Waldencast heads up The Nue Co. Series A round
Supplement brand The Nue Co. has raised $9 million in Series A funding led by Waldencast, the venture capital firm founded by ex-L’Oreal President of Consumer Products, Michel Brousett. The company will use the cash to grow its direct-to-consumer subscription offering.
The Nue Co.’s online consultation, which delivers a bespoke supplement plan, has been taken by over 20,000 customers. Alongside its D2C business is a small number of partner retailers, including Net-A-Porter, Soho House, Violet Grey and Kith.
Other investors in the round include Unilever Ventures; Redo Ventures, the family office of L’Occitane; and Columbia Care, which with a recent $1.4 billion IPO is one of America's largest medical marijuana providers. The Series A follows a $1.5 million seed investment led by Morningside Group, a $1.6 billion fund who are active investors in Harvard Medical School, Elysium Health and cancer research technologies.
Jules Miller, Founder and CEO of The Nue Co., says: “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. Personalisation is the future of health and this raise will allow us to understand our customers better, and in turn, have an even bigger impact on their lives through products and routines that are as efficient as possible.”
Waldencast’s Brousset comments: “The Nue Co. has proved it has the potential to take a significant share of the $4.2 trillion global wellness market, one of fastest growing industries in the world. We’re excited to watch the brand thrive.”