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Venture Capital News: Prima Announces $3.275M Seed Round

       
SANTA MONICA, CA, Science-driven plant wellness brand announced a $3.275M seed round led by Lerer Hippeau.
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prima, a science-driven plant wellness brand championing the strong therapeutic potential of hemp cannabinoids/CBD, announced a $3.275M seed round led by Lerer Hippeau, with Greycroft and other well-known private and institutional investors. Launching in Q1 2019 prima is founded by Christopher Gavigan, The Honest Company co-founder, Bestselling Author and purpose-driven entrepreneur. Partnering with him are co-founders Jessica Assaf, women's health and cannabis activist, and Laurel Angelica Myers mission-oriented operator and former Honest alum.

The prima co-founders garnered attention from traditional venture investors because of their focus on building a trusted, credible consumer platform with original published content and best-in-class consumer wellness and beauty products. prima's momentum foreshadows the global transformation beginning to unfold from a fear-based cannabis prohibition into a hemp industry fueled by facts, market data, medical research, customer-patient experiences, and evolving legislative solutions - an industry on track to become a $22 billion market by 2022.

"There's an element of confusion surrounding how and why we should use CBD and hemp cannabinoids," says Gavigan, on his decision to launch prima. "These molecules matter to humanity, and through prima, we strive to correct historical stigma and unlock the physiological science about this plant's therapeutic potential. We've been obsessive about scientific integrity, ingredient innovation, meticulous clean sourcing, and carefully designing a delightful consumer experience. This young industry needs leadership and CPG sophistication, and we're creating industry-defining standards for purity, transparency, and rigorous quality protocols. We're thrilled to be launching prima at this time, as we are positioned to be more than content or commerce, and more than a 'craze' or an exploding industry, but as a re-imagination of living in balance and living better."

"We're excited to partner with Christopher, Jessica, and Laurel as this promising new market is taking shape," says Lerer Hippeau Managing Partner Eric Hippeau. "We're big believers and repeat investors in this rapidly growing space. We know this experienced team will build prima into the go-to, consumer-first CBD brand with health and wellness at its core."

"We believe prima will be the definitive leader in the CBD market," says Dana Settle, Co-Founder of Greycroft. "Through their collective experience in advocacy, education, and innovating safe consumer products, the prima team is uniquely qualified to answer the looming national questions about CBD and advance the molecule's position as a critical wellness tool."

Building on the founders' collective backgrounds, prima is notably the world's first hemp CBD brand to be designated as a Public Benefit Corporation (PBC), joining world-class brands like Danone of North America and Patagonia, who leverage social impact as the core tenant of their corporate charter to use business to drive verifiable social and environmental change. prima will also hold the B Corp certification, meeting the highest standards of business transparency and accountability to balance profit and purpose.

prima is first launching as an education-first wellness platform with a full suite of consumer hemp CBD products launching in Q2 2019. For early access and brand exclusives, sign up at www.prima.co.

About prima
prima is a new, best-in-class consumer wellness and purpose-driven brand focused on hemp-based cannabinoids. Its core purpose is to bridge the gap between science, nature, and the human body through education, social impact, and functionally innovative botanical products. prima is built on the essential principle that balance is a critical part of overall health, happiness, and betterment. prima is a privately held Public Benefit Corporation (PBC) based in Santa Monica, California.

About Lerer Hippeau
Lerer Hippeau is the most active early-stage venture capital fund in New York City with investments in leading consumer and enterprise companies, including Allbirds, Casper, and Buzzfeed. The firm focuses on backing founders with product vision, customer insight, and a keen instinct for brand building. For more information please visit www.lererhippeau.com.

About Greycroft
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 200 investments since inception in leading companies including Acorns, Bird, Buddy Media, Huffington Post, Maker Studios, Thrive Market, Trunk Club, and Venmo. For more information please visit www.greycroft.com.
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