January 7, 2021

Cash Flow: Echelon Banks $65M, 23andMe Raises $82.5M & New Wave Foods Bags $18M

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

Echelon Fitness raises $65m to further propel growth

Connected fitness brand Echelon Fitness has completed a $65m financing led by Goldman Sachs Growth, along with participation from existing investor, North Castle Partners.

The company, which has brought to market over a dozen innovative connected products since its launch in 2017 plans to use the new funding to further propel business growth, which accelerated in 2020 due to the COVID-19 pandemic.

23andMe banks another $82.5m investment

DNA testing startup 23andMe has secured another $82.5m in funding from investors including Sequoia Capital and NewView Capital. 

The latest round brings the company’s total funding to date, to more than $850m.

According to an article by The Wall Street Journal, the tech company intends to use the capital to continue to grow the business. However, over the past couple of years the company has begun working on developing therapeutics based on research into genetic information its customers provide.

Plant-based food delivery startup Thistle secures $10.3m

Plant-based food delivery startup Thistle has secured $10.3m in a Series B funding round led by PowerPlant Ventures, with participation from Siddhi Capital, Alumni Ventures Group and Rich Products Ventures.

The latest investment follows a $5.7m Series A round in January 2020, bringing the company’s total funding to date to $24.3m.

It plans to use the investment to expand across the US.

Mondelez acquires paleo chocolate-bar maker Hu to expand healthy snack business F&B giant Mondelez has acquired Hu Master Holdings, maker of healthy snack brand Hu in a deal worth more than $250 million, according to The Wall Street Journal. The move follows a minority investment into the brand by Mondelez back in April 2019. Hu, founded in 2012, makes vegan, paleo-friendly chocolate bars made with organic cacao and has a devoted following among consumers.
Image: HU
Mondelez acquires paleo chocolate-bar maker Hu to expand healthy snack business

F&B giant Mondelez has acquired Hu Master Holdings, maker of healthy snack brand Hu in a deal worth more than $250 million, according to The Wall Street Journal.

The move follows a minority investment into the brand by Mondelez back in April 2019.

Hu, founded in 2012, makes vegan, paleo-friendly chocolate bars made with organic cacao and has a devoted following among consumers.

FoodMarble raises $2.6m to scale at-home digestive health solution

FoodMarble — a digital digestive health company helping people take control of their digestive health, by making leading digestive science readily accessible through a connected device that can be used at home — closed a seed investment round of $2.6m, led by Business Venture Partners. The round also featured participation from SOSV, Breed Reply, Delta Partners and Enterprise Ireland. 

The capital will support continued expansion into new markets, research and development projects, as well as the further development of FoodMarble AIRE, the world’s first personal digestive tracker.

New Wave Foods Completes $18m Series A to deliver plant-based shrimp 

New Wave Foods has completed an $18m Series A round of financing led by New Enterprise Associates along with Evolution VC Partners, as well as other new and existing investors. Tyson Ventures, the venture capital arm of Tyson Foods, Inc., invested in the Company as previously announced in September 2019.

The company aims to disrupt the $9bn shrimp market with the introduction of a plant-based shrimp made of sustainable seaweed and plant proteins.