Cash Flow: Hydrant Banks $5.7m, Constellation Brands Raises Its Stake In Cannabis, COVID-19 Secures Funding

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

Hydrant raises $5.7m to boost its healthy hydration brand

Hydrant, a wellness startup helping consumers hydrate more quickly, has raised $5.7m from investors in a Series A round, bringing its total funding to date to $8.8m.

Led by venture capital firm Coefficient Capital, the round also featured participation from consumer-focused investment fund Rx3 Ventures, Soma Capital and Sixers Innovation Lab. Hydrant says the capital will be used to invest in talent, foster new product innovation, and invest in analytics to “double down on the data-driven DNA” of the company.

Carbon Health Scores $28m to roll out virtual care in the US

Carbon Health, a technology-enabled healthcare provider, has tripled its headcount to combat the COVID-19 pandemic and extended its virtual care service across the US, following the completion of a $28m strategic funding round. The company’s total raised capital now stands at $75m.

The expansion comes as the telehealth industry experiences a surge in growth due to patients with COVID-19 concerns overwhelming hospitals and clinics, creating a challenge for patients seeking non-COVID healthcare needs. 

LetsGetChecked raises $71m for at-home coronavirus testing kits

LetsGetChecked, a direct-to-consumer at-home health testing and insights company, has announced the closing of $71m Series C round of financing.

Illumina Ventures and HLM Venture Partners co-led the round with new investors including Deerfield, CommonFund Capital, and Angeles Investments.  The company says it will use the funding to increase manufacturing, supply and testing capacity for COVID-19, as well as scale-up activity at its CLIA certified high complexity laboratory in California. Furthermore, the investment will allow the company to expand supply and business operations and support personnel across the US and Europe.

Constellation Brands raises stake in cannabis company Canopy Growth

Constellation Brands has increased its stake in Canopy Growth Corporation in a deal worth $174m, despite Canopy having to postpone the launch of a line of cannabis drinks due to not being able to scale its production to commercial levels.

“While global legalization of cannabis is still in its infancy, we continue to believe the long-term opportunity in this evolving market is substantial,” said Bill Newlands, president and chief executive officer of Constellation Brands. “Canopy is best positioned to win in the emerging cannabis space and we are confident in the strategic direction of the company under David Klein and his team.”