News for December 11, 2024
Recent Transactions in the Nutrition and Health & Wellness Industry:
Crown Affair Secures $9M to expand prestige haircare brand
Crown Affair, a clean haircare brand, raised $9 million in Series B funding led by True Beauty Ventures, which has invested in the brand four times. This round brings total funding to $16 million across five rounds. Crown Affair projects $20 million in revenue and profitability this year, up from $8 million in 2023. The funds will support growth at Sephora, product expansion and team development.
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Mela Watermelon Water partners with NBA’s Josh Hart
Mela Watermelon Water, known for its 100% watermelon juice, has partnered with NBA star Josh Hart as an investor and brand ambassador. Hart, an experienced beverage investor and New York basketball player, will play a key role in marketing efforts timed with the 2024-2025 season. The partnership aims to increase Mela’s visibility in the New York metro area and strengthen its association with sports and active lifestyles. This collaboration underscores Mela’s strategy to expand its presence in the beverage market and appeal to consumers seeking functional, natural drinks. |
Hint water welcomes new CEO and CFO, secures capital for growth
Hint, Inc., a leader in unsweetened flavored water, has appointed Michael Pengue as CEO and Kevin Benmoussa as CFO. It also secured additional funding to fuel expansion. Pengue, formerly CEO of ZOA Energy, brings over 30 years of beverage industry experience, including roles at Keurig, Dr Pepper and Nestlé Waters. Benmoussa, a finance veteran, previously led Aleph Farms and played a key role in Vita Coco’s NASDAQ IPO. |
Paine Schwartz Partners acquires Promix for clean label expansion
Paine Schwartz Partners has acquired Promix, a Gainesville-based producer of clean label nutritional products. Promix, founded in 2014, targets the $3 billion online protein and gut health segment within the $53 billion vitamins and supplements market, emphasizing transparency and natural ingredients free of fillers, hormones and GMOs. Paine Schwartz plans to support Promix with marketing and product innovation to strengthen its market presence and operational capacity, reflecting growing consumer demand for functional, nutritious options. Financial terms were not disclosed.
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Prime Drink Group to acquire Beach Day Every Day for $22.5M
Prime Drink Group Corp plans to acquire Québec-based Beach Day Every Day, a ready-to-drink beverage brand with $30 million in 2023 sales. The $22.5 million deal includes $12.5 million in cash and $10 million in common shares at $0.25 each, contingent on a $12.5 million financing round. The deal, classified as a related-party transaction due to shared ownership, is expected to comply with minority shareholder protections without requiring formal valuation.
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Cradle Raises $73.6M to advance AI protein engineering
Swiss startup Cradle secured $73.6 million in Series B funding led by IVP, with Index Ventures and Kindred Capital also participating. This round brings total funding to $101 million and will support scaling operations, expanding its AI platform and growing its engineering team. Cradle’s generative AI technology streamlines protein engineering, reducing the time and cost associated with traditional methods. Its platform supports diverse applications, from pharmaceuticals to sustainable agriculture, with clients like Novo Nordisk and Johnson & Johnson.
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Branded Hospitality Ventures invests in Mr Bing to expand East Asian sauce brand
Branded Hospitality Ventures has made its first foray into the consumer-packaged goods sector by investing in Mr Bing, a leading creator of East Asian street sauces. The partnership aims to accelerate Mr Bing’s foodservice business and strengthen its wholesale distribution through partnerships with major distributors like Sysco and restaurants such as Moe’s Southwest Grill and Dave & Busters. This strategic investment aligns with Branded’s mission to support innovative brands that enhance the hospitality experience while expanding Mr Bing’s presence in both retail and foodservice channels.
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Iris Ventures invests in Superlativa for natural stress management solutions
Iris Ventures has led seed funding for Barcelona-based Superlativa, a plant-based supplement brand targeting cortisol regulation to alleviate stress, anxiety and insomnia. Using Chinese and Ayurvedic ingredients like ashwagandha and schisandra, Superlativa’s clinically validated products are sold in over 400 Spanish pharmacies. The investment will support research, development and international expansion over the next two to three years.
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Celleste Bio secures $4.5M to scale cultured cocoa production
Israeli startup Celleste Bio raised $4.5 million in seed funding to advance R&D and scale its cell-cultured cocoa technology. The
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Planet A Foods raises $30M to scale cocoa-free chocolate production
Munich-based Planet A Foods secured $30 million in Series B funding to expand production of its cocoa-free chocolate alternative, ChoViva, by more than seven times. Investors include Burda Principal Investments, Zintinus and AgriFoodTech Venture Alliance. The startup plans to increase output from 2,000 to 15,000 tons annually, launch U.S. production and enter the UK and French markets in 2025. ChoViva, made from sunflower seeds and oats, offers up to an 80% lower carbon footprint than conventional chocolate. Its sustainable approach addresses deforestation and cocoa supply volatility, appealing to brands like Lindt and Deutsche Bahn. Funding will also support R&D on bio-identical cocoa butter and palm oil alternatives, leveraging precision fermentation for cost efficiency.
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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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