EXCLUSIVE: Hum Nutrition Raises $15M Series B29/04/2019
Hum Nutrition has raised a $15 million Series B.
The vitamin brand has closed a second round of funding led by Sonoma brands, with participation from existing investors CircleUp, Imaginary Ventures and Strand Equity. Hum raised $5 million in a Series A in 2017, and has since doubled in size.
Hum makes nutritional supplements with whimsical names that tout beauty and well-being benefits. The company's latest launch is Skin Heroes Pre+Probiotic, $40, which is meant to balance the gut microbiome to benefit acne-prone skin. The brand also makes Collagen Pop, a dissolvable collagen and Vitamin C tablet, $30; Glow Sweet Glow, a $25 vegan gummy with hyaluronic acid and Vitamins C and E, and Wing Man, a $25 supplement "widely used for liver detox and related dark circles."
Hum supplements are sold direct-to-consumer, as well as at Sephora, Nordstrom, Neiman Marcus, Urban Outfitters and other retailers.
The Los Angeles-based brand was founded in 2012 by Walter Faulstroh and Chris Coleridge, and means to tackle skin, body and mood concerns from the inside out. The additional funding, according to Faulstroh, should allow the business to invest in continued research around its supplements, as well as geographic expansion and digital marketing.
"It really will allow us to invest in long-term initiatives that you can't when you're running a smaller organization," Faulstroh said. "It will allow us to take leadership in areas like research and marketing and awareness."
That research — not always plentiful in the supplement world — is what Faulstroh thinks will set Hum apart in a robust vitamin market.
"It will really distinguish the brand from the rest of the pack," he said. "If you show research around your product it will further build the credibility of the category, but also of the brand. It's a huge distinction factor."
Some of the company's research to date has been around the gut microbiome — an area where it sees significant consumer spending. "We don't have just one hero product, but anything around the gut and digestion in conjunction with skin benefits does extremely well," Faulstroh said.
When Hum went out to raise its next round, the company was looking to add someone who brought branding, digital marketing and scaling expertise, Faulstroh said. The brand had been in contact with Kevin Murphy, a veteran beauty investor who recently joined Sonoma, and realized that firm met Hum's needs.
Right now, Hum's operations are U.S.-centric, but with the new funding, the brand will also be looking to expand internationally. First up is Germany, Faulstroh said, where Hum will launch later this year.
Supplements have been attracting investor interest as the wellness movement continues to grow. In April, Unilever bought vitamin brand Olly, and in 2017, Cavu invested in Vital Proteins.
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