Supplement brand The Nue Co. has raised $9m in Series A funding led by Waldencast, the venture capital firm founded by ex-L’Oreal President of Consumer Products, Michel Brousett. The investment will be used to grow The Nue Co.’s direct-to-consumer subscription offering.
Founded by British entrepreneur Jules Miller, The Nue Co. develops natural, science-backed formulas tailored around a personalised subscription plan. Their online consultation, which delivers a bespoke supplement plan, has been taken by over 20,000 customers. Alongside their thriving D2C business is a small selection of key retailers who the company describe as ‘partnerships’.
These retailers include Net-A-Porter, Soho House, Violet Grey and Kith, who have been instrumental for the positioning of The Nue Co. as the leader in the field of D2C, prescriptive and premium supplements. The company has also successfully hosted two experiential pop-ups in NYC across 2018-2019.
The Nue Co.’s innovative approach to product development has seen the company redefine the supplement and beauty industry, creating a new type of luxury consumer product. Distinct from most director-to-consumer (D2C) brands, which tend to prioritise tech over product, The Nue Co.’s product-led approach has led to a repeat purchase rate of over 3x the average in the luxury beauty market.
Alongside Waldencast, other investors in the round include Unilever Ventures; Redo Ventures, the family office of L’Occitane; and Columbia Care, which with a recent $1.4bn IPO is one of America’s largest medical marijuana providers. The $9m Series A follows a $1.5m Seed investment led by Morningside Group, a $1.6bn fund who are active investors in Harvard Medical School, Elysium Health and cancer research technologies.
Jules Miller, founder and CEO of The Nue Co said, “Our aim has always been to develop formulas that make a genuine difference to our customers’ lives. We quickly learnt that the best way to do this was to invest in data-capture and take a personalised approach to health. Since every body, every gut and every sleep pattern is different, there is no such thing as one size fits all. Personalisation is the future of health and this raise will allow us to understand our customers better, and in turn, have an even bigger impact on their lives through products and routines that are as efficient as possible.”
Michel Brousset, founder of Waldencast said, “The Nue Co. has proved it has the potential to take a significant share of the $4.2 trillion global wellness market, one of fastest growing industries in the world. We’re excited to watch the brand thrive.”