Life Boost, a health-and-wellness technology company, has closed a $1.25 million Series D capital raise to support the launch of Tespo, a proprietary system similar to a single-serving coffee maker that holds an entire month of nutritional supplement servings in one fully recyclable disc.
"Our offering was significantly oversubscribed and we closed within three weeks of opening the round," said Ted Mills, co-founder of Life Boost. "We are in discussions to take in additional capital due primarily to the caliber of people involved and interested in Tespo."
The Tespo system delivers on a simple vision: to eliminate pills forever and elevate quality in nutritional supplements by providing liquid formulas with only premium active ingredients — no additives, fillers or other unnecessary ingredients. The system also delivers a nearly 90 percent absorption rate, compared with 20 percent in pill form.
"We know that consumers have pill fatigue, and yet there are no convenient, quality-based nutritional supplement alternatives for consumers," said Life Boost co-founder Jeff Linton. "The only scalable product offered by the industry today are gummy vitamins, but if you look at the active ingredients and sugar content in a gummy, you have to ask who is winning in this scenario. Today's consumers are incredibly savvy and they are seeking alternative products that provide real benefits."
Todd Runestad, editor-in-chief of Engredea and supplements editor for New Hope Network, serves on the product's advisory committee.
Tespo commenced a pre-sale in November 2015 and is launching with five product offerings: women's essentials, which includes vitamins A, B12, C and D3, and CoQ10; men's essential, with vitamins B3, B5, K1, CoQ10 and more; children's essential, which is free from sugar and anything artificial; energy, which includes caffeine; and focus, which does not include caffeine, sugar or additives.
"Our early adopters have been using Tespo for three months now and the feedback has been incredibly positive," Mills said.