Exclusive: Apothékary closes first equity funding round
Apothékary, a maker of herbal remedies including non-alcoholic tinctures, recently closed its first round of equity funding, its CEO Shizu Okusa tells Axios exclusively.
Why it matters: Non-alcoholic beverage sales grew more than 30% year-over-year to $510 million last year, according to NIQ (formerly Nielsen) data.
Details: The seed round comprises $5 million in equity and $3 million in debt, Okusa says.
- It was raised over the previous three months from existing investors, the founders and CEO, she says.
- All previous rounds, which includes a previous $3.5 million seed, will convert with this raise, Okusa says.
- Walden Mutual Bank in New Hampshire is providing the company with a line of credit, she adds.
Zoom in: Apothékary is EBITDA-positive, Okusa says, noting fresh capital will go toward channel expansion, R&D, and hiring. She declined to disclose revenue.
How it works: The company broadly is a supplements provider with a focus on plant-based remedies.
What's next: After launching in department store chain Target at the end of last year, Apothékary is in talks with a large beauty retailer to expand its retail distribution, Okusa says.
- The company is introducing new products like a liver detox and investing in clinical studies to prove their efficacy, she says.
Zoom out: Apothékary eventually hopes to have its own manufacturing in Japan, distribution in Asia and even its own stores, Okusa says.