Newly raised capital allows Cure to accelerate growth and fuel expansion into major retailers
NEW YORK, April 17, 2023 /PRNewswire/ — Cure, the functional hydration brand, announced today $5.6 million in Series A funding and retail expansion to 15,000 stores nationwide, further cementing the brand as a key player in the $10B functional drink mix market. The round was led by Lerer Hippeau with additional participation from new and existing investors including Valedor Partners, Simple Food Ventures, Great Oaks Venture Capital, Joyance Partners, Silas Capital, Kim Clijsters and others. Cure will utilize the investment to accelerate retail expansion, grow its leadership team, enhance customer awareness, and develop new products.
Since launching in 2019, Cure has grown an average of 230% each year, and expanded its retail footprint to include new retail partners such as Sprouts, Albertsons, Kroger, Stop & Shop, Wegmans and HEB, joining existing accounts including CVS and Walgreens. In the past 12 weeks, Cure grew 316% in the Natural channel vs. the overall category growing at 19.5%, making Cure the fastest growing natural hydration brand, according to SPINS.
The only female-founded electrolyte brand, which is also majority women operated and has an all-female medical and nutritional advisory board, Cure is also the recipient of a 2022 Fitness Award from Women’s Health magazine, and counts Gwyneth Paltrow, Ashley Graham, Brooklyn Decker and Miranda Kerr among its many celebrity fans.
“In the past four years, Cure has seen explosive growth as consumers look for better-for-you functional beverages that really work and aren’t full of added sugar,” said Picasso. “Cure is on a mission to create healthy and effective products that provide the ultimate foundation for health and well-being.”
Cure, whose mission is to empower others to live better and healthier lives, is uniquely positioned to capture a major portion of the $10 billion functional drink mix market by creating science-backed wellness products with clean, effective ingredients at affordable prices. Their plant-based electrolyte powders are based on the World Health Organization’s ORS formula, but unlike other ORS formulas, its ingredients are non-GMO, sustainably sourced, and have no added sugar or erythritol.
Cure also launched new electrolyte flavors earlier this year including Lemonade and Strawberry Kiwi, and introduced a new bulk jar format.
Valedor Partners’ Barbara Palmquist said, “We are excited to partner with Cure, an omnichannel hydration company we believe is poised for breakout growth in the $10 billion functional drink mix market. After only launching in 2019, the brand has quickly gained traction online and in over 15,000 doors. We believe Cure’s high performance is attributable to its outstanding team, especially CEO and Founder Lauren Picasso whose drive, magnetism and experience bode well for Cure’s future success. We can’t wait to see what Cure accomplishes in the coming years.”
“We continue to invest in Cure because the team has proved that they can scale beyond direct-to-consumer to become an omnichannel brand with a national footprint,” said Caitlin Strandberg, Partner at Lerer Hippeau. “We are excited to see Cure’s continued retail distribution and disruption of the hydration category.”
Cure continues to add industry veterans to its leadership team, announcing today that the company has brought on Laura Kendrick as their Chief Marketing Officer, formerly at Highline Wellness and SmartyPants, and Stacey Gillespie as their VP of Innovation, formerly Ora Organic and Gaia Herbs.
About Cure Hydration
Cure is the only premium hydration brand with a science-backed formula, plant-based ingredients, no added sugar, and 4x the electrolytes of leading sports drinks. The product is based on the World Health Organization’s formula for Oral Rehydration Solution that is proven to hydrate as effectively as an IV drip but, unlike other ORS products, the ingredients are non-GMO, sustainably sourced, and have no added sugar. Made with coconut water and pink Himalayan salt, Cure provides everything your body needs for daily hydration and nothing it doesn’t.
Cure is backed by a medical advisory board that includes Dr. Roshini Raj, Dr. Dana Cohen, and Brooke Alpert and is FSA/HSA Eligible. In just over 4 years, Cure has expanded to over 15,000 retail stores nationwide including CVS, Walgreens, Albertsons, and Sprouts. For more information, visit www.curehydration.com.
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SOURCE Cure Hydration
Originally published at https://www.prnewswire.com/news-releases/cure-hydration-raises-5-6m-in-series-a-funding-to-support-retail-expansion-301799195.html
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