Cash Flow: McCain Pumps $50m Into Strong Roots, CLMBR Bags Another Big Name Investor, $140m For Restore Hyper Wellness

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

Cerebral raises $300m for mental health services

Cerebral, a leading online mental health company, has closed a $300m Series C round led by the SoftBank Vision Fund 2. The round also included participation from new and existing investors, including Prysm Capital, Access Industries, WestCap Group, and ARTIS Ventures. 

Having launched less than two years ago, this round brings the company’s total funding to $462m. It plans to invest in new service offerings, strategic partnerships, international expansion, and M&A opportunities to further solidify its position as the one-stop shop for behavioural care and to provide top-quality treatment options through data science and precision medicine.

​​Proov to expand women’s hormone health solutions following $9.7m funding

Proov, creator of the first and only FDA-cleared PdG-testing kit to educate and empower women about their reproductive health, has raised $9.7m in Series A Funding. 

The round was led by Hambrecht Ducera Growth Ventures. Additionally, venture capital firms SteelSky Ventures, WCC Partners, Lightship Capital, GingerBread Capital, and Portfolia FemTech II Fund participated in the round.

With its newly launched “Complete” product, which the Series A funding will support, Proov has developed the leading at-home hormone testing suite for the four most critical hormones testable in urine

L’Oréal to acquire skincare company Youth to the People

L’Oréal is set to acquire Youth to the People, a US-based skincare brand inspired by superfood extracts. Financial terms have not been disclosed.

Founded in Los Angeles in 2015 by two cousins, Greg Gonzalez and Joe Cloyes, the brand, which develops and markets high-performance skincare products known for formulas that combine premium vegan blends of superfood extracts and science, is expected to record over $50m in sales in 2021.

McCain pumps $55m Into Strong Roots

McCain Foods has pumped $55m into plant-based startup Strong Roots. The strategic partnership will enable the duo to continue meeting the rising consumer demand for healthy and natural food globally.

Strong Roots and McCain Foods will work together to leverage both companies’ complementary strengths to continue Strong Roots’ rapid growth and further its mission to “fix the freezer aisle” and provide plant-based, environmentally responsible, positive food choices, for everyone – globally and impactfully. Strong Roots will continue to operate in an independent capacity.

Odell Beckham Jr. the latest big name to back CLMBR

NFL star Odell Beckham Jr. has invested in connected vertical climbing machine CLMBR. Financial terms have not been disclosed.

He joins the likes of Jay-Z and Novak Djokovic, who have both previously invested in the fitness brand. His participation continues to build on CLMBR’s reputation as an innovator in the fitness and lifestyle industries.

Nike acquires virtual fashion startup RTFKT

Nike has acquired RTFKT — a startup leveraging cutting edge innovation to deliver next-generation collectables that merge culture and gaming.

“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” says John Donahoe, President and CEO of Nike.

 “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.” 

Restore Hyper Wellness secures $140m led by General Atlantic

Restore Hyper Wellness, a leading provider of proactive wellness solutions including IV therapy and cryotherapy, has raised $140m in a round led by General Atlantic. 

Restore plans to leverage the investment to help accelerate its rapid growth and deliver innovative technology to further propel the promise of Hyper Wellness, a category it says it pioneered.

Booking platform Fresha Fresha extends its Series C fundraise to $152m

Fresha, a booking platform for beauty and wellness, has raised over $52m in additional investment extending the company’s recent $100m Series C round led by General Atlantic. The company is now valued at over $640m. 

It will put the new capital to use by further expanding its global community of partner salons and spas, with the goal of accelerating product development and driving marketplace bookings.

Mental health startup HelloHero lands $7.7m

Online therapy and mental health company HelloHero has raised $7.7m in a seed funding round led by Silverton Partners. Other investors included Correlation Ventures, Achieve Partners and Capital New England Fund.

The fresh capital will be used to support the development of a data-informed tool to guide therapists through their own sessions, as well as on recruiting expertise across insurance integration, child psychology and technology.

Plant-based brand jack & annie’s raises $23m

jack & annie’s made by The Jackfruit Company — a sustainable plant-based brand made from a real, whole plant, jackfruit — has closed a $23m Series B growth capital raise. 

The round was led by Creadev and Desert Bloom with major participation from Wheatsheaf and existing investors BetaAngels and InvestEco, who have all been known to partner with entrepreneurs and brands that build world-changing companies. 

The funds will help the brand continue to expand its distribution in the U.S. across retail, natural, club, and foodservice channels and propel the brand’s rise as the leader for delicious, real food in the plant-based meat category.