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Exclusive: Apothékary closes first equity funding round

An alcohol-free alternative tincture is mixed  to make a mocktail.

Photo: Courtesy of Apothékary

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.

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