beam Announces Series A Fundraise and Launches Elevate, A First-of-its-kind Functional Hydration Delivery System

New $5 Million Funding Round Fuels Expansion Into New Non-CBD Category, Hydration, Operations, and Infrastructure

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Feb 09, 2021, 09:04 ET

BOSTON, Feb. 9, 2021 /PRNewswire/ -- beam, the direct-to-consumer wellness brand most notably known for its innovative, THC-free CBD product offerings, announced today the completion of a $5 million Series A financing with significant investment from new investors including The Yard Ventures, Litani Ventures (co-founder of RXBar, Peter Rahal's fund) and Carter Comstock (co-founder of Freshly) in addition to existing investment from C2 Ventures, Obvious Ventures, Camwood Capital (Baker Mayield's family office), and a bevvy of all-star athletes including Danica Patrick, Kevin Hayes, Brooks Laich, and more. Beam also announces its official entry into the functional beverage space with the launch of elevate, a powdered stick hydration offering and first non-CBD wellness product category for the brand.

The Series A investment is led by C2 Ventures, who has been an investor of beam since the closing of their Seed round in 2019, led by Obvious Ventures. "I joined as an investor because beam is uniquely positioned to captain and create the next wave of the wellness movement," says Chris Cunningham, partner of C2 Ventures. "I'm thrilled to share that beam is transcending the CBD category with its pioneering approach to CPG innovation and forging a new category opportunity with clean-labeled hydration supplements."

A testament to beam's booming business, beam's net revenue growth grew 230 percent and comes on the heels of recent athlete investment including former NASCAR driver, Danica Patrick. Raising $12 Million in capital-to-date, beam's most recent round of funding will further beam's product pipeline into new verticals throughout the wellness spectrum, foster organizational structure investment, and reinforce infrastructure and customer connection.

In the first of beam's new product innovations, beam's first-ever hydration line elevate launches February 9. The first CBD-free product offering to originate from beam is packed with electrolytes your body needs with a formulation composed of coconut water, himalayan sea salt, potassium bicarbonate and sodium hyaluronate with no additives, excessive sugars or fillers. The product launches with three distinct flavors and specific use cases in mind, including balance, recovery, and performance. Elevate can be purchased on beamtlc.com in variety pack boxes (15-serving, five of each flavor), or individual flavor packs of 15-serving for $35 and a 30-serving pack for $59.

"A hydration mix was the most-requested product from our community during the past 12 months. Our community wasn't happy with what was currently available in the hydration market, and so we created something cleaner, more efficacious, and offered better benefits to the 75 percent of Americans who are chronically dehydrated," says Kevin Moran and Matt Lombardi, co-founders of beam. "As former professional athletes, we recognize first-hand the power of proper hydration and created elevate with our team of athletes, added our touch on functional benefits, and made sure they tasted great. We've built elevate to exist not only as a hydration solution, but an elevated supplement to support hydration for each moment of the day."

The elevate line features three SKUs at launch, including Balance (Mixed Berry), Performance (Watermelon), and Recovery (Lemon). Packaged in small sticks for individual use in water, beam's unique Elevate formulas each bolster a unique stack of electrolytes entirely sourced from nature with added benefits, including:

Performance | hydration + energy mix (Watermelon): For sustaining output, Performance is comprised of a hydration and energy mix with citrulline and beetroot powder to help deliver more oxygen and nutrients to muscles while Vitamin B and 30mg of caffeine help convert food to energy and enhance overall endurance.
Balance: hydration + probiotic (Mixed Berry): For making your gut happy, the Balance mix is made with Vitamins D + K alongside hydrating electrolyte powder with essential probiotics and prebiotics to support a healthy microbiome and kickstart the digestive enzymes that help convert food into energy.
Recovery: hydration + collagen (Lemon): For restoring collagen and supporting joint health, the Recovery mix is made with collagen peptides that help promote healthy joints, skin, hair and nails alongside BCAA to help increase muscle growth, decrease muscle soreness and reduce exercise fatigue.

Founded in 2018 by Matt Lombardi and Kevin Moran, two former professional athletes, beam offers THC-free, phytocannabinoid-rich CBD and wellness products. The brand's organic growth has been accelerated by their athlete ambassador network, counting Danica Patrick, Baker Mayfield, Billy Horschel and Mat Fraser within their tribe as brand evangelists and agents. Their most recent launch, elevate, comes on the back of a year of community feedback requesting a high-quality, clean hydration offering for their athletic endeavours. To learn more about beam, visit beamtlc.com.

ABOUT BEAM
beam is a Massachusetts-based wellness company founded by Matt Lombardi and Kevin Moran, both former professional athletes, offering THC-free, phytocannabinoid-rich CBD products, made from naturally grown hemp in Colorado. Noticing a lack of transparency in the CBD wellness market, beam offers consumers a line of rigorously tested CBD products with high-quality natural ingredients. Built with an entrepreneurial spirit in mind, beam marries the concepts of health, wellness and an active lifestyle free of any physical or mental barriers. beam believes that all-natural cannabinoids have the ability to unlock significant health benefits, which will ultimately aid customers on their journey to "find their better."

SOURCE beam