Cash Flow: Hydrow Explores Going Public, $7.5M For Vegan Fast Food Chain, F45 Acquires A Nutrition Startup

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

Octave raises $20m for mental health support

US-based mental health startup Octave has raised $20m in Series B funding, bringing its total raised to $34m. The round was led by Health Velocity Capital with participation from Cigna Ventures as well as existing investors Greycroft, Obvious Ventures, Company Ventures and Felicis Ventures. 

The company plans to use the funding to support technology and clinical innovation and further expand its business operations to give more people access to high-quality mental health care.

Hydrow explores going public

Connected rower startup Hydrow is rumoured to be exploring an initial public offering or merging with a special purpose acquisition company, according to Bloomberg.

The US-based company, which is said to be targeting a valuation of more than $1bn, is looking to raise fresh funding from private equity investors to fund domestic and international growth, a source told the publication.

Vegan chain Plant Power Fast Food snags $7.5m

Plant Power Fast Food has completed a $7.5m Series A capital raise led by Helia Capital USA (a subsidiary of Fusion Ventures), Eat Beyond Global Holdings and Batta Foods.

Co-Founder Zach Vouga says the funds will be used by the plant-based fast-food restaurant chain to continue to execute its expansion plans with a focus on new corporate unit development. 

F45 acquires nutrition and supplement startup True Protein

Fast-growing fitness franchise F45 has acquired Australian nutrition company True Protein for an undisclosed amount.

True Protein, which has a presence in Australia, New Zealand, Singapore, Hong Kong, Canada and the United States sells products including protein powders, snack bars, apparel and accessories via an online store and retail channels.

Paired lands $3.6m for relationship wellness app

Paired, a relationship wellness app for couples, has raised $3.6m in seed funding from investors including Eka Ventures, Taavet Hinrikus and Harold Primat. As part of the seed funding, Camilla Dolan of Eka Ventures will join the board alongside the app’s co-founders Kevin Shanahan and Diego López. 

According to the startup, the new funding has been earmarked to support the growth of its user-base from 5,000+ to 100,000 over the next 18 months.

Virtuix raises $19m for ‘Omni One’ virtual reality treadmill

Virtual reality company Virtuix has raised over $19m from more than 6,500 investors in a Series A-2 financing round. 

The company says it will use the proceeds to launch Omni One, an omni-directional treadmill for the home that lets players walk and run inside popular games and virtual worlds, later this year.

The startup has raised more than $35m from individual and institutional investors since its launch in 2013.

Shaquille O’Neal invests in at-home fitness startup MAXPRO

Connected fitness brand MAXPRO has announced a strategic partnership with basketball Hall of Famer and entertainment icon Shaquille O’Neal.

Since the company was founded in 2019, it says it has sold 10,000+ units worldwide (56 countries, all 50 US states), and has earned $10m+ of revenue. Given the current state of the global fitness industry, it is poised to continue this growth with expanded hardware and digital offerings.