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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.

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

The healthy-for-you antacid company launched its second digestive category this week.

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

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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.

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

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