ADM Capital’s Cibus Enterprise Fund invests in Remedy Health’s USD11m Series A
London-based private equity advisory firm ADM Capital Europe' Cibus Enterprise Fund (Cibus) has invested in the personalised health and wellness company Rem3dy Health Limited, (Remedy Health).
Remedy Health was formed in May 2019 and raised their USD 2.75 million seed round by the end of 2019, the largest seed round ever raised by a female founder in the United Kingdom.
The company has now raised USD 11 million in Series A funding after seeing their revenues grow by more than 600 per cent over the past year.
The business develops patented 3D printing technologies which it uses to enable the production of personalised health and wellness solutions.
Melissa Snover, CEO of Remedy Health, says: “There has been a huge rise in the number of personalised nutrition products launched over the past few years, with the global industry predicted to go from USD3.7 billion in 2019 to over USD16 billion in 2027. Our goal at Remedy is to offer truly personalised nutrition in a single daily format; we utilise our patented 3D printing technology to achieve this, something no one else in the world can do. We provide the highest quality active ingredients available to support every individual’s specific needs and goals.”
The company is most well-known for its personalised gummy vitamin brand, Nourished, which launched in January 2020. The gummy form of supplements is more enjoyable to consume and also offers higher absorption rates for some of the Company’s ingredients compared to traditional pills. Nourished is a personalised gummy vitamin and is fast becoming a market leader in the field of personalised nutrition, with just 1 per cent of the market currently offering personalised nutrition models. Consumers complete an online questionnaire which gives them a recommendation of the best seven active ingredients to optimise their lifestyle and goals. Their selection is then 3D printed on demand, offering total customisation and vastly improved efficacy at commercial scale.
The team behind Nourished has future plans to further disrupt the health industry with personalised protein bars and the recent launch of Nourished Kids – the world’s first personalised gummy vitamins, for kids.
The Remedy Health team has outlined an ambitious roadmap for 2021, targeting 30,000 monthly customers and over USD10 million in sales, as well as expanding into curative health solutions. Snover plans on using the funds to further expand the Nourished portfolio, adding lines for Kids and Personalised Protein Bars to the range this year. She is also considering production expansion to the US.
Other investors participating in the round include ADM Ventures, the corporate venture capital arm of Archer-Daniels-Midland, Apater Capital and Henkel X.
Alastair Cooper, Head of Venture Investing at ADM Capital Europe, says: “Remedy Health, with the use of their 3D printed technology, has the ability to scale high quality nutritional products that are truly unique. In a short space of time the Remedy Health team have managed to build the Nourished brand both in the US and UK markets. We’re delighted to partner with Melissa and her team to assist in the next phase of the company’s growth.”