Amid complaints from vendors and customers and bankruptcy rumors,Birchbox’s assets have been acquired from FemTec Health by Retention Brands. The healthcare start-up acquired Birchbox in a $45 million deal with plans to revitalize the business.
WHO: Founded in 2010, Birchbox redefined the way people discover and shop for beauty and grooming by pairing a monthly subscription of personalized samples with relevant content and a curated e-commerce shop.
Founded in May 2020 by Dr. Kimon Angelides and publicly launched in October 2021, FemTec Health is the leading health and beauty sciences company focused on women's health. FemTec Health's mission is to revolutionize women's healthcare by using state-of-the-art genomics, predictive intelligence, and digital technologies to create a unified, coordinated experience and provide personalized services and products that are meaningful and effective for women.
Retention Brands invests in subscription commerce and e-commerce businesses. With a proven track record in the subscription retail space.
WHY: FemTec raised $38 million in funding at a valuation of $380 million from investors that include Longmont Capital, Hellas Med, Walgreens, Trinity, Unilever, and the Estée Lauder Companies. Early this year, as part of its strategic tightening around core healthcare businesses, FemTec Health engaged a national financial consulting firm to advise and explore possibilities for the sale of some of its non-core and underperforming assets. In an open-bid process, the company's Birchbox assets were purchased by Retention Brands through an assignment for the benefit of creditors.
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