Market Maps: Modern Wellness
In the past, our team at Conduit covered the next wave of wearable adoption that’s been fueled by the wellness-driven consumer, specifically consumers operating in high-output environments like athletics, startups, and corporate tech. In 2019, global wellness spend accounted for 5% of economic activity, a staggering figure regardless of industry. As more operators in corporate and startup circles begin to train like competitive athletes, wellness spend will only continue to rise.
As consumers continually look to upgrade their health outcomes through fitness, nutrition, and recovery, purchases will rise in lockstep across these core wellness categories. In this report, our team at Conduit sat down with investors and operators in the modern wellness ecosystem to track the leaders in each vertical, including both up-and-comers and recent acquisition targets.
Mirror is a connected fitness system that streams live and on-demand classes to users in-home through a sleek responsive display. In June 2020, athleisure giant Lululemon agreed to buy the connected fitness brand to the tune of $500 million. First Round Capital, Primary Venture Partners, and BoxGroup all held notable positions in the company.
Tonal is the world’s most intelligent home gym and personal trainer. In September 2020, the company raised another $110 million from Amazon Alexa Fund, Steph Curry and others, after seeing surging demand for its at-home strength training. Returning investors L Catterton, Sapphire Sport, Shasta Ventures, and Mayfield all participated in the most recent round.
Fightcamp offers at-home boxing and HIIT workouts with motion trackers on your wrists that track every punch thrown and every rep completed. The youngest of the boutique fitness cohort, the brand is designed to keep you engaged, focused and in the zone. Since its launch, Fightcamp’s team has raised over $6 million to date from notable consumer angels.
Daily Harvest serves the dietary needs of modern consumers by turning freezers into personalized pantries stocked with clean food, quickly prepared and replenished as it is consumed. They’re on a mission to take care of food so food can take care of you. In the five years since it launched in 2015, Daily Harvest has grown into a $125 million business.
Care/of is a healthcare technology company dedicated to simplifying consumer health, starting with a fully personalized vitamin pack. In August 2020, Bayer acquired 70 percent of the four-year-old business in a transaction that values the company at $225 million.
Vital Proteins helps people feel better and live fuller lives through sustainably-sourced nutrition products, promoting health, fitness, and natural beauty. In June 2020, Nestlé Health Science (NHSc), a global leader in the field of nutritional science, agreed to acquire a majority stake in Vital Proteins, establishing it the market leader in collagen in the United States.
Hyperice is a recovery and movement enhancement technology company specializing in vibration, percussion, and thermal technology. In October 2020 the company completed a Series A funding round for $48 million, which lofts the company to a marquee $700 million valuation. As part of this financing, Hyperice brought in a group of highly influential athletes.
TheraBody is a global leader in muscle management and high performance training, created to heal athletes and recover from a sports injury. Since launching its product in 2016, the brand has expanded its products line around percussive therapy by concentrating on a core use case of making people feel better, ranging from casual gym users to full-time athletes.
Variis is an at-home fitness app from Equinox Media, the lifestyle brand affiliated with the upscale gym chain. Launched in March 2020 as stay-at-home orders took effect, the virtual app offers a range of on-demand live video classes, with a distinct focus not only on fitness, but on recovery, meditation, yoga, and stretching.
At Conduit, we connect the world’s best operator-investors and founders building the next generation of startups around the world.
As we scale our platform, understanding key market shifts across verticals will become increasingly vital. Our team will be digging deeper into emerging trends and first movers in the coming weeks, which you can find here.