The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Peloton acquires fitness equipment manufacturer Precor
Indoor cycling phenomenon Peloton is set to acquire Precor, one of the largest global commercial fitness equipment providers, with a significant US manufacturing presence, in a transaction valued at $420m.
With the acquisition, Peloton plans to establish US manufacturing capacity, boost research and development capabilities with Precor’s highly-skilled team and accelerate Peloton’s penetration of the commercial market.
The move comes following a surge in sales for the connected fitness startup, in which it has struggled to keep up with demand.
Kuula secures over €500k to propel the launch of its online fitness and wellness player
Kuula, an end-to-end platform that allows fitness and wellness instructors to easily create and manage their online presence, whilst engaging and growing their community has raised more than €500k in pre-seed funding.
The round was led by Venture Capital firm Seedcamp, together with Ascension, TruSight, Hambro Perks and Tiny VC. Several angel investors also participated, including TheFund, Gumtree’s founder Michael Pennington and MixCloud’s founder Nikhil Shah.
Little Spoon raises $22m for organic baby food brand
Founded by a team of moms and seasoned food and consumer product executives, Lisa Barnett, Michelle Muller, Ben Lewis, and Angela Vranich, Little Spoon has cultivated a loyal and diverse following nationwide, delivering over 6 million meals since its inception.
Recently the startup launched a new line of healthy and nutritious meals for toddlers and kids.
Trendy vegan food chain By CHLOE. files for bankruptcy
Trendy plant-based food chain By Chloe. has filed for bankruptcy following months of disruption caused by COVID-19.
Investors have agreed to provide the company with a $3.25m loan to enable it to keep operating whilst it navigates a sale.
According to the Wall Street Journal, since February the brand has seen its revenue drop by 67%, forcing the chain to lay off or furlough more than half its staff. The chain currently operates 14 locations in the US, along with one in Toronto and one in London, however, some are currently closed.
Snoop Dogg’s Casa Verde Capital closes $94.7m fund for cannabis
Casa Verde Capital, a venture capital firm focusing exclusively on the cannabis industry has closed a new $94.7m fund.
To date, Casa Verde Capital has raised more than $100m.