Melissa Snover, a mum of three and a dynamic serial women entrepreneur from New York, sets examples for many striving to succeed in the field. And now her UK-based healthtech company Remedy Health, which makes customised 3D-printed edible vitamins under the brand name Nourished, has secured major funding to escalate its growth.
Last year, Snover achieved the largest-ever seed round by a female founder in the UK, a commendable £1.95 million. And now Birmingham-based Remedy Health has raised £8 million in Series A funding after seeing the company’s revenues grow by more than 600% over the past year.
The recent funding brings the company’s total value to more than £50.8 million, just 18-months after its initial launch. The round was led by prominent new investors focused on advancing the future of food, including ADM Ventures, the corporate venture capital arm of ADM, and Cibus Fund. The company also secured follow-on investment from Apater Capital and Henkel X.
US expansion on cards
The team behind Nourished have planned further to disrupt the health industry with personalised protein bars and also announced the recent launch of Nourished Kids – the world’s first personalised gummy vitamins for kids.
“Remedy Health is ushering forward an entirely new era of true precision nutrition,” says ADM Ventures lead Ian Pinner, Chief Strategy and Innovation Officer at ADM, a global leader in human and animal nutrition.
“The company’s 3D printed health and wellness solutions are helping the entire industry reimagine what’s possible, from truly personalised supplements to protein bars. This is an area that ADM has long been focused on, and we couldn’t be more ecstatic to invest in a company like Remedy Health, which is driving such significant advancements in nutrition, health and wellness.”
The Remedy Health team have outlined an ambitious roadmap for 2021, targeting 30,000 monthly customers and over £7 million in sales, as well as expanding into curative health solutions. Snover plans to use the funds to develop the Nourished portfolio further, adding lines for Kids and Personalised Protein Bars to the range this year. She is also considering production expansion to the US.
How 3D printed vitamins work
Employing a new 3D printing method and patented vegan encapsulation formula, Nourished can combine seven active ingredients from 28 choices. This means — a user has over 1.2 billion unique combinations to select from and in addition, new nourishment will be added in about two weeks so that the 7 active ingredients are bumped up to 8.
These chewable, personalised and customised stacks are available on the company website on a subscription basis. The monthly subscription costs £39.99 per month, and it can be cancelled anytime. Also, on subscribing for two months, the company will give one month of vitamin stack for free. Alternatively, the annual subscription costs £360, wherein the monthly cost comes down to £30.
Managing Partner and Head of Innovation at Apater Capital Ricky Delandro said, “What Nourished has accomplished in such a short amount of time is incredible. Personalised healthcare is beginning to explode and Melissa has created some of the most compelling applications available. We are proud to be affiliated with such a strong female-led company that is a visionary in a space that is traditionally slow and rigid. Her customers rave about the quality of her vitamins and have become her strongest ambassadors for growth. The future is bright for Nourished and we are glad to have been on every step of the journey so far.”
“We believe that personalisation is the next great frontier in Consumer” said Andy Appelbaum, Managing Partner at RiverPark Ventures. “While this has played out across almost every vertical, it is particularly apt for nutrition. What is unique about Nourished is the defensible technology and differentiated form factor that makes the product incredibly sticky. Consumers love the brand and it shows in its extraordinary retention. Melissa is a once-in-a-generation, visionary founder, and her vitamins are merely a trojan horse into the entire healthcare category.”
Snover said, “There has been a huge rise in the number of personalised nutrition products launched over the past few years, with the industry predicted to go from $3.7 billion in 2019 to over $16 billion in 2027. Our goal at Remedy is to offer truly personalised nutrition in a single daily format; we utilise our patented 3D printing technology to achieve this, something no one else in the world can do. We provide the highest quality active ingredients available to support every individual’s specific needs and goals.”