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Exclusive: Wonderbelly raises $12M Series A to soon reach profitability

Illustration of a pill with the dividing line in the shape of a dollar bill sign.

Illustration: Aïda Amer/Axios

Wonderbelly raised a $12 million Series A to get it to profitability, CEO Noah Kraft tells Axios exclusively.

Why it matters: The antacid alternative to Tums is hoping to bolster its balance sheet to draw a strategic backer down the line.

What they're saying: "We very much have built this as a business that, in the right situation, we want to sell it. We want to be part of a bigger company," Kraft says, adding that it wants to guide a larger company toward a younger demographic and a consumer that cares about clean ingredients.

  • Potential acquirers range from CPG in food and pharmaceuticals, along with health tech companies.

How it works: Wonderbelly's FDA-approved over-the-counter antacid has talc-free ingredients and uses sustainable, aluminum packaging to house it.

Zoom in: Loft Growth Partners led the round and took a board seat. L Catterton, Silas Capital, Jeremy Liew, Andrew Abraham and existing investors also participated.

  • The funding will get the company to profitability in the "not too distant future," though Kraft declined to give further details.

Catch up quick: Kraft told Axios last year the company was expecting $5 million to $7 million in revenue for 2023, with hopes for $25 million-plus this year.

  • The executive declined to comment on financials for this report.

The latest: The company has rolled out its second digestive category to treat bloating and gas relief at Target's online and physical stores, and Amazon this week.

  • The company has used a similar reformulation approach it's used with antacids on other products, Kraft says.

Zoom out: Retail is an important lynchpin of Wonderbelly's strategy as many consumers seek OTC medicines at pharmacies, supermarkets and big box retailers.

  • The company started in Target and has seen lots of traction, performing at the "top end of sales for the category," Kraft says.

What's next: Wonderbelly plans to launch with a second large retailer in coming weeks.

Editor's note: This story has been corrected to note Wonderbelly's bloating and gas relief product uses a similar reformulation approach to its antacid, not the same.

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