Consumer VC Roundup #125
Latest News in Emerging Consumer Brands, Tech & Commerce Enablement From the Week of June 23rd
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🧃Consumer Brands👚
💰Fundraises💰
Saks Global has secured a $600 million financing deal with bondholders, including a $400 million asset-based credit facility and $200 million in additional funds. This new package replaces a previous $350 million financing plan and aims to support operations and vendor payments ahead of the holidays. RD
Veracity has raised $6 million in Series A funding to support its growth, bringing total funding to $14 million. The supplement brand is shifting its focus from hormonal health to metabolic health. BI WWD
Science-driven skincare brand Epicutis has raised $10M in Series B funding from an existing board member to support global expansion, product innovation, and infrastructure. With projected revenues of $35M this year and $75M next year, the brand is growing rapidly, boasting a 65% reorder rate and consistent 200% annual sales growth. BI
💸M&A💸
Home Depot is acquiring building products distributor GMS Inc. for $4.3 billion through its SRS Distribution subsidiary, aiming to strengthen its position in the professional contractor market. The deal, valued at $5.5 billion including debt, is expected to close by year-end. RD RTP
C&S Wholesale Grocers is acquiring SpartanNash for $1.77 billion, including debt. The deal, set to close later in 2025, gives C&S nearly 200 more stores and expands its distribution network to 60 centers serving around 10,000 retail locations. RTP
The FTC has approved Alimentation Couche-Tard’s acquisition of the 270-store GetGo Café + Market chain from Giant Eagle. The deal will form a new business unit within ACT, keeping key staff at Giant Eagle’s HQ. As part of the approval, ACT will divest 35 stores. Meanwhile, its proposed merger with 7-Eleven’s parent company remains stalled. RTP
Italy’s Fantini has acquired Spain’s Venta la Vega winery, adding 180 hectares of vineyards in Castilla-La Mancha. The site will integrate into Fantini’s Finca Fella operations and could boost the group’s Spanish wine production tenfold. JD
🚀Debuts, Distribution & Expansions🚀
Walmart has opened its first self-operated beef processing plant in Olathe, Kansas, to strengthen its Angus beef supply chain. The facility will handle case-ready cuts for Midwest stores and create over 600 local jobs. While Walmart owns another plant in Georgia, this is the first it will operate directly. RTP
Harlem Perfume Co., inspired by the Harlem Renaissance and part of Sephora’s 2024 Accelerate program, is now joining Sephora’s fragrance lineup—bringing cultural storytelling to the growing category. BI
Olive & June, following its $240M acquisition by Helen of Troy, has launched on Amazon as part of its push to become the top nail brand in the U.S. BI
Banu Skin, a new brand targeting acne-prone skin, has officially launched and is now available on Sephora’s website and its own direct-to-consumer platform. BI
Former SiO Beauty and IMG executives have launched Practical Alchemy, a new beauty brand offering elevated, time-saving essentials for busy lifestyles. BI
Maëlys is capitalizing on the growing body care trend by expanding its presence at Ulta Beauty, as the retailer emphasizes products for below-the-chin skincare. BI
Mushroom-based skincare brand Verdoie has launched into retail at Credo Beauty and Pharmacie Continent 7ème after debuting DTC in January. As the mushroom wellness trend gains traction—projected to hit $18.9B by 2030—Verdoie aims to become a major player in the fast-growing beauty segment. BI
19-year-old college student launches Utopia Beauty, a new beauty platform focused on separating science-backed products from marketing hype by showcasing real evidence and results. BI
Athena Club founders Maria and Charles Desmarais have launched House of Atlas, a new men’s shaving and personal care brand aimed at disrupting the category with a modern, elevated approach. BI
Olly, known for its wellness supplements, is expanding into body care with a new line of mood-boosting products—marking its debut in the category by blending emotional well-being with personal care. BI
Mānuka Health has entered the U.S. beauty specialty retail space with launches at The Detox Market and Violet Grey, marking its debut in the American beauty market. BI
🪇Collabs🪇
H&M has signed a multi-year deal with Circulose to expand its use of fibers made from discarded textiles. As a scaling partner, H&M aims to transition a significant portion of its man-made cellulosic fibers to Circulose material, which it has used since 2020. RTP
🔻Closures, Bankruptcies & Downsizes🔻
Kroger plans to close about 60 stores by the end of 2026 and has recorded a $100 million charge tied to the closures. Despite the move, interim CEO Ronald Sargent said the impact on overall results is minimal, with affected employees offered roles at other locations. RTP
Parachute will close 19 stores this year, leaving just seven open as it shifts away from large storefronts. The home linens brand will focus on markets with strong traction and expand partnerships with major retailers like Target and Nordstrom. RD
Walgreens reported a $175M net loss in Q3, driven by declining U.S. retail sales, store closures, and weak comps in grocery, wellness, and beauty. While front-of-store sales fell 5.3%, overall revenue rose 7.2% to $39B, boosted by stronger U.S. pharmacy and international sales. RD
💻Consumer Software💻
💰Fundraises💰
xAI, the AI startup founded by Elon Musk, raise $10 billion in a mix of debt and equity. The capital will fuel development of xAI’s Grok chatbot and foundational models, and further integrate the technology into X (formerly Twitter) and Tesla – CNBC
Klar, the Mexican startup that’s creating a digital banking and credit platform targeting underserved consumers, has raised $190 million in equity and debt at a valuation of $800 million – Bloomberg
💸M&A💸
Grammarly has acquired Superhuman, the high-speed AI-powered email client, in a move signaling its evolution beyond writing assistance and into full productivity platforms. Known for helping users “write better,” Grammarly now aims to help users “work better,” incorporating Superhuman’s sleek interface, intelligent triaging, and automation capabilities – TechCrunch
🛒eCommerce & Retail Tech🛒
🚀Launches🚀
DutyFreeZone.com has launched a global luxury online marketplace for both consumers and B2B buyers, offering duty-free products across categories like alcohol, beauty, fashion, and electronics. RTP
PayPal has launched Storefront Ads, a new ad format that lets users shop directly within ads, helping retailers combat declining web traffic due to AI-driven search changes. Powered by PayPal and Venmo, the ads enable instant purchases and return users to their original browsing spot post-checkout. RTP
Hibbett has launched Hibbett Kids, a new e-commerce site and app focused on athletic apparel and footwear for kids. The platform includes filters for easy shopping, just in time for back-to-school season. RTP
SV Labs has introduced Launch Lab, a manufacturing platform designed to help beauty and personal care brands quickly respond to fast-moving trends like those on TikTok. By offering customizable, pre-vetted product bases, Launch Lab enables brands to bring new products to market in as little as 12 weeks. BI
💸M&A💸
OpenAI has brought on board the team from Crossing Minds, which created a recommendation engine to ecommerce businesses co-founded by Netflix co-founder Reed Hastings. The acquisition is part of OpenAI’s push to strengthen its personalization capabilities in consumer-facing tools – TechCrunch
💰Funds Raising Funds💰
Halogen Ventures, led by Jesse Draper, has raised $30 million for its third fund that will focus on "the future of family," targeting consumer tech companies innovating around family life — from fertility and childcare to aging and eldercare – TechCrunch
Weekly Finds
My Couples Retreat With 3 AI Chatbots and the Humans Who Love Them
Sam Apple books an AirBNB and invites three human-AI couples and learns about their relationship. Interesting read.
The Chainsmokers on Invest Like The Best
Enjoyed how Alex and Drew think about investing and how it’s similar to making music.
Bruce is the lead singer of Iron Maiden, which happens to be one of my favorite bands, but he’s also a commercial pilot, one of the top fencers in the UK. There were many takeaways, but what resonated with me is how he thought about authenticity towards the end – which has become a buzzword. I also learned he’s starring in a movie about an ABBA cover band that faces a zombie apocalypse – can’t wait for Bjorn of the Dead to be released.
Thanks for reading!
Thanks for sharing our big Verdoie news 🪄🍄🟫