Beam, the direct-to-consumer wellness brand known for its innovative, THC-free CBD product offerings, announced the completion of a $5 million Series A financing.

WHO: Beam is a Massachusetts-based wellness company founded by Matt Lombardi and Kevin Moran, both former professional athletes, offering THC-free, phytocannabinoid-rich CBD products, made from naturally grown hemp in Colorado. 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.

WHY: Beam’s most recent round of funding will further Beam’s product pipeline into new verticals throughout the wellness spectrum, foster organizational structure investment, and reinforce infrastructure and customer connection.

IN THEIR OWN WORDS: “I joined as an investor because Beam is uniquely positioned to captain and create the next wave of the wellness movement,” says Chris Cunningham, partner of C2 Ventures. “I’m thrilled to share that beam is transcending the CBD category with its pioneering approach to CPG innovation and forging a new category opportunity with clean-labeled hydration supplements.”

“Our Series A is a huge step for beam. This investment will allow us to continue to build meaningful relationships with our customers, expand research and development and continue to invest in a world class team,” said Kevin Moran, cofounder of Beam.

DETAILS:

• Beam closed a $5 million Series A funding round, bringing the total capital raised to $12 million.
• The Series A investment is led by C2 Ventures, who has been an investor in Beam since the closing of their seed round in 2019, led by Obvious Ventures.
• The business has witnessed 230% net YoY revenue growth.
• Beam also entered the functional beverage space with the launch of elevate, a powdered stick hydration offering and the first non-CBD wellness product category for the brand.