Women’s supplement start-up Rae Wellness raises $9.5m
The company develops supplements for women’s sexual, hormonal and mental health
Supplements firm Rae Wellness has raised $9.5 million in a Series A round led by PowerPlant Partners, with participation by M13, Able Partners and Victress Capital, Crunchbase News has reported
Minneapolis-based Rae Wellness was founded in 2019 by former Target executive Angie Tebbe to develop supplements for women’s sexual, hormonal and mental health.
Rae Wellness started as direct-to-consumer and last year went on sale in Target stores and on Amazon. It is also sold in Anthropologie and will be available in Thrive Market and other retailers later this year.
Tebbe said: “We’ve been ramping up fast – it’s a crazy dream come true. We needed a big infusion to get to the scale we want, which includes creating an omnichannel brand.”
In its first year of trading, Rae Wellness attracted one million customers, and Tebbe said the company looks likely to achieve triple-digit growth this year.
The new funding will used to garner more customers, increase brand awareness, and secure partnerships.
Dan Gluck, partner at PowerPlant Partners, said: “From Angie’s experience as a Target executive, she has an insight that most entrepreneurs don’t have. We also loved her vision, passion and enthusiasm, as well as her rationale around building the business into a world-class organisation.”
Los Angeles-based PowerPlant Partners states that it invests in emerging consumer wellness companies.