The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
Supplement unicorn Hims is going public
Direct-to-consumer supplement brand Hims is going public just three years after it got its start.
The disruptive wellness brand, also known in the marketplace as Hims & Hers, is merging with a special purpose acquisition company (SPAC) sponsored by investment management firm Oaktree Capital Management.
The company will be valued at $1.6bn, and the transaction will deliver up to $280m in cash. Once the transaction is completed, the company will be traded on NYSE under the symbol “HIMS.” It is expected to close by the end of 2020.
Sexual wellbeing startup Emjoy raises €2.5m
Emjoy, a Barcelona-founded audio-based intimate wellbeing startup, has raised €2.5m seed funding in a round led by JME Ventures, with existing investor Nauta Capital participating. Emjoy’s mission is to close the orgasm gap by enabling women to discover their bodies and (re)gain confidence in their sex lives.
The funding will be used to build the team, and further develop Emjoy as a category-defining sexual wellness app. Drawing on the popularity of podcasts and audiobooks, and the huge progress being made by female empowerment movements in recent years, Emjoy has built an app that aims to make female sexual wellbeing accessible, providing its users with a format that feels safe and fun but that is also reliable.
US frozen food brand Capello’s closes significant funding round led by Alliance Consumer Growth
Cappello’s, the makers of frozen-fresh, simple, real-ingredient foods that harness the power of the almond, will continue their takeover of the frozen aisle as a result of closing of a significant funding round lead by Alliance Consumer Growth (“ACG”).
The new funds will accelerate Cappello’s growth by allowing the brand to fuel the expansion of its offerings as well as drive new distribution in key markets and connect with new consumers. The brand is in an ideal place for growth as frozen pizza, one of Cappello’s key categories, is a $5.9bn segment that is up 30% in the last 6 months. Quality-focused brands like Cappello’s have helped to drive shoppers to the frozen aisle in recent years and even more so during the pandemic.
UK-based Meatless Farm raises $31m
UK meat alternatives brand, Meatless Farm, has raised $31m from new and existing investors to support the expansion of its pre-packaged and plant-based products into the UK, Europe, US and Asia.
Plans are said to be focused on expanding and further establishing the brand in existing markets, accessing new regions, growing its product lines and further developing its manufacturing operations in Canada.
Lyre, a non-alcoholic spirit brand lands $11.5m in seed funding
Lyre, the world’s most awarded line of non-alcoholic spirits and a key player in the emerging segment, has secured a total of $11.5m in growth capital at the close of seed round funding, the largest material investment on record to date for the booze-free category.
Major participants in the seed round include VRD Investment, Doehler Ventures, DLF Venture, and Maropost Ventures, with several European, American, and Australasian family offices and HNWI also participating.
The funding accelerates the Australian-based company’s mission to change the way the world drinks and provides ongoing investment for portfolio growth, market expansion, and product innovation.