Cash Flow: Athletic Greens Raises $115m, Lyra Health Banks $235m, Gympass Acquires More Fitness Startups

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

Athletic Greens raises $115m to accelerate growth on a global scale

Athletic Greens, a nutrition company known for its functional ingredients has secured $115m in new funding led by Alpha Wave Ventures. The investment skyrocketed the company’s valuation to over $1bn.

It plans to use the capital to accelerate the meteoric growth of its subscriber base through increased digital and offline distribution, broadening geographic expansion, increasing production capabilities and bolstering scientific research and innovation to strategically develop and launch new products.

Lyra Health completes $235m funding round to fuel international expansion

Lyra Health, a leading provider of mental health solutions for employers has completed a $235m financing round led by Dragoneer. New investor Salesforce Ventures along with existing investor Coatue also participated. 

With the new funding, Lyra will accelerate its delivery of comprehensive, evidence-based, culturally responsive mental health care benefits for employees and their families around the world. In addition, the company separately announced it has acquired ICAS World, an employee assistance program provider with operations in more than 155 countries.

Lyra Health completes $235m funding round to fuel international expansion
Image: Lyra Health
Flying Embers secures $20m to accelerate portfolio growth and continue to disrupt traditional alcohol categories

Hard kombucha brand Flying Embers has secured $20m in a Series C round led by Beam Suntory. The funding round also featured follow-on investments from Power Plant Ventures, Quadrant Capital, Monogram Capital Partners and Beechwood Capital.

Capital will be used to accelerate the growth of Flying Embers’ current brands as they scale nationally, fueled by a growing consumer base of modern drinkers in search of premium hand-crafted natural and organic options. 

Mantra Health scoops up $22m to support students’ mental health

Mantra Health, a digital mental health clinic focused on young adults, has completed a $22m Series A investment round led by VMG Partners. The round also included new investors New Market Venture Partners, Elements Health Ventures, 14W and Alumni Ventures. 

The funding will allow the company to continue to invest in some of the advisory’s specific action items, including ensuring young adults have access to high-quality, affordable and culturally competent mental health care. And, to grow its diverse provider network nationwide while maintaining over a 50% average of clinicians identifying as BIPOC or LGBTQ+.

Healthy snack startup Chomps valued at $300m following $80m raise

Fast-growing natural meat snack brand Chomps has raised $80m to grow beyond protein snacks into fibre. The US startup, which currently produces high-end jerky, secured the funding from private equity firm Stride Consumer Partners. It is now valued at $300m.

Chomps intends to use the fresh capital to expand into fibre-focused snacks and expand its distribution capabilities. Its jerky is currently sold online and in more than 18,000 retail locations including Trader Joe’s, Walmart and Whole Foods Market. 

Founders Fund backs sleep tracking startup Earable

Founders Fund — a San Francisco based venture capital firm investing in companies building revolutionary technologies — has backed sleep-tracking startup Earable in a $6.6m round that also saw participation from Smilegate Investment.

The startup, which is currently preparing to launch a wearable headset aimed at improving sleep and productivity, plans to disrupt the field of sleep tracking by positioning itself as a neuroscience and AI company designed to improve humans’ cognitive function.

Gympass acquires multiple fitness startups to bolster European expansion
Image: Gympass
Mental Health startup Intellect banks $10m to scale across Asia

Singapore-based mental health startup Intellect has raised $10m in a Series A round led by HOF Capital. The round also featured investors including Headline, East Ventures, MS&AD Ventures, DG Daiwa Ventures, Pioneer Fund and Insignia Ventures Partners.

The company plans to use the fresh capital to increase its product, engineering and commercial teams as it continues expanding into new markets.

Health monitoring startup Casana raises $30m

Health monitoring startup Casana, makers of a toilet seat that measures health vitals aimed at spotting heart conditions, has raised $30m in a Series B funding round led by Morningside. The deal brings Casana’s total capital raised to $46m.

The funding will allow Casana to accelerate FDA submission of its device, with the goal to obtain FDA approval and bring the product to patients in 2022.

Gympass acquires multiple fitness startups to bolster European expansion

Employee fitness platform Gympass has completed the acquisition of Spanish corporate fitness platform Andjoy and Romanian fitness subscription provider Benefit Seven (7card). The company acquired both businesses from French-owned catering and corporate services provider Sodexo, however financial terms have not been disclosed.

The decision forms part of Gympass’ expansion on the European market — combined both companies will add more than 1,400 corporate clients and 2,800 fitness partners to Gympass’ subscription platform.

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