Cash Flow: Plenish Acquired, Oura Health Banks Another $100m, Jay-Z Invests In LIT Method

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

Oura Health scores $100m for sleep tracking ring

Sleep-tracking startup Oura Health has raised $100m in a Series C round led by The Chernin Group and Elysian Park. The round brings the wearable company’s total funding to $148.3m to date. 

The capital has been earmarked for R&D (both hardware and software development) and hiring, including additional marketing and customer experience. 

Jay-Z Invests in fitness brand LIT Method

LIT Method, a US fitness company specialising in high-intensity, Low Impact Training has announced an undisclosed investment from Marcy Venture Partners, the venture capitalist firm co-founded by Jay Z. The round also included an investment from former Los Angeles Dodger and five-time MLB All-Star Adrian Gonzalez.

Launched in 2020, the patent-pending LIT Strength Machine is an all-in-one water rower, Pilates reformer, and resistance band training system. 

Britvic acquires plant-based drinks company Plenish

Plenish, a plant-based drinks company based in the UK, has been acquired by drink manufacturer Britvic, for an undisclosed amount.

Founded in 2012 as a cold-pressed juice company, Plenish has scaled to become one of the fastest-growing plant-based milk brands in the UK. The transaction is closely aligned with Britvic’s strategy of building a portfolio of soft-drinks brands for every consumer occasion and its focus on accessing new spaces in the soft drinks category. 

Plenish

Image: Plenish

Frank Body welcomes investment partner EverYi Capital

Cult Australian clean beauty and personal care brand Frank Body has completed a $100m AUD investment round with China-based private equity firm, EverYi Capital

The funding will be used to expand the brand’s Asian footprint over the next three years. This will include building a localized team in Shanghai, developing go-to market strategies.

Connected rowing machine Ergatta secures $30m

At-home fitness brand Ergatta has raised $30m in a Series A funding round featuring Advanced Venture Partners, Greycroft, Fifth Wall, Gaingels and Hans Tung. The company’s total funding now sits at $35m. 

According to Ergatta, the fresh capital will go toward developing new content, competition and social features for its platform.

Glucose monitoring startup Supersapiens raises $13.5m

Glucose monitoring startup Supersapiens has raised $13.5m in a round led by MICA Ventures AG. 

The new energy management ecosystem, powered by Abbott’s Libre Sense Glucose Sport Biosensor, has already garnered more than 2,000 paying athletes since its launch in late 2020. The brand is currently working on its first hardware product, a wrist wearable called the Supersapiens Reader Version Zero, which will allow athletes to see their live-streaming fuel data with a quick glance. 

Unilever to acquire holistic wellness brand Onnit

Unilever is set to acquire Onnit, a holistic wellness and lifestyle company, based in the US. Details of the deal have not yet been disclosed.

Founded in 2010 by Aubrey Marcus, who set out to inspire a journey towards ‘total human optimisation’, Onnit’s supplements are the foundation of the brand’s offering and are made with scientifically proven and high-quality ingredients to provide improved cognitive function, mood and relaxation, gut health and immunity support.

Physical therapy platform Kaia Health lands $75m

Kaia Health has raised $75m in Series C funding from investors including Optum Ventures, Eurazeo, 3VC, Balderton Capital, Heartcore Capital, Symphony Ventures, and A Round Capital.

The funding will be used to expand its clinical capabilities and transform the treatment path for musculoskeletal disorders and for Chronic Obstructive Pulmonary Disease.

Pet wellness brand Pawp raises $13m

Pawp, a premier veterinary telehealth platform has raised $13m in Series A funding led by Lux Capital with participation from Good Friends (founders of Warby Parker, Harry’s, and Allbirds) and follow-on from earlier investors. The round also included participation from category leaders in digital health Ro, ZocDoc, and Eight Sleep, as well as founders of Ramp, Better, and Deel, among other innovators. 

Pawp will use the funds to grow its team, scale its current offering, and expand its capabilities to solve a range of pain points in the pet care space that have yet to be addressed by the industry incumbents.

Oura Health

Image: Oura Health

Nestle to acquire nutrition and supplement brand The Bountiful Company 

Nestlé has agreed to acquire the core brands of The Bountiful Company for $5.75bn. 

The transaction will include the acquisition of high-growth brands including Nature’s Bounty, Solgar, Osteo Bi-Flex and Puritan’s Pride, as well as the company’s US private label business. These brands will be integrated into Nestlé Health Science, which it hopes will create a global leader in vitamins, minerals and nutritional supplements. 

The Honest Company raises $413m in IPO

Jessica Alba’s The Honest Company has raised $413m in an IPO after investors today sold about 25.8 million shares for $16 each, according to a statement confirming an earlier Bloomberg News report. 

Investors selling some of their shares in the IPO included private equity firm L Catterton, Institutional Venture Partners, Lightspeed Venture Partners and General Catalyst, the filings show.

Personalised nutrition startup Zoe raises $53m

Personalised nutrition startup Zoe has raised $20m in a red led by Ahren Innovation Capital. The funding brings its total raised to $53m.

Founded in 2017, the UK and US-based startup recently launched an at-home testing kit in the US, that enables program participants to learn how their body responds to different foods and get personalised nutrition advice. Its latest funding will be used to accelerate the rollout of the program, with a UK launch planned for this year.

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