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PRIMA CLOSES $9.2 MILLION SEED AND FINANCING TO ACCELERATE GROWTH

May 24, 2021 BeautyMatter
May 24, 2021
Prima

Prima, the purpose-driven brand focused on efficacy-driven and science-backed plant therapeutics and cannabinoids, closed a $9.2 million seed plus financing.

WHO: Prima is a privately held Public Benefit Corporation (PBC) based in Santa Monica, California, launched in 2019 by Christopher Gavigan, bestselling author, purpose-driven entrepreneur, and co-founder of The Honest Company, Jessica Assaf, women’s health and cannabis activist, and Laurel Angelica Myers, mission-oriented operator and former Honest alum. The science-led, purpose-driven holistic wellness brand is elevating functionally innovative botanicals through education and products made with the highest standards of purity, potency, and transparency.

Prima is built on the essential principle that stress management is the most critical part of daily balance, healing, and well-being with 15 award-winning “whole body care” products across premium skincare, body care, and supplements. With the brand’s vast CPG expertise, team of medical advisors, national retail partnerships with Sephora, Nordstrom, and over 800 new retail doors opening in 2021, Prima has efficiently legitimized the cannabinoid category for major retailers with its strong regulatory, testing, and compliance validation and consumer-centric approach to product excellence.

WHY: The landmark funding from top-tier, values-aligned capital partners will support sustainable growth and power upcoming retail expansion, remedy-focused clinical research, portfolio refinements, and education initiatives along its path to profitability.

IN THEIR OWN WORDS: “As an experienced team building a CPG platform of the highest integrity, credibility, consciousness and quality, we realize it is our duty and responsibility to impose uncompromising and rigorous standards and boldly self-regulate to lead this emerging functional wellness industry forward. With this meaningful funding, Prima will continue its focused investments in plant-driven, clean formulation science, R&D ownership, efficacy validation, operational infrastructure, sustainability initiatives and tech-enabled consumer experiences. Prima is even more emboldened to broaden our digital and retail strategies, build best-in-class education partnerships and ensure these therapeutic botanical compounds are destigmatized, understood and accessible for all,” said Christopher Gavigan, Prima founder and CEO.

“Our team brings institutional strategy, sophistication, capability and execution to a burgeoning sector that has yet to see any brands like Prima. As a Certified B Corporation that is Carbon and Plastic Neutral Certified and EWG Verified, Prima is built on strong, sophisticated, sustainable infrastructure across every touchpoint of the business,” said Laurel Angelica Myers, Prima co-founder and COO.

“We’ve looked in this space for years and never invested until we finally found a brand dedicated to the highest standards, which is important for such a fast-growing, fragmented consumer category,” said Elizabeth Edwards, founder and Managing Partner of H Ventures. “Prima encompasses everything we look for in a brand: it makes a meaningful impact on the lives of human beings, the products are science-based and clean, and the founders have true depth in consumer experience.”

“With so many new brands entering the CBD market, we strongly invite and encourage the FDA and Congressional regulators to legislate and be more proactive in taking swifter action to protect consumer safety, which in turn will further accelerate the acceptance and advancement of this critical healthcare industry,” said Jessica Assaf, Prima’s co-founder and Chief Education Officer.

DETAILS:

  • Prima closed a $9.2 million seed plus financing led by leading institutional venture firms Greycroft, H Ventures, Defy, Lerer Hippeau, Marc VC, Global Founders Capital, Emerald Health, One Gun, and Purple Arch Ventures.
  • The new strategic investment from Emerald Health Therapeutics, a Canadian-based licensed producer of cannabis and science-driven cannabinoid products, offers Prima access to proprietary cannabinoid innovations, breakthrough patent holdings, and medical-grade cultivation to support optionality and growth in the evolving intersection of nutraceuticals and cannabis therapeutics.
  • In February 2019 Prima secured the largest seed round to date in the consumer hemp marketplace—$3.275 million from venture leaders Lerer Hippeau and Greycroft.
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