News for March 8, 2023
Recent Transactions in the Nutrition and Health & Wellness Industry:
Remedy Kombucha closes Series B round
Remedy Kombucha recently announced the completion of a Series B financing round led by L Catterton and Kin Group. In addition to the new capital, Remedy also announced the hiring of a new c-suite sales leader. Nathan Schy has been appointed the new Chief Customer Officer to accelerate global growth. Remedy Kombucha is expected to surpass soon, being in 10,000 retail locations
Kimmie Candy Acquires Good Day Chocolate
A newly formed division of Kimmie Kandy Co., Inc., And-Y-Not, LLC, has acquired Kick Foods, LLC, which includes its brand Good Day Chocolate. Good Day Chocolate creates candy-coated functional chocolates. Some of their products include Energy, Calm, and Sleep supplements for adults and multivitamins for kids.
True Beauty Ventures invests in Caliray
Sustainable beauty brand Caliray has recently completed a Series A round. The California-based brand was founded in 2021 by Urban Decay founder Wende Zomnir. The new financing round was led by True Beauty Ventures, which invests in early-stage beauty and wellness brands and is run by Rich Gersten and Cristina Nuñez.
Mark Cuban gets tatted up
Mark Cuban has invested in Mad Rabbit, a clean and natural tattoo skincare brand. The brand recently received $4 million in funding from Cuban alongside Acronym Venture Capital, Revolution Ventures’ Rise of the Rest, LB Equity, Stefon Diggs, Riff Raff and Yelawolf. Mad Rabbit also recently announced an exclusive partnership with Inked Magazine. The new funding will help to promote the partnership, generate awareness, get in new retailers and expand its product line.
Cocoa-free chocolate raises $5.6M
London-based WNWN is one of the newest brands in the “alt” movement. Using legumes, cereals and other plant-based ingredients, WNWN has created an alt-chocolate that is more sustainable than using cacao. The $5.6 million round was led by PeakBridge VC and included participation from FoodLabs, Martin Braun-Gruppe (part of Geschwister Oetker), Mustard Seed Maze, PINC, Investbridge AgriTech and HackCapital. WNWN plans to launch in UK retail this year.
Tru Inc. secures $6.5M Series A round
Tru Inc., the functional beverage brand, has recently raised $6.5 million in a Series A round. The funding round was led by previous investor BTomorrow Ventures, the corporate venturing arm of British American Tobacco. The new funding will support expanding the brand’s retail footprint and adding more members to its team.
Agtech startup planting seeds
IngredientWerks, a Massachusettes-based ag-tech startup, announced it raised an undisclosed amount in seed funding. Open Prairie and ARCH Venture Partners led the round. The new funding will go towards creating plant-based alternative proteins that are bioidentical to those of animals. IngredientWerks uses molecular farming and genetic engineering for advanced plant breeding.
Starco Brands acquires Soylent Nutrition
Plant-based food tech company Soylent Nutrition has been acquired by Starco Brands, and Soylent’s CEO will join the Starco board. As a result, Soylent’s CEO and shareholders will become the largest single voting block in Starco. No other financial details were disclosed.
Amazon invests $104M in Indian meat startup
Amazon continues to expand into the fresh grocery market by financially backing the startup FreshToHome. The startup sells fresh fish and meat to consumers across South Asia and the Middle East. Amazon led the $104 million Series D round, which also showed participation from the development arm of the American government, the government of Dubai and Iron Pillar. FreshToHome is disrupting the outdated infrastructure of the fish and meat market to get consumers meat and fish as quickly, efficiently and fresh as possible.
CarbonCloud secures €7.5M
The SaaS climate intelligence platform for the food industry, CarbonCloud, has raised €7.5M to look into market expansion. CarbonCloud helps companies trace the climate impact of their food and beverage products during every step in the supply chain. Cusp Capital and Peak led the funding round, including participation from investors Maki VC, TS Ventures and Rivus Ventures.
Paleo secures €12M
Brussels-based food tech company Paleo has recently completed a €12M Series A round. The plant-based foods additive uses precision fermentation technology to create key ingredients for alt-meat and alt-fish products. The new funding will scale up production. The Series A round was led by DSM Venturing and Planet A Ventures, with participation from Gimv, SFPIM Relaunch, Beyond Impact and Siddhi Capital.
$1 million pre-seed funding and an Expo West debut
Better Sour, a global flavors candy startup, has raised an oversubscribed one million dollar pre-seed funding round. The startup was founded by daughters of Iranian immigrants raised in Hawaii. The brand is slated to make its debut this week at Natural Products Expo West 2023.
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