The $1.8 trillion global wellness market, coupled with advancements in biometric tracking and health technology, has investors banking on the future of wellness.

Renowned cyclist and endurance athlete Lance Armstrong’s Next Ventures is the latest VC fund to get in on the wellness craze, targeting $100 million — its first fund in almost five years — to invest in whole-person health, preventive care and diagnostics.

Next Ventures managing partner Julian Eison, was forthright:

“We said, hey, this whole consumerization of health is omnipresent,” Eison told PitchBook, which reported on Next Ventures’ plans to write pre-seed, seed and Series A checks with an average check size of $2 million. 

It’s a viewpoint shared by other leading investors and experts.

As Jon Canarick of North Castle Partners, Mark Grabowski of Snapdragon Capital Partners and Lance Dietz of KB Partners shared during Athletech News’ DISRUPT 2023 video series, there is an overall sense of optimism surrounding the health, fitness and wellness markets. 

“I think almost universally there’s growth in consumer expenditure in health and wellness across multiple categories,” Grabowski said, noting that the industry as a whole is on an “upward trajectory.” 

Wearables Track More Than Just Fitness

He also indicated that health and fitness trackers have even more runway, especially with consumers embracing preventive wellness practices. Advancing technology also means that wearables no longer cater to elite athletes or weekend warriors. Instead, consumers of all ages and in any health condition can track their health metrics, widening the available consumer market.

“When you think of everything from blood testing to stool samples, there you’re actually addressing some different issues,” Grabowski pointed out. “It’s not about, ‘Am I optimizing my workout performance?’ It’s about allergies, chronic issues, immune responses and other things that people are dealing with.” 

Investors are taking note, with Ultrahuman’s multi-device ecosystem the latest funding recipient. The company just secured $35 million in a Series B to advance its health monitoring endeavors, which include a smart ring, a continuous glucose monitor (CGM), a ‘Blood Vision’ system and an upcoming home health device that assesses environmental impacts on well-being. 

Next Ventures’ portfolio touts some notable health and wellness names, including smart ring brand Oura, AI wearable company Humane and Genopets, a move-to-earn game. The VC fund also invested in Utah-based Amp Human in 2019, maker of PR Lotion, which merged with Momentous, a ‘human performance” supplement brand.

As for Oura, the smart ring maker is expected to enter a “health-focused” chapter, having recently welcomed an executive from the Apple Health team and signing a deal to make its wearable device FSA/HSA eligible. 

Wellness CPGs Gain Steam, Too

Tech may always be a hot area for its jaw-dropping capabilities that seem to advance each week, but good old consumer packaged goods have been receiving the attention of investors, too — especially those in the wellness categories. 

Even major retailers like Target are banking on the wellness wave, introducing over 1,000 health-supporting products across all verticals. For good reason, too: consumers have not only become more health-conscious, but GLP-1 users have redirected their spending away from unhealthy items and toward wellness purchases.

Bloom Nutrition, a supplement brand in the greens and superfoods category recently scored a major investment from C4 maker Nutrabolt. 

Health and wellness guru/A-lister Gwyneth Paltrow, no stranger to all things green juice and longevity-supporting, is also eyeing the power of products with wide appeal. The goop founder has turned feeling good into a profitable brand, catering to the masses with a new line of budget-friendly wellness and beauty products, a departure from goop’s higher-priced items. 

Paltrow’s Los Angeles-based VC firm, Kinship Ventures, has reportedly sought to raise $75 million for its debut fund, eyeing early-stage consumer goods and tech companies.

Over on the East Coast, Humble Growth, a N.Y.-based growth equity firm launched by an all-star team that includes RxBar founder Peter Rahal, secured over $312 million for its debut. Earlier this year, Humble Growth acquired a significant minority stake in Momentous in a deal worth $32 million.

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Target is leveling up its product offerings, making wellness its bullseye in 2024.

The Minneapolis-based retailer is introducing over 1,000 new budget-friendly wellness products across apparel, accessories, skincare, supplements, functional beverages, vitamins and tech categories.

For experienced Target shoppers — such as those who will find any excuse to carve out time for a “Target run” — the news likely isn’t all that surprising, considering the retailer has been pushing clean, sustainable and health and wellness products front and center within its aisles, seemingly ramping it up in the last year or so. 

“Wellness has been redefined to encompass a more holistic way of living — and it’s also different for every person,” said Rick Gomez, Target executive vice president and chief food, essentials and beauty officer. “That’s why Target is delivering like no other retailer, offering guests the ultimate destination to support their wellness journey, whether that’s enjoying a non-alcoholic beverage from Sèchey or stocking up on Bloom to get their daily greens.”

Target confirms that hundreds of its new wellness products are exclusive to the retailer, such as non-alcoholic beverages from Ghia and Sechey, fitness equipment and accessories from Blogilates and activewear from All in Motion.

Notably (and in keeping with the latest consumer craze), Target plans to coordinate some styles of its All in Motion activewear with an exclusive assortment of Stanley Tumblers. 

Celeb-founded wellness brands such as Gwyneth Paltrow’s good.clean.goop, Kourtney Kardashian Barker’s vitamin and supplement line Lemme, and beauty and personal care items from Ashley Tisdale’s Being Frenshe can also be found at the popular retailer. 

Supplements and hydration are also having their moment at Target, such as Bloom, Hum, Liquid IV, O Positiv and Podium.

Newer Wellness Brands Land in Target

Over the last four years, Target has ramped up its health-and-wellness vibe within its stores and online presence. 

At the beginning of 2020, the retailer launched All in Motion, its activewear and fitness accessories line. The timing of the nationwide launch couldn’t have been more perfect for Target, as the release coincided with COVID, which led many consumers to seek comfortable activewear for working out (and working from) home. In just one year, Target’s All in Motion collection pulled in an impressive $1 billion in sales.

Gainful, a personalized nutrition and supplement brand, found a spot on Target’s coveted shelves last year after agreeing to an exclusive partnership with the retailer. This past fall, celeb-favorite fitness accessories brand Bala also forged a retail partnership with Target, bringing its fresh and fashionable take on wearable weights with Bala Bangles to a broader consumer base.

Bloom Nutrition, a greens and superfood supplement brand that just secured a sizable investment from the owner of C4 Energy, has also scored a deal with Target. Founded by fitness and wellness influencer Mari Llewellyn, Bloom is the first supplement line to be displayed in Target’s prime retail real estate space: the checkout lane.

Ozempic, Wegovy’s Impact on Consumer Purchases

As Target has laid the groundwork to be a one-stop-shop for all things health and wellness, the retailer is responding to the influx of consumers who have become increasingly health-focused and interested in self-care practices and products. 

“Our guests are paying close attention to what they put in and on their bodies, from bath and skin care to vitamins and supplements,” noted Cassandra Jones, Target’s senior vice president of merch essentials and beauty, last year. 

The rise of GLP-1 use has also changed the purchasing habits of many consumers, who may have swapped out potato chips for protein powder in their shopping carts. While weight loss medications may be dampening the food and beverage industry, it’s increasing spending room for consumers to invest in wellness and other health-supporting products. 

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Nutrabolt, a health and wellness company that makes functional beverages and active nutrition products including C4 Energy, has made a significant minority investment into Bloom Nutrition, giving Nutrabolt a 20% ownership stake and making it Bloom’s largest investor.

The female-founded Bloom Nutrition concentrates on supplements in the greens and superfoods category, selling pre-workout blends, whey isolate proteins, collagen peptides, collagen creamers and blending accessories.

The investment is part of a larger $90 million financing that includes investor Clayton Christopher, who will join Bloom’s board, and consumer investment firm Amberstone.

Bloom is the brainchild of Mari Llewellyn, a fitness and wellness influencer who shared her inspiring weight loss journey and monetized PDF workout guides and exercise bands before launching the supplement brand in 2019 alongside her husband, Gregory LaVecchia. 

With an audience north of a million Instagram followers, Llewellyn’s Bloom Nutrition quickly landed partnerships with retail powerhouses such as Walmart, Sam’s Club, and Target. 

The couple, who were listed on Forbes’ coveted “30 under 30” list, will remain Bloom’s majority shareholders. 

“We are very excited to partner with Mari and Greg, two outstanding entrepreneurial founders, during the next phase of their company’s growth,” said Doss Cunningham, Nutrabolt chairman and CEO. The deal sees him represent Nutrabolt on Bloom’s board of directors. 

“They’ve built an incredibly strong brand and business over the past 4.5 years, yet there is still tremendous whitespace to pursue in the form of new product platforms and distribution opportunities,” Cunningham added.

The funding will be used to accelerate Bloom’s demand-generation activities and product innovation.

“When we started this company, we could’ve never imagined building such a huge community, and inspiring so many to begin their wellness journeys,” Llewellyn said. “Our goal at Bloom has always been to help everyone ‘bloom’ into their best selves through nutritious and delicious supplements. It’s an incredible honor to have Nutrabolt join us in extending our mission further.” 

LaVecchia added that partnering with Nutrabolt will take Bloom to new heights.

“Their expertise and resources as industry leaders will enable us to scale effectively, fuel sales growth and accelerate innovation,” he remarked. “This is a significant leap forward, and we could not be more excited to embark on this next phase of growth together.” 

The vitamin and supplement sector accounts for a sizable portion of consumer spending, with over 90% household penetration. Recent data from NIQ, a data intelligence service provider, revealed the revenue power of vitamins and supplements, with sales booming to $13.5 billion last year.

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Now you’ll be able to purchase a TikTok viral Bloom Nutrition product at a local Target location.  

The highly-recognized supplement brand, responsible for its best-selling Greens & Superfoods Powder, has expanded into the retail market via Target. The viral supplement will be available to consumers in over 600 Target stores, as well as on Target.com. This development marks the health and wellness company’s first-ever foray from DTC to physical retail as well as on a website other than its own. Bloom Nutrition CEO Mari Llewellyn, who founded the brand in 2019, states she always believed the Bloom customer was a Target buyer, and that a major goal for the company would be to make its products better accessible all across the country. 

In a press statement, Llewellyn says, “When I began my own fitness journey, I was constantly in search of the all-in-one perfect supplement. I went to Target for all my shopping needs, but wished I could find a greens supplement to help me reach my wellness goals. To now see my own greens supplement on the shelves of Target is a dream come true, and I couldn’t have hoped for a better partner. We’re so excited to make Bloom’s Greens and Superfoods blend available in-store for the first time, so everyone has the opportunity to bloom into their best self!”

Don’t worry — Bloom’s Greens and Superfoods is still available in several different flavors via the bloomnu.com website and also through Amazon. It’s currently a #1 best selling product on Amazon Launchpad with a four and a half star rating, and thousands of reviews on the website. The powder supplement blend is marketed to help alleviate bloating, increase energy and support better digestion with more than 30 essential nutrients and 100 percent natural ingredients.

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