Health startup WTHN raises Series A led by L Catterton
WTHN, a wellness startup that offers products based on traditional Chinese medicine, raised a $5 million Series A financing led by L Catterton.
Why it matters: U.S. consumers spend $450 billion on wellness products and services each year, per McKinsey.
Details: Investors also include Jesse Draper's Halogen Ventures, as well as a syndicate of cross-industry angel investors led by Annie Evans of Dream Ventures, Kelley Arena of Golden Hour Ventures, Caroline Witmer and The Helm's angel community.
- Existing investors include SoulCycle founders Elizabeth Cutler and Julie Rice and Goop founder Gwyneth Paltrow, among others.
- Proceeds will be invested in physical retail expansion and expanding distribution of its growing line of products with retailers.
How it works: WTHN provides pain relieving treatments, including in-person services like acupuncture and cupping and at-home services like acupressure.
- It offers products ranging from herbal supplements to wellness accessories.
- They are for sale in nearly 200 retailers as well as online through Erewhon, Poosh and Goop, among others.
What's next: It has a flagship studio in New York City and in January will open a second location in Williamsburg.
- Several studios will be opened in New York this year and then across the U.S.
Of note: The company declined to comment on revenue and growth year-over-year.