Cash Flow: CrossFit Sold, Barry’s Gets Equity Investment, Oumph! Acquired

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

CrossFit sold by ex-CEO Greg Glassman following backlash

CrossFit owner and ex-CEO Greg Glassman has sold the fitness company following backlash over remarks he made about the black lives matter movement.

Terms of the deal have not been disclosed, however, the business is said to be worth approximately $4bn.

According to new owner Eric Roza, a tech executive and co-founder of a successful CrossFit gym, he is committed to leading positive change and will be “working hard to build bridges to those whose trust we have lost”. Read More…..

Kaia Health nets $26m to expand capabilities

Kaia Health, a digital therapeutics company, has raised $26m to build and launch new therapies, as well as doubling down on its clinical approach. The round, which takes its total funding to date to $50m, was led by Optum Ventures, Idinvest and capital300 with participation from existing investors Balderton Capital and Heartcore Capital.

Soon the brand will launch its third digital therapeutic – for knee and hip osteoarthritis – to add to its chronic disease therapy platform.

One Year No Beer launches crowdfunding campaign on Seedrs

Online toolkit for surviving modern alcohol-free society One Year No Beer has launched a  £1.4m funding round on investment platform Seedrs. Having secured more than  £1.1m in the private stages of the round, the Edinburgh-based startup has now opened its campaign to the public. 

Previous investors include Mark Cowan, Ex-Director at Facebook, Joe De Sena, CEO and founder of Spartan and Death Race, and Alain Renaud, previously global head of mergers and acquisitions at HSBC. 

Plant-based startup Oumph! Acquired 

The LIVEKINDLY co., a collective of heritage and startup brands on track to become one of the world’s largest plant-based food companies, has announced the acquisition of Oumph! — a multi-award winning plant-based brand.

With the purchase the LIVEKINDLY co. underlines its ambition to spearhead a global food transformation with environmentally friendly meat alternatives.

Since its launch in Sweden back in 2015, Oumph! has become a favourite with a wider audience across markets, driving new consumers to the plant-based category. The brand reports a 40% growth for the first quarter of 2020 across all markets.

20 wellness businesses to start in 2020

Image: Oumph!

Barry’s gets preferred equity investment from LightBay Capital

Lightbay Capital has purchased a minority stake in fitness boutique Barry’s. The funding will be used to help Barry’s sustain itself during pandemic shutdowns.

“This investment allows us to continue to support our talented employee community during the unexpected Covid-19 closures while also investing in the future, including strengthening our digital product offering,” Barry’s Chief Financial Officer Jonathan “JJ” Gan told Bloomberg.

Big Health secures $39m to boost mental health

Big Health, a digital therapeutics company dedicated to mental health, has raised $39m in a Series B financing round led by Gilde Healthcare and joined by co-lead Morningside Ventures, existing investors Kaiser Permanente Ventures, Octopus Ventures and Samsung NEXT.

“We entered 2020 having doubled our revenues in 2019,” said Peter Hames, Big Health co-founder and chief executive officer. “That’s because customers such as Target, Comcast and The Home Depot recognize that our digital therapeutics can fill a growing gap in their portfolio of mental health benefits. With this funding we are well-positioned to accelerate our new product innovation, and add more sales and distribution capacity to meet increasing demand.”

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