Cash Flow: Hungryroot Raises $40M, CureFit Lands Another $75M, Rae Closes $9.5M Round

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

Rae wellness secures $9.5m in Series A funding

Rae, a socially conscious, women-led wellness brand, has announced the close of a $9.5m Series A investment round led by PowerPlant Partners. PowerPlant Partners was joined by M13 and Able Partners, two existing Rae investors, and supported by initial capital investor Victress Capital. 

The financing will provide Rae with the capital runway it needs to accelerate growth to become the leading wellness brand in the ingestible supplement category while defining a new enterprise model for consumer wellness.

Hungryroot raises $40m in Series C led by L Catterton’s growth fund

Personalised grocery service Hungryroot has raised $40m in a Series C funding round led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm. 

Hungryroot will use the capital to further accelerate growth by substantially increasing the number of groceries and recipes it offers, growing its team, investing in automation technology, optimising its proprietary personalisation algorithm, and scaling marketing — all to help propel grocery shopping into the twenty-first century.

Intrinsic lands $113m to acquire Amazon centric brands in the health and wellness space

Intrinsic, an emerging leader in the health and wellness eCommerce space, has closed $113m in Series A funding led by Define Ventures with participation from Link Ventures and others. 

Intrinsic was founded earlier this year in partnership with Redesign Health, a leading healthcare innovation platform, and the new round brings the company’s total raise to $115m. It scouts and buys fast-growing health and wellness brands selling on Amazon and helps them realise their full potential. 

Rae

Image: Rae

NUE Life raises $3.3m for mental wellness platform

NUE Life, a mental wellness platform focused on psychedelic-assisted therapies, has raised $3.3m from investors including Jack Abraham (Atomic Ventures, Hims), Shervin Pishevar (formerly of Sherpa Ventures, UBER), Martin Varsavsky (Prelude Fertility, Overture) and more.

The US startup, which plans to offer at-home ketamine therapy combined with music therapies and a data-led approach, plans to launch later this year.

Plant-based meat startup Hooray Foods banks $2m

Hooray Foods, a US plant-based meat company, has secured $2m in seed funding. Evolution VC Partners, Gaingels and Sand Hill Angels all participated. The round brings the company’s total funding to date to approximately $4m.

The new capital will be used to develop additional alternative meat products, as well as improving its existing alternative bacon. The company will also scale its production capacity to expand its products into retail and grocery chains throughout the country.

Indian fitness startup CureFit to raise up to $75m from Tata Digital. 

Indian Fitness startup CureFit is said to be looking to raise up to $75m from Tata Digital, a subsidiary of Indian conglomerate Tata Sons. As part of the deal, CureFit co-founder and chief executive Mukesh Bansal will join Tata Digital as President and also continue in his role at the startup.

CureFit, which was last valued at $815m currently boasts around 1.5 million monthly active users in India, according to TechCrunch. By becoming part of Tata Digital, it hopes to scale up its offerings.

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