MINNEAPOLIS, June 4, 2021 /PRNewswire/ -- Rae, the socially-conscious, women-led wellness brand dedicated to supporting the well-being of all, today announced the close of a $9.5 million Series A investment round led by PowerPlant Partners. PowerPlant Partners is joined by M13 and Able Partners, two existing Rae investors, and supported by initial capital investor Victress Capital. The financing provides Rae with the capital runway it needs to accelerate growth to become the leading wellness brand in the ingestible supplement category while defining a new enterprise model for consumer wellness.
"Rae fits squarely in line with our focus on investing in high growth, disruptive consumer brands generating an impact through wellness and social responsibility," said PowerPlant Partners partner Dan Gluck. Adding to that, vice president Julianne Hummelberg shared, "Rae stands for wellbeing for all and its vision to help all to shine from the inside resonated deeply with us and is clearly resonating with consumers."
Demand for Rae's supplements have skyrocketed since the brand's 2019 debut and were further accelerated by the COVID-19 pandemic. At this critical inflection point, existing investor Victress Capital injected a capital infusion to propel growth and set the stage for additional growth support through Series A financing.
"We are excited to have found investing partners who believe in our vision, team and potential to support all consumers – especially underrepresented individuals – to feel their best from the inside out through a universe of supplements that nourish the body and mind," said Angie Tebbe co-founder and Rae CEO. "Our entire holistic universe is rooted in the philosophy of creating effective, consistent and high-quality yet affordable formulations that benefit consumers in areas where they need the most support and shine in a category full of over-priced alternatives. The demand for this philosophy is there, and consumers' interest in wellness not going away any time soon—in fact, consumers are aware of their mental and physical well-being more so than ever. We're on a mission to help all consumers shine from inside, and, with this funding, we're just getting started."
"Wellness is no longer seen as an occasional indulgence, but rather, an intentional lifestyle. Consumers are more empowered to take control of their physical and mental health. Rae meets consumers where they are at by combining evidence-based high-quality supplements with educational content and a supportive community that celebrates feeling our best. We are excited to continue to partner with Angie Tebbe and the team at Rae to increase access to wellbeing for all," said Alison Ryu, partner at Able Partners.
Rae financing follows a period of remarkable growth, having expanded from Target in 2020 to retailers including Amazon, Anthropologie, Thrive Market and more. The brand is on target for triple digit growth in 2021.
"Rae is an incredibly special part of the M13 portfolio, having started as a concept within Launchpad that Angie and her team scaled into a beloved national brand. In Angie's capable hands, the idea that wellness can be affordable became a stand-out line of quality products in form factors that consumers want and are available everywhere. We're thrilled to continue in Rae's journey to support the well-being of all," said Carter Reum, co-founder and partner at M13.
For more information about Rae, its universe of supplements and mission, visit www.raewellnes.co.
About Rae Wellness
Founded in 2019, Rae Wellness quickly became known as an industry disrupter and a cult-favorite among consumers for its commitment to supporting the well-being of all and to nourishing the body and mind from the inside out. Rae's holistic universe champions innovation in wellness alongside emerging wellness categories such as sexual, hormonal and mental health. Rae's pure and powerful supplements lead with affordable pricing and evidence-based formulas that are always vegan, non-GMO, and free from gluten, artificial preservatives, harmful fillers and colorants. The women-led company recently closed its Series A, raising $9.5M led by Powerplant Partners with participation from existing investors M13 and Able Partners. To nourish the next generation, the socially-conscious brand provides 5% of all revenue to Girls Inc., the nonprofit organization that inspires all girls to be strong, smart and bold through direct service and advocacy. In addition to its rapidly-growing DTC experience Rae can be found at Target, Amazon, Thrive Market, Anthropologie, Standard Dose and other fine retailers. To learn more about Rae, visit raewellness.co.
About PowerPlant Partners
PowerPlant Partners is a growth equity firm that invests in emerging consumer wellness companies. They provide capital, strategic guidance and operating expertise to visionary teams building extraordinary companies that create a healthy, sustainable future for all.
About Able Partners
Able Partners, an evergreen consumer fund based in New York, invests in positive living – those brands helping the consumer live a healthier, happier and more meaningful life. Since inception, Able has invested in companies at the pre-seed, seed, Series A and Series B stages. With over 40 companies in the portfolio, including 75% with a female on the founding team, Able's investments include Bumble, Compass Pathways, Daily Harvest, goop, Spring Health, Alma, Oura, Chief, Bluestone Lane, Kosas Cosmetics, Necessaire and Rae. Learn more at ablepartners.nyc.
M13 is a venture engine built by founders to serve founders. Founded in 2016 with offices in Los Angeles and New York, M13 invests in early stage consumer tech companies driving change in consumer behavior over the next decade. With more than 80 direct investments and 20 exits, M13's portfolio totals over $137B in enterprise value and includes Lyft, Thrive Market, Ring, Daily Harvest, FabFitFun, Rothy's and others. For more information about M13, please visit www.m13.co
About Victress Capital
Victress Capital is a women-led early-stage venture capital firm led by Lori Cashman and Suzanne Norris that provides visionary and diverse founding teams in the consumer space with capital and resources for growth. The firm was founded with conviction that as female investors with consumer backgrounds, they could leverage their differentiated networks and insights to identify early-stage companies that challenge the norms and fulfill unmet needs.