Care/of, a personalized vitamin and supplement company, has completed a $12 million Series A financing round, giving the new company more than $15 million in total funding.
Goodwater Capital led the round with participation from Tusk Ventures, RRE Ventures, the co-founders of InVision, and the lead seed investor Juxtapose.
“The ‘one-size-fits-all’ approach to health is outdated and oversimplified. From the start, we’ve been committed to reshaping the health and wellness space by creating cutting-edge, interactive customer experiences built on both transparency and personalization,” said Craig Elbert, CEO and co-founder of Care/of. “Our tremendous growth in such a short period of time is a testament to the fact that consumer behavior is changing and the vitamin shopping experience was indeed broken.”
Elbert, formerly an executive at Bonobos, and Akash Shah, an entrepreneur in the healthcare space, founded the company in 2015.
Care/of is one of the fastest-growing companies in the direct-to-consumer health and wellness space. Revenues have doubled every two months since its launch in November 2016, and its workforce has increased to 60 employees.
This new round of funding enables Care/of to invest in its world-class personalized fulfillment system, build top-tier data science capabilities and continue to grow its team. The company also plans to develop new products — including programs tailored towards specific health goals — and launch a mobile app to meet the demands of the company’s rapidly growing customer base.
“The vitamin and supplement industry is ripe for reinvention around a great, personalized customer experience. By bringing the experience directly to the consumer and building their brand on honesty and customization, Care/of has emerged as a market leader in an incredibly short period of time,” said Chi-Hua Chien, managing partner of Goodwater Capital who will join the company’s board of directors. “We are excited to be a part of their vision of customized health and wellness.”
Care/of’s innovative platform recommends a specific mix of vitamins and supplements designed for each user’s individual health goals, lifestyle and values. To begin, Care/of users answer questions about their lifestyles, diets, routines, health history and future goals. The company then delivers directly to customers’ doors a monthly box of tailored vitamin and supplement packs. By leveraging scientific research and data, Care/of provides most consumers with a unique combination of supplements.
The company's latest round of financing comes when sales for traditional brick and mortar retailers in the supplement space continue to plummet. The business is well positioned to shake up the $39 billion vitamin industry. To date, more than 200,000 users have consulted Care/of for guidance, and tens of thousands are active subscribers.