Wellbeing Nutrition Raises $2.2 Mn In Series A Led By Fireside Ventures
The funds will primarily be utilized to strengthen R&D and create the next generation of nutraceuticals which will rely on advanced nanotechnology, delayed-release technology, and sustainability, to launch new products, acquire talent, and create better awareness and reach
Wholefood nutrition company Wellbeing Nutrition that trusts plant-based ingredients to deliver wellness to individuals with fast-paced lives on Wednesday informed to have raised $2.2 million in a Series A round. The round was led by Fireside Ventures and also saw participation from provider of integrated solutions for pharmaceutical and nutraceutical industries ACG.
The funds will primarily be utilized to strengthen R&D and create the next generation of nutraceuticals which will rely on advanced nanotechnology, delayed-release technology, and sustainability, to launch new products, acquire talent, and create better awareness and reach.
Kannan Sitaram, Venture Partner at Fireside Ventures will join the company's board.
"Healthy India is a big consumer theme and today's consumers want to invest in their everyday wellness. The nutritional supplements space is attracting a lot of interest from millennial consumers who are making considered choices on what they eat and how they look after their physical and mental health and we at Fireside believe that Avnish and his team at Wellbeing Nutrition are creating a brand that will be one of the leaders in this area. We value their focus on product innovation using high quality, organic ingredients which will drive rapid growth as consumers take their wellness into their own hands," said Kannan Sitaram, Venture Partner, Fireside Ventures.
The Nutrition/Nutraceuticals market has shown strong growth of 50 per cent CAGR with the added impetus coming from the pandemic. Customers have become exceedingly cautious about their health and there is heightened consciousness of the need for clean, plant-based supplementation. Wellbeing, with a strong focus on research and clinical studies, has created a strong brand presence with customers wanting to choose organic and plant-based wellness alternatives to traditional lab-derived nutraceuticals. Wellbeing has grown 40 per cent month-on-month with a strong retail presence across 600 stores in India while also opening up a large export opportunity with sales to markets like UAE, UK, Germany, and USA.
"Nutraceutical and dietary supplements space has witnessed unprecedented growth post the pandemic. We saw an increase in demand for our innovative and carefully designed research-driven products. As we enter the next phase of growth and innovation, we look forward to benefitting from Fireside and ACG's pedigree, collective experience, and resources in helping us scale," shared Avnish Chhabria, founder, Wellbeing Nutrition.
MGB Advisors acted as exclusive advisors to Wellbeing Nutrition on the fundraising from Fireside and other investors.
"We are excited about this partnership, as the pandemic has brought newer and elevated opportunities for the Nutraceutical industry. We believe that under the leadership of Avnish, Wellbeing Nutrition with its innovative range of products will continue to create a meaningful impact in the preventive healthcare space. By investing in and collaborating with start-ups that have the potential to make a difference in people's lives, ACG is committed to playing its part in helping make the world a healthier place," added Karan Singh, managing director, ACG.
In September 2020 Wellbeing Nutrition raised a $400,000 angel round. The investors include Roha Group, Ashutosh Valani, and Priyank Shah, co-founders, Beardo; Nikhil Gandhi, ex-TikTok India chief executive officer; Harsh Vardhan Bhandari, and Jeenendra Bhandari.