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The Nue Co. Raises $25 Million Series B

July 21, 2021 BeautyMatter
July 21, 2021
The Nue Co.

The Nue Co. has raised $25 million in a series B funding round, led by Pamoja Capital.

WHO: Luxury supplement brand The Nue Co. was launched in 2017 by British entrepreneur Jules Miller using organic foods to create protein powders, probiotics, supplements, and fragrance. The company offers subscription-based plans divided into energy, gut health, immunity, skin, and sleep across three categories: ingestibles, topicals, and fragrance.

Miller developed the brand with the help of her grandfather, the late professor George Miller, who worked as a chemist at the University of Cambridge.

WHY: The capital will be used to improve the direct-to-consumer experience on the brand's website with technology and personalization to fuel consumer subscription growth. In addition the brand is doubling down on its sustainability efforts and working towards a launch in Asia, Australia, and further expansion into the EU, UK, and the Middle East. It is also gearing up towards a major retailer launch in September.

IN THEIR OWN WORDS: "Our aim is to completely revolutionize the supplement category and become leaders in sustainability for the health and wellness industry," commented Charlie Gower, COO, The Nue Co. "The great team at Pamoja will enable us to continue our growth, enter new markets and further develop our ESG framework."

"The reason our customers choose The Nue Co. isn't just because our formulas drive results — it's because we are a mission-driven brand," Miller said. "Having worked with the Pamoja team over the last few weeks, we're thrilled to be partnering with a fund that is so aligned to our core values. Collectively we believe success comes from developing deep relationships with your customers while ensuring that we are giving back to our community and doing our best to protect the environment around us.”

DETAILS:

  • The Nue Co. raised $25 million in a series B funding round, led by Pamoja Capital.
  • The Nue Co. experienced 500% growth in the last 24 months with 80% of its revenue being generated from DTC while maintaining a repeat purchase rate of 70%, according to WWD.
  • In June 2019 The Nue Co. secured $9 million in a Series A round of funding led by Waldencast, with participation from Unilever Ventures, Redo Ventures, and Columbia Care.
  • In January 2018 The Nue Co. raised $1.5 million in seed funding led by Morningside Group, which traditionally invests in biotechnology, life sciences, and green technology companies.
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