The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Beachbody is going public following three-way merger
Beachbody, a worldwide leader in health and fitness, with a 22-year track record of creating powerful brands including Insanity and P90X has announced its plans to go public following a three-way merger with Forest Road Acquisition Corp and Myx Fitness Holdings.
Upon closing of the business combination transaction, The Beachbody Company will be the parent company of three premium content and technology-driven businesses: Beachbody On Demand (BOD), Openfit and Myx. The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on the NYSE under a new ticker symbol, “BODY”.
Alt-Meat Innovator Redefine Meat Raises $29m
Alt-Meat innovator Redefine Meat has completed a $29m funding round led by Happiness Capital and Hanaco Ventures. They were joined by CPT Capital, a leading alternative protein investor and early supporter of Redefine Meat, as well as other notable new international investors including Losa Group, Sake Bosch, and K3 Ventures.
The investment will be used to expand the company’s meat portfolio and support its commercial launch and international growth in 2021.
Mental Health Company Modern Health Gains Unicorn Status
The latest investment brings the company’s total funding to over $170m in less than two years and raises its valuation to $1.17bn, making Modern Health the fastest entirely women-founded company in the US to reach unicorn status.
The investment will help the company to continue its impressive upward momentum, supporting additional enterprises and offering a variety of accessible, innovative and customized mental health management options to workforces worldwide.
CBD Brand Beam Banks $5m
Beam, a direct-to-consumer wellness brand known for its innovative, THC-free CBD product offerings, has completed a $5m Series A financing round with significant investment from investors including The Yard Ventures, Litani Ventures (co-founder of RXBar, Peter Rahal’s fund) and Carter Comstock (co-founder of Freshly).
The startup also announced its official entry into the functional beverage space with the launch of elevate, a powdered stick hydration offering and first non-CBD wellness product category for the brand.
The funding will further Beam’s product pipeline into new verticals throughout the wellness spectrum, foster organizational structure investment and reinforce infrastructure and customer connection.
Former Vita Coco CEO Giles Brook invests in Bio & Me
Giles Brooks, the former CEO of Vita Coco has made a six-figure investment in gut health brand Bio & Me, as well as joining the company as an advisor.
Launched by Nutritionist Dr Megan Rossi in November 2019, the startup which sells ‘gut-loving’ granola, muesli and porridge, hopes his backing will help to raise brand awareness and fuel future growth.
Snack brand PeaTos secures $12.5m
The pea-based snack brand has earmarked the capital to further drive its mission of revolutionising America’s favourite snacks by offering a better-for-you alternative.
Currently stocked in 4,700 US retailers, including Kroger, Albertsons and Safeway, recently PeaTos has experienced an acceleration in growth via its e-commerce channel after adding subscription services and a loyalty program online.