFund and included participation from other investors such as Kumpulan Wang Persaraan, responsibility, and 500 Global. eFishery aims to reach one million aquaculture ponds in Indonesia by 2025 and expand internationally. The company provides a smart feeding system for fisheries and offers marketplaces for selling fish and shrimp feed, fresh products, and financial services for fish farmers.


WM Partners acquires Allergy Research Group

WM Partners, a diverse-owned private equity firm focused on the health and wellness sector, has announced the acquisition of Allergy Research Group (ARG). ARG, a subsidiary of KI NutriCare, is a leading provider of hypoallergenic supplements in the healthcare practitioner channel. The acquisition aligns with WM Partners’ strategy of investing in middle-market companies and driving value creation in the natural consumer health industry. With its operational expertise, WM Partners aims to optimize and grow ARG while expanding its market share in the healthcare practitioner channel.


Funding boost for Everytable

Everytable, a mission-driven food company focused on food justice and accessibility, has raised $25 million in Series C-2 preferred stock financing. The Dohmen Company Foundation (DCF) led the funding round through the Dohmen Impact Investment Fund, which supports companies that address diet-related diseases. Everytable will use the investment to expand Everytable’s retail stores and food services in Southern California, the Bay Area and New York City, with plans to open 25 additional stores by the end of 2023. Everytable and DCF established their partnership through their shared commitment to addressing hunger and diet-related diseases.


Dairygold acquires Vita Actives

Dairygold’s Health and Nutrition division has acquired a majority stake in Vita Actives, a Dublin-based nutritional solutions provider. Vita Actives supplies nutraceutical ingredients and nutrition solutions for various industries, including functional foods, human nutrition, sports nutrition, health, wellness, and cosmetics. The acquisition is a significant development for Dairygold, as it offers opportunities for future growth in the life-stage nutrition sector and allows for cross-divisional research and development. The CEO of Vita Actives expressed excitement about the transaction, noting that it will support the company’s expansion and provide a strong platform for success. The terms of the acquisition were not disclosed.


Lyre’s raises £17M, appoints CEO

Non-alcoholic spirits brand Lyre’s has successfully raised over £17 million in a recent funding round led by investors DSquared and Morgan Creek Consumer Fund. The investment will enable Lyre’s to meet the growing global demand for its products and expand its presence in key markets such as Australia, North America, Europe, and the Middle East. The funds will also enhance the company’s production capabilities and fulfill customer inventory obligations. Additionally, Lyre’s announced that its Chief Marketing Officer, Paul Gloster, will take on the role of CEO, allowing co-founder Mark Livings to focus on future ambitions. Gloster expressed excitement about leading the company into a new phase of growth and emphasized the dedication and passion of the team.


Lab-grown fish funding raised

German startup Bluu Seafood has raised €16 million ($17.5 million) in a Series A funding round to develop its cultivated fish products. The company uses stem-cell technology to grow entire fish species in a lab, starting with a fish biopsy that does not harm the fish. Bluu Seafood’s first products include fish sticks and balls made from cultivated fish cells enriched with plant proteins to improve their texture and cooking process. Following the recent FDA approval of lab-grown chicken products in the United States, the company plans to seek regulatory approval in markets such as Singapore and Europe. The funding round was led by Sparkfood and LBBW VC, with participation from several other investors.


Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

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