BOSTON, Oct. 22, 2019 /PRNewswire/ -- Today, the former pro-athlete founders of beam, a new wellness brand offering an innovative line of CBD products, announce a $5M funding round led by Obvious Ventures, a top Silicon Valley venture capital firm.
Obvious is known for backing purpose-built, category-defining brands reimagining entire sectors of the global economy including Beyond Meat, Diamond Foundry, Olly and Virta Health.
"This is the perfect time for Obvious to join the beam team—they have shown an incredible ability to recognize early stage companies that are primed for success," says Kevin Moran, beam co-founder. "Our strongest connection is our shared mission to build not only a profitable company, but one that makes the world a better place. We share a very similar set of core values where profit and purpose are not mutually exclusive."
Founded by two former pro-athletes Matt Lombardi (NHL) and Kevin Moran (MLB) in 2018, beam found initial success in the CBD market by offering a line of rigorously tested, phytocannabinoid rich, CBD products with 100% of THC content removed. beam works through an internal testing process with multiple independent laboratories to ensure their products are free of THC, leads, heavy metals and pesticides. Some of beam's recent brand ambassadors include fitness professionals Mat Fraser, Brooke Wells, Tia-Clair Toomey, Mikaela Mayer with more big names to be announced soon, as well as lifestyle personalities.
Obvious Ventures co-founder, James Joaquin comments, "At Obvious, we believe that natural cannabinoids hold the promise for significant health benefits. We identified beam as a stand-out in a crowded landscape for their rigorous focus on quality and product innovation, ensuring zero THC content in those products, and for their amazing growth within the fitness community. beam's co-founders are harnessing all this and their lived experience as professional athletes to build a next generation wellness company."
Additional funding was secured by Austin, Texas based buy-out firm Camwood Capital Group, which concentrates on investing in high quality companies in the lower-middle market, and C2V, which provides advisory services and angel investments to early stage startups.
beam's current product offerings include their CBD Oil, "The One" ($60-$140), their CBD salve infused with organic lavender and eucalyptus, "The Fixer" ($60) and their new CBD-Powered Protein Bar ($25-$45) available in two flavors: vanilla-coconut and cacao. beam products are available for retail in all 50 states + purchase online.
ABOUT BEAM beam is a Massachusetts-based wellness company founded by Matt Lombardi and Kevin Moran, both former professional athletes, offering pure, 100% THC-free, phytocannabinoid rich CBD products, made from naturally grown hemp in Colorado. Noticing a lack of transparency in the CBD wellness market, beam offers consumers a line of rigorously tested CBD products with high-quality natural ingredients. Built with an entrepreneurial spirit in mind, beam marries the concepts of health, wellness and an active lifestyle free of any physical or mental barriers. beam believes that all-natural cannabinoids have the ability to unlock significant health benefits, which will ultimately aid customers on their journey to "find their better."
ABOUT OBVIOUS VENTURES Obvious Ventures is a venture capital firm investing in entrepreneurs reimagining every sector of the global economy. Since launching in 2014, Obvious has backed over 50 companies using technology to create a smarter, healthier, more sustainable world. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth, with Andrew Beebe and Nan Li now also serving as Managing Directors. More information is available at www.obvious.com