The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.
WHOOP raises $200m financing led by SoftBank
Next-gen wearable company WHOOP has raised $200m in a Series F funding round at a $3.6 billion valuation led by SoftBank Vision Fund 2. Participating investors also included IVP, Cavu Ventures, Thursday Ventures, GP Bullhound, Accomplice, NextView Ventures, and Animal Capital.
WHOOP, which has experienced rapid growth in membership and additional product enhancements to its technology over the past 12 months will use the funds to invest in research and development to build the future of wearable technology. It also plans to enter new international markets and create enhancements across its suite of product, software, and analytics.
Antidote Health raises $12m to set up first virtual HMO in the US
Telehealth provider Antidote Health has raised $12m in seed funding to build an AI-based virtual health maintenance organisation (HMO). The round was led by iAngels, Well-Tech Ventures and Flint Capital, along with other angel investors.
The B2C company, launched in January, provides uninsured and underinsured Americans with a virtual HMO via Artificial Intelligence that connects users to doctors with a smart chatbot and through video calls. Antidote Health chose an HMO model based on the belief that it is the right way to rectify the prevalent problem of access to healthcare in the US market- with over 38 million Americans uninsured.
Mental health startup Intellect secures $2.2m for Asia-wide expansion
Singapore-based mental health startup Intellect has secured $2.2m to expand across Asia. The pre-Series A funding round was led by Insignia Venture Partners, with participation from Y Combinator, XA Network and angel investors. The round brings Intellect’s total funding since it launched in 2020, to $3m.
Intellect currently operates in 12 countries and 11 languages.
Smart mattress maker Eight Sleep banks $86m
Eight Sleep, the world’s first sleep fitness company, has closed $86m in Series C funding led by Valor Equity Partners, with participation from other funds including SoftBank, Khosla Ventures, Founders Fund and General Catalyst.
To date, the startup has raised over $150m and its 2021 revenue is on track to more than triple vs. 2020. The new funds will be used to accelerate the company’s innovation and technology roadmap and grow the size of the team.
Origin secures $56m to support employee financial health
Origin, an employee financial wellness platform, has raised $56m in Series B funding led by Dick Costolo and Adam Bain’s 01A, General Catalyst and Lachy Groom. Existing investors Founders Fund, Felicis Ventures and Abstract Ventures also participated. The round brings its valuation to $400m.
The capital will fuel the brand’s customer expansion and new product innovation, following a massive uptick in demand for financial planning benefits as the pandemic increased financial stress for employees.
Jay-Z & others back vegan brand Misha’s Kind Foods
Misha’s Kind Foods, a California plant-based, dairy-alternative company established as the “Best Dairy-Free Cheese on the Market,” has closed a $3m seed round with participation from Jay-Z’s Marcy Ventures Partners Fund II, L.P. — a firm with a passion for building game-changing consumer businesses, Lisa Shamus & Partners — a leader in innovative branding and licensing and 11-time NBA All-Star Chris Paul.
Misha’s Kind Foods will use the investment for product development, retail expansion and staff growth.