The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Fitness boutique BLOK is launching a crowdfunding campaign
“We have big plans for BLOKtv’s future. The online fitness industry is currently worth $27.4bn and this is only set to grow. BLOKtv is now included in all memberships and we’re on a mission to create a fully flexible way of training, where BLOKtv can be used as a complementary tool to physical training,” commented the brand.
One Ocean Beauty acquired By Present Life Inc.
The company, whose formulations use powerful marine ingredients from the world’s oceans and cutting edge blue biotechnology to fuse nature and science, says it is now in a position to expand its mission globally through innovative, clean, clinically proven and environmentally responsible skincare and wellness.
Good Karma Foods buys back ownership from Dean Foods
Plant-based milk and dairy alternatives brand Good Karma Foods has announced it has repurchased majority ownership held by Dean Foods, as well as secured significant new investment from Valor Siren Ventures (VSV) — a fund established to act as an innovation engine and market maker in early-stage food, food technology and retail technology. The partnership with VSV will allow Good Karma to accelerate distribution gains in new and existing channels; innovate in a variety of plant-based categories; and expand brand-building and consumer awareness programs.
Lyra Health announces $110m in funding to meet growing demand for mental health services
Lyra Health, a leading provider of mental health care benefits for employers, has announced the closure of a Series D financing round of $110m. Addition led the round and was joined by Adams Street Partners and existing investors, including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital.
The financing will enable Lyra to invest more aggressively in innovative, tech-enabled mental health treatments; to partner with more customers; and to expand and diversify its high-quality provider network.
Plant-based protein brand Kos closes $2.1m funding round
KOS, maker of plant-based protein and functional ingredient supplements, has closed a $2.1m investment round lead by Springdale Ventures, former Whole Foods CEO, Walter Robb, and Chairman of Austin-based Horizon Bank, Jim Schneider. The new funding will fuel continued innovation, strengthen the brand’s marketing presence in the US and expand distribution into new markets.
The company, which launched in 2018, currently sells its products via its website, as well as through Amazon, Whole Foods and a variety of Southern California retailers.
Mike Ashley’s Frasers Group snaps up DW Fitness for £37m
Serial entrepreneur Mike Ashley has acquired DW Fitness for £37m following the company entering administration.
According to the sports retailer, it has snapped up “assets relating to DW’s gym and fitness business, including certain stock but excluding the DW business names and intellectual property”.
In a press release, Frasers Group said the acquisition: “compliments its existing gym and fitness club portfolio within Frasers group and is consistent with its elevation strategy”.
Kellogg’s invests $43m in Morningstar Farms plant-based factory
CPG giant Kellogg’s has invested $43m in its plant-based meat division Morningstar Farms. The capital will be used to expand the brand’s manufacturing plant in Zanesville, Ohio.
A category leader for more than 40 years, Morningstar Farms produces some of America’s most-loved and most-eaten plant-based foods. In 2019 it launched the Incogmeato brand — a next-gen product line including the company’s first ready-to-cook plant-based burger to be sold in the refrigerated meat case and frozen, fully prepared plant-based Chik’n tenders and nuggets.