Cash Flow: Allplants’ Record-Breaking £38m, Aaptiv Acquired By PEAR Sports, LeBron James Invests In Tonal

The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.

Allplants scores record-breaking £38m

D2C plant-based food company Allplants has secured a record-breaking £38m Series B funding round led by Draper Esprit, backers of Revolut, Cazoo and Trustpilot. The round is the biggest ever Series B raise by a plant-based food company in Europe and follows its record-breaking crowdfund and Series A rounds.

Allplants will use the latest investment to increase its plant-based kitchen in London to six times its current size, enabling it to meet an exploding direct-to-consumer UK market.

Digital fitness platform FitOn raises $18m

FitOn, a digital fitness company that stands to redefine the traditional workout experience has raised $18m from Delta-v Capital, with participation from existing investors Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures and Second Avenue Partners.

The Los Angeles-based company, which recently hit 10m via its personalised fitness and wellness app will use the capital to grow its team, build out key positions and continue releasing new products. 

iNNBeauty Project lands minority investment

iNNBeauty Project, an effective, clean and accessible skincare brand for the next generation, has closed a minority investment led by leading consumer investors Strand Equity and Beechwood Capital. Funds will be allocated towards growing the brand and supporting its nationwide launch in Sephora. 

Terms of the transaction were not disclosed.

Body Fit Training acquired by Xponential Fitness

Australia’s fastest-growing fitness franchise, Body Fit Training (BFT), has entered into a partnership, selling its intellectual property to US-based Xponential Fitness.

As part of the $60m cash upfront deal, plus additional payments based on growth, BFT will continue to operate as the Master Franchisor in Australia, New Zealand and Singapore. Xponential will now grow the brand across the US and Canada. The partnership will allow BFT to focus on existing and new markets in Asia Pacific and beyond while capitalising on Xponential’s global strength and reach.

Activewear brand Vuori raises $400m at $4bn valuation

Southern California-inspired activewear brand Vuori has secured a $400m investment from SoftBank Vision Fund 2 at a valuation of $4bn, marking one of the largest investments in a private apparel company. 

The investment underscores excitement in the surging brand, known for its performance clothing that is built to move in, yet styled for everyday life, as it sets sights on the international market.

Aaptiv acquired by PEAR Sports

PEAR Sports, a revenue-driving proprietary platform that’s designed for both consumer and enterprise success, has acquired workout app Aaptiv.

PEAR plans to further the development of Aaptiv’s premium digital health and wellness content and fast-growing member community through two key initiatives: strengthening the power of Aaptiv’s offerings by integrating PEAR Training Intelligence — AI technology creating hyper-personalised, precision digital fitness and health plans using an individual’s biometric data, fitness level, and goals. And furthering its exclusive sales and marketing partnership with Life Fitness, the global leader in commercial fitness equipment.

Oshi Health raises $23m to expand its integrated approach to GI care delivery.

Oshi Health, a virtual speciality care company transforming gastrointestinal (GI) health outcomes and economics, has raised $23m in a Series A funding round.

Flare Capital Partners, Bessemer Venture Partners and Frist Cressey Ventures co-led the round with a strategic investment from CVS Health Ventures. The funds will be used to rapidly scale Oshi Health’s groundbreaking virtual-first, integrated approach to GI care delivery.

Tonal announces LeBron James as an investor and brand partner

Connected fitness brand Tonal has announced LeBron James as an investor and brand partner with the launch of its newest campaign featuring the champion athlete and global icon. Terms of the transaction were not disclosed.

Tonal is already backed by leading growth and venture capital investors including Dragoneer, L Catterton, Cobalt Capital, Sapphire Ventures, Mayfield, Shasta Ventures, Delta-v, Mousse Partners, Kindred Ventures, THVC and Bolt, as well as leading investors in health and fitness, including a growing roster of professional athletes.

Sprinter Health completes $33m Series A

Sprinter Health, an on-demand mobile health company that sends full-time nurses and phlebotomists into the home for convenient and affordable lab draws, vitals checks and COVID-19 testing has completed a $33m Series A funding round.

Andreessen Horowitz led the round with participation from General Catalyst, Accel, Google Ventures and others. The innovative healthcare technology company will use the funds to expand its last-mile healthcare services into new markets.

Investors pump $28m into ageing wellness platform Modern age

Modern Age, an ageing wellness platform focused on longevity, has raised $27m in Series A funding led by Oak HC/FT, alongside GV and founding partner Juxtapose. The funding brings Modern Age’s total capital raised to $33m, which will be used to drive talent acquisition initiatives, sustain technological innovation and support customer engagement. 

In addition, Modern Age revealed plans to open a flagship studio location in New York City’s Flatiron district by early 2022.