NEW YORK, United States — Premium supplement brand The Nue Co. has raised $9M in funding to help scale its offering and drive personalisation.
The brand says it will double down on data-capture to better understand its customers and offer more effective recommendations, as the future of health and wellness continues to point towards a more personalised approach.
“Our aim has always been to develop formulas that make a genuine difference to our customers’ lives. We quickly learnt that the best way to do this was to invest in data-capture and take a personalised approach to health. Since every body, every gut and every sleep pattern is different, there is no such thing as one size fits all,” commented Jules Miller, Founder and CEO.
According to the British entrepreneur, The Nue Co.’s in-house consultation, which delivers a bespoke supplement plan, uses customer data to create the best product combination based on specific insights. Through this data capture, the brand is able to understand its customer needs, which dictates its product development and lends to tailored content.
As the startup learns more about the efficiency of specific product combinations, it is then able to make more personalised recommendations, not simply about what products to use, but how these products interact with each other, as well as adequate dosage for different customers, explained Miller. Ultimately, this data capture allows the business to further personalise routines based on long-term product efficiency.
With data capture at the heart of everything The Nue Co. does, it is no surprise that investment has been earmarked to support its development. It will also fund further innovation in product development to redefine the supplement and beauty industry.
Distinct from most direct-to-consumer brands, which tend to prioritise tech over product, the two-year-old startup’s product-led approach has already helped to address the two largest pain points in the supplement industry: retention and brand loyalty — it currently boasts a repeat purchase rate of over 3x the average in the luxury beauty market.
And, from its Functional Fragrance designed to decrease stress to Nootro-Focus; a cognitive supplement created to heighten mental clarity and sharpen focus, the brand’s portfolio of trend-setting products haven’t gone unnoticed.
“We’ve never operated following traditional category norms, which seems funny now since two years later a lot of supplement brands now seem to be following trends we set out,” Miller told Welltodo.
“There have been times when investors or buyers have labelled our approach ‘confused’, launching a debloat supplement alongside a skin supplement or topical magnesium alongside our best-selling Functional Fragrance. But our customers have never been confused. In fact, on average 50% of sales from every product launch comes from our existing customer base,” she added.
Despite these suggestions, a varied product mix hasn’t stopped investors seizing the opportunity to back the disruptive startup.
The company’s latest $9M Series A Round, led by Waldencast, the venture capital firm founded by ex-L’Oreal President of Consumer Products, Michel Brousett, with participation from Unilever Ventures, Redo Ventures, and Columbia Care (which with a recent $1.4B IPO is one of America’s largest medical marijuana providers) follows an earlier $1.5 million seed investment round back in 2017.
And, when it comes to innovation, Miller doesn’t plan on reigning it in anytime soon.
“We will continue to grow and innovate, releasing products that make us question our relationship with supplements; and the wellness industry as a whole,” she told Welltodo.
“As we scale, we want to delight and surprise our customers, making the practice of wellbeing something that resonates with people in a way that hasn’t been achieved before.”