News for May 24, 2023
Recent Transactions in the Nutrition and Health & Wellness Industry:
Financing fuels VitaminLab’s growth
VitaminLab, a leader in personalized supplements, has raised Series A funding to fuel its expansion. The investment round, co-led by Nimbus Synergies and DSM Venturing, will be used to grow facilities, automate production and expand market reach in North America. VitaminLab’s personalized approach considers health history, blood tests and DNA to create tailored formulas. The company has experienced rapid growth through e-commerce, healthcare practitioner collaborations and health testing companies’ integrations.
A TÖST to a non-alcoholic beverage investment
Constellation Brands, the global producer and marketer of alcoholic beverages including Corona, has acquired a minority stake in TÖST, a non-alcoholic sparkling beverage brand. The financial details of the transaction were not disclosed. TÖST’s products are developed without alcoholic fermentation and offer sparkling white tea and ginger flavors with cranberry and elderberry.
Plant-based deli funding
San Francisco-based plant-based deli and charcuterie company Prime Roots has raised $30 million in Series B funding, bringing its total funding to approximately $50 million. True Ventures, Pangaea Ventures, Prosus Ventures and several other investors led the funding round. Prime Roots plans to utilize the funds to scale its operations and expand to deli counters and restaurants nationwide. Its products, made from koji, with flavors ranging from turkey to bacon, are free from nitrates, preservatives, cholesterol, soy and wheat, and have lower sodium content
Nactarome buys Royal Buisman
Nactarome, a natural taste and color solutions manufacturer for the F&B industry, has acquired Royal Buisman, a Dutch supplier of natural caramel ingredients. The acquisition will strengthen Nactarome’s presence in the Netherlands and expand its natural flavorings and ingredients portfolio. With 150 years of experience, Royal Buisman brings a broad customer base to the partnership. The financial details of the transaction were not disclosed.
Ryan Breslow, founder of Bolt, launches Love
Love, a health and wellness marketplace founded by Ryan Breslow, has launched after raising just under $20 million. MaC Venture Capital and Streamlined Ventures, which previously backed Bolt, invested. Initially envisioned as a “people-powered pharma” with a decentralized autonomous organization (DAO), Love pivoted to start as a wellness marketplace offering curated products. The platform ensures compliance and safety through partnerships with clinical trials company Radicle Science and a team of advisors.
Kale United acquires Lily & Hanna’s
Swedish plant-based investment company Kale United has acquired Lily & Hanna’s, a non-dairy ice cream maker. The deal involved Kale United purchasing the majority of the Sweden-based business, although the financial terms were not disclosed. Lily & Hanna’s offers its products in Sweden, the Netherlands, Belgium and Greece, and the company is looking to expand into other markets. The acquisition aligns with Kale United’s strategy to enhance its production and distribution of plant-based brands through Kale Foods, one of its subsidiaries.
€500K planted ingarden
Dietary supplement company ingarden has secured €500K in funding from investors, including Anne & Stefan Lemcke, Gennadi Tschernow & Björn Keune, Norbert Neef, Nikita Fahrenholz, Monique Hoell and James Hill & Henry Gwilliam. The Portland and Berlin-based company, founded by Mariana Ferreira and Christian Saitner, specializes in hydroponic technology that allows customers to cultivate fresh and nutrient-rich microgreens at home. Ingarden will use the funds to support the company’s growth targets.
Sweets from Earth acquires Tutti Gourmet
Sweets from the Earth has acquired Tutti Gourmet, a gluten-free biscotti manufacturer based in Quebec. This acquisition will significantly expand Sweets from the Earth’s product offerings in the gluten-free and sugar-free markets. The founder of Sweets from the Earth expressed excitement about adding Tutti Gourmet, highlighting their shared commitment to quality and innovation in providing customers with the best plant-based and gluten-free baked goods
Funding boost for Daily Dose
IW Capital has invested £5 million in Daily Dose, a UK-based cold-pressed juice and functional drinks business focused on sustainability. Daily Dose will use the funding to expand production facilities, acquire machinery for increased capacity/efficiency and support the company’s growth. Daily Dose partners with British farmers to transform waste produce into juice, sold under its own brand and through private label contracts with retailers. In addition, the company utilizes high-pressure processing at its Cambridgeshire site to maintain taste, nutritional value and shelf life..
Cleverman raises $1.8M funding
DTC men’s grooming brand Cleverman has raised $1.8 million in seed funding led by L’Attitude Ventures, which is committed to empowering the Latinx entrepreneurial community. Cleverman offers customized hair and beard color solutions for men through a simple quiz and over 10,000 options. The funding will support product innovation, omnichannel expansion and brand awareness. The seed funding also included participation from Fab Co-Creation Studio Ventures and angel investors.
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