The State Of Wellness H1’20 Report:

Investment & Sector Trends To Watch

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WELLNESS-RELATED RESEARCH
8 Trends Redefining Consumer Wellness For 2020 And Beyond
7 Connected Devices Helping Consumers Stay Healthy And Fit At Home
How Wearable Devices Are Transforming Senior Care & Wellness
5 D2C Startups Bringing Telehealth To Beauty & Personal Care
Early-Stage Sexual Wellness Startups Are Seeing An Increase In Investor Attention
Reinventing Sleep: What 10 Partnerships Tell Us About Where Sleep Tech Is Going Next

See research related to Covid-19 here.

4
 WHAT THIS REPORT COVERS

Startups specifically focused on

providing healthcare products &
Companies applying technology to services to women.
Startups focusing on
issues of emotional, psychological, cosmetics and grooming.
and social wellbeing.

Startups helping consumers to

Startups developing improve wellbeing with products &
technology to augment WOMEN’S services that generally do not require
MENTAL HEALTH BEAUTY &
physical fitness practices. a prescription or connection with a
HEALTH PERSONAL health professional.
CARE
FITNESS SELF-CARE
TECH & HEALTH
Companies that aim to Companies developing tech-
monitor and/or improve enabled products & services that
aspects of sleep. SLEEP BABY & primarily serve children up to the
KIDS TECH age of 12 or their caregivers.

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Contents
7 Summary Of Findings 14 H1’20 Wellness Investment
Highlights
8 H1’20 Wellness Investment Trends Sleep
Quarterly Deals & Dollars Fitness Tech
Global Trends Mental Health
Consumer Smart Money Mega-Rounds Women’s Health
Wellness Unicorn Births Beauty & Personal Care
Self-Care & Health
Baby & Kids Tech

71 Appendix
Methodology

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Summary Of Findings
OVERALL WELLNESS TRENDS
Overall funding and deals are down in 2020 so far: Deals and
dollars to wellness startups declined in Q1-Q2’20 compared to the
same period in 2019. Funding fell to $4.6B in H1’20, down 24% from
$6.1B in H1’19. Deals dropped 16% year-over-year (YoY).
Two fitness tech startups have reached $1B+ valuations this year:
Keep, a China-based startup focused on community fitness with
online classes, and US-based Classpass joined the list of global
unicorns in 2020. Investors have put $789M into fitness tech so far
in 2020, as individuals search for alternatives to gyms to maintain
their physical health during Covid-19.
Mental health startups see over $1B in funding in H1’20: Investors
have poured over $1B into mental health and wellness startups so
far in 2020 — the most of any category featured in this report. The
mental health and wellness space also leads in deal activity, with
106 deals taking place in H1’20.
Source: CB Insights
Investor attention to digital & at-home wellness solutions grows in the
wake of Covid-19: The pandemic has accelerated the trend of bringing
wellness products and services — from sleep tests to fitness tech — into
the home as individuals seek to reduce infection risk from visiting
physical businesses like spas and studios.
Fulfilling the need for connection and community is coming to the
forefront: Wellness solutions that emphasize community and connection
with others over distance are seeing greater traction as consumers stay
physically apart. These range from community fitness apps to online
groups for women in similar stages of life.
Wellness categories continue to emphasize sustainability: From lab-
grown collagen for skincare to sustainably sourced baby food, themes of
sustainability are here to stay in the long term. However, as these
products are typically more expensive, consumers might look for more
value-based approaches to wellness amid current economic uncertainty.
Companies target specific demographics more explicitly: Startups are
focusing on more specific demographics as the wellness space
becomes more inclusive.
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 H1’20 Wellness
Investment
Trends
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#AhaCBI
INVESTMENT THEMES: WHERE FUNDING IS GOING IN H1 2020

Four underlying themes across wellness

investments

At-Home Tools Community Sustainability Inclusivity

Enabling Connecting Ensuring Reaching
consumers to do individuals sustainably consumers
more from their digitally while sourced inputs across different
homes physically and excluding demographics
distanced harmful ones

Source: CB Insights 9
WELLNESS FUNDING DOWN IN 2020

Deals and dollars decrease in Q2’20

Quarterly global wellness deals and funding ($M), Q3’17 – Q2’20

Total Funding # Of Deals

$4,000 400
288 312
292 282
260
273 300
251 247 246
231 224 231

$2,000 200

100

$1,311 $1,181 $1,784 $2,944 $2,935 $1,164 $3,587 $2,517 $1,635 $1,272 $3,052 $1,568
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 10
DEAL SHARE HOLDS RELATIVELY STEADY IN 2020 SO FAR

North America maintains deal share majority

Share of annual wellness deals by region, 2016 – 2020 (through Q2’20)
100% Rest of World
18% 17% 17% 19%
21% Europe
75%
21% 25%
23% 26% 25% Asia

50%

60% 56%
25% 53% 53% 53% North America

0%
2016 2017 2018 2019 2020
As of Q2’20
Source: CB Insights 11
 CONSUMER SMART MONEY MEGA-ROUNDS*

Top Consumer Smart Money investor deals

Top wellness mega-rounds with Consumer Smart Money participation* in Q1 and Q2 2020, by deal size ($M)
Participating
Deal Size ($M) // Total Disclosed Consumer Smart
Company Deal Date Stage Funding ($M) Money Investors Description

3/16/2020 $500 // Series F $1,306 Khosla Ventures Impossible Foods is a sustainability-

focused food technology company that
offers plant-based protein alternatives.
1/22/2020 $161 // Series B $211 Norwest Venture Memphis Meats produces meat from self-
Partners reproducing cells.

3/20/2020 $110 // Series E $409 Accel India-based CureFit is a holistic health

platform that provides access to fitness
programs across online and offline
channels.
5/21/2020 $100 // Series C $160 General Catalyst Mindstrong provides virtual therapy and
psychiatric care through its mobile app.

*The CB Insights Consumer Smart Money list contains the world's best-performing VCs in the broader consumer space. Mega-rounds are deals worth $100M+.

Source: CB Insights. 12
 WELLNESS UNICORN BIRTHS*

Two fitness tech startups earn $1B valuations

New wellness unicorns disclosed in Q1 and Q2 2020, by birth date

Unicorn Birth Deal Size ($M) // Total Disclosed

Company Date Stage Funding ($M) Select Investors Description
1/8/2020 $285 // Series E $545 Apax Partners, Temasek, L Classpass gives users access
Catterton to fitness classes at multiple
gyms and locations.

5/19/2020 $80 // Series E $255 GGV Capital, Morningside Keep is a community-oriented

Venture Capital, Tencent mobile fitness app that
Holdings provides online fitness classes.

Source: CB Insights. *Wellness unicorn births are based on companies included in the Collections featured in this report. 13
 H1’20 Wellness
Investment
Highlights
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#AhaCBI
 STATE OF WELLNESS:
H1 2020

Startups specifically focused on

providing healthcare products &
Companies applying technology to services to women.
Startups focusing on
issues of emotional, psychological, cosmetics and grooming.
and social wellbeing.

Startups helping consumers to

Startups developing improve wellbeing with products &
technology to augment WOMEN’S services that generally do not require
MENTAL HEALTH BEAUTY &
physical fitness practices. a prescription or connection with a
HEALTH PERSONAL health professional.
CARE
FITNESS SELF-CARE
TECH & HEALTH
Companies that aim to Companies developing tech-
monitor and/or improve enabled products & services that
aspects of sleep. SLEEP BABY & primarily serve children up to the
KIDS TECH age of 12 or their caregivers.

15
 SLEEP

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

16
SLEEP HEALTH & WELLNESS DEALS TICK UPWARD

Q2’20 deals jump 79% quarter-over-quarter

Quarterly global sleep health & wellness deals and funding ($M), Q3’17 – Q2’20
Total Funding # Of Deals
$1,400 40

$1,200 32
32
$1,000
25 25
21 22 22 24
$800
19 19
16
$600 14 14 16
12
$400
8
$200
$121 $186 $385 $88 $151 $103 $1,322 $139 $59 $251 $150 $239
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights Note: Q1’19 funding is an artifact of Verily Life Science’s $1.0B Private Equity round. 17
FDA CLEARANCE OF SOMRYST (PEAR THERAPEUTICS) HAS IGNITED INTEREST IN DIGITAL SLEEP THERAPEUTICS

Digital therapeutics rank among top Q2’20 deals

Top sleep health & wellness deals in Q2’20, by deal size ($M)

Deal Size ($M) Total Disclosed

Company Headquarters Deal Date // Stage Funding ($M) Select Round Investors Description

Santa Monica, 6/10/2020 $48 // Series C – II $217 Spectrum Equity, Advancit Capital, Headspace develops an online membership platform
California The Chernin Group, Times Bridge, offering free guided meditation and mindfulness to
blisce/ feel happier, sleep better, and beat stress.

San Francisco, 6/18/2020 $39 // Series B $54 Kaiser Permanente Ventures, Big Health aims to improve mental health with digital
California Octopus Ventures, Gilde therapeutics. Its lead products are Sleepio for poor
Healthcare sleep and Daylight for worry and anxiety.

San Francisco, 4/30/2020 $25 // Series C – II $78 Workday Ventures, Canvas Vida provides personalized digital therapeutic
California Ventures, Aspect Ventures programs combined with real human health coaching
to address chronic physical and behavioral health
conditions.

New York, 5/12/2020 $21 // Series C $42 Jerusalem Venture Partners, Nanit’s Sleep System is a baby monitor and
New York RRE Ventures, Upfront Ventures, connected app that helps parents track, monitor, and
Rho Capital improve their child's sleep.

Boston, 4/8/2020 $16 // Series B $26 MemorialCare Innovation Fund, SilverCloud Health enables healthcare organizations
Massachusetts LRVHealth, ACT Venture Capital, B to deliver clinically validated digital therapeutic care
Capital Group, OSF Ventures, that is proven to improve outcomes, increase access
UnityPoint Health Ventures and scale, and reduce costs.

Source: CB Insights 18
 HIGHLIGHT #1: WEARABLES REVOLUTIONIZE SLEEP TESTING

Medical grade wearables enable at-home sleep tests

Total disclosed funding: $4M
Latest round: Seed VC, Feb ‘20
Select investors: Spark Capital,
Correlation Ventures
TATCH combines flexible electronics,
machine learning, and wearables to
diagnose sleep disorders.
Source: CB Insights
Total disclosed funding: $13M
Latest round: Incubator/Accelerator,
June ‘20
Select investors: Jazz
Pharmaceuticals, imec
Onera develops an at-home, medical-
grade sleep diagnostic patch system
that’s easy to use and wireless.
Total disclosed funding: $3M
Latest round: Incubator/Accelerator,
June ’20
Select investors: MedTech Innovator
Cerebra Health is a digital health
company focused on delivering
advanced sleep analysis to in-home
and clinic-based testing.
19
 HIGHLIGHT #2: SLEEP SUPPLEMENTS GO DIGITAL
Supplements integrate with digital health apps
Total disclosed funding: $10M
Latest round: Series A, July ‘20
Select investors: Casa Verde Capital, Redesign Health
Proper offers a combination of sleep coaching and
supplements as a holistic solution. Its aids contain doses of
natural ingredients and botanical extracts.
Source: CB Insights
Total disclosed funding: $8M
Latest round: Seed VC, Nov ‘19
Select investors: Founders Fund, Felicis Ventures,
Maverick Capital, AME Cloud Ventures
Remrise helps users find out why they can't sleep, and
then recommends all-natural formulas that aim to treat
the underlying reasons without leaving users lethargic.
20
HIGHLIGHT #3: SLEEP TECH SOLUTIONS REACH YOUNGER GENERATIONS
Tech aims to help kids fall and stay asleep
Total disclosed funding: $42M
Latest round: Series C, May ‘20
Select investors: RRE Ventures, Upfront Ventures, Rho
Capital Partners, Jerusalem Venture Partners
Nanit offers a baby monitor and connected app that
helps parents to track and improve their child's sleep.
Source: CB Insights
Total disclosed funding: $21M
Latest round: Series B, Apr ‘20
Select investors: Accel, TriplePoint Capital, Latitude
Ventures
Moshi is an audio-only app designed to help kids fall
asleep independently, sleep better, and be more
mindful.
21
 HIGHLIGHT #4: NEUROTECH INNOVATORS DEVELOP DRUG-FREE SLEEP AID ALTERNATIVES
Neurostimulation gains traction for treatment
Total disclosed funding: $75.3M
Latest round: Series C, Feb ‘20
Select investors: ResMed, Cochlear, Gilde Healthcare
Nyxoah is a medical device company focused on
developing and commercializing a neurostimulation-based
therapy for the treatment of Obstructive Sleep Apnea (OSA).
Source: CB Insights
Total disclosed funding: $16.3M
Latest round: Series A, July ‘20
Select investors: Clarendon Fund Managers, IQ Capital
Partners, Techstart Ventures
Neurovalens’ products stimulate neurons in the brainstem
that are responsible for functions like metabolism, autonomic
function, and circadian regulation.
22
 FITNESS TECH

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

23
DOLLAR FUNDING COOLS DOWN WHILE DEALS INCREASE

Fitness tech deals rebound while dollars drop in Q2’20

Quarterly global fitness tech deals and funding ($M), Q3’17 – Q2’20

Total Funding # Of Deals

$1,200 80

59
53 60
$800 45 45
48

37 39
40
31
27 27
$400 21 22
20
$96 $67
$148 $297 $166 $1,102 $323 $646 $619 $105 $603 $186
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 24
MORE EXPANSION- & LATER-STAGE DEALS INDICATE A MATURING MARKET

Late-stage fit tech deals see larger share in H1’20

Share of annual global fitness tech deals by funding stage, 2016 – 2020 (through Q2’20)
100% Other
24% 29% 28% 24% Series E+
32%
Series D
75% 6% Series C
6% 7%
8% 10% Series B
13%
13% Series A
50% 12% 19% 8%
12% Seed/Angel

54% 14%
25% 49% 45% 41%
22%
0%
2016 2017 2018 2019 2020
As of Q2’20
Source: CB Insights 25
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: MORE AT-HOME FITNESS STARTUPS SEE FUNDING AND M&A ACTIVITY

lululemon buys Mirror for $500M

Total disclosed funding: $72M

Valuation: $500M
Mirror makes an at-home fitness device that displays
an instructor who guides users through a range of
workouts.

Source: CB Insights 26
HIGHLIGHT #1: MORE AT-HOME FITNESS STARTUPS SEE FUNDING AND M&A ACTIVITY
Early-stage home fitness startups on the rise
Total disclosed funding: $57M
Latest round: Series B, June ‘20
Select investors: L Catterton, Rx3 Ventures, The
Raptor Group, Wheelhouse
Hydrow makes an at-home rowing machine that aims
to replicate the experience of rowing outdoors by
simulating sights and sounds.
Source: CB Insights
Total disclosed funding: $5M
Latest round: Seed VC, July ‘20
Select investors: Greycroft
Ergatta makes a digital rowing machine that
challenges users with individually tailored games and
competitions.
27
HIGHLIGHT #2: INVESTORS FOCUS ON SOCIAL FITNESS AMID COVID-19

China-based social fitness startup hits unicorn status

Total disclosed funding: $254M

Valuation: $1B
Latest round: Series E, May ’20
Select investors: Bertelsmann Asia Investments, GGV
Capital, Morningside Venture Capital, Tencent
Keep is a Beijing-based community-oriented mobile fitness
app that provides online fitness classes. The company
claims to have over 200M registered users.
Source: CB Insights 28
HIGHLIGHT #3: FITNESS WEARABLES STARTUPS OFFER CONNECTED SERVICES

Wearables take the spotlight during Covid-19

Total disclosed funding: $45M

Latest round: Series B, Mar ’20
Select investors: Forerunner Ventures, Square, BOLD
Capital Partners
Oura makes a wellness ring designed to help users
improve their health by analyzing sleep, activity levels,
and other physiological data.

Source: CB Insights 29
HIGHLIGHT #3: FITNESS WEARABLES STARTUPS OFFER CONNECTED SERVICES

Wearables look to quantify health & wellness

Total disclosed funding: $9M
Latest round: Series A, Feb ‘20
Select investors: Hiro Capital
UK-based Nurvv’s smart insoles
combine sensors with a coaching
app to help runners evaluate their
progress and technique, as well as
give them insights.
Source: CB Insights
Total disclosed funding: $104M
Latest round: Series D, Nov ‘19
Select investors: Foundry Group,
NFL Players Association, Bose
Ventures
Whoop makes a wearable that
helps consumers improve their
physical performance by collecting
physiological data to measure
recovery, strain, and sleep.
Total disclosed funding: $51M
Latest round: Series C, Sept ‘19
Select investors: New Enterprise
Associates
GOQii is an India-based startup
that’s building a health and
fitness platform that combines
wearables, personal coaches,
and gamification.
30
HIGHLIGHT #4: TARGETED FITNESS PROGRAMS

Startups bring fitness to targeted audiences

Total disclosed funding: $142M Total disclosed funding: $1.6M

Latest round: Series C, Feb ‘20 Latest round: Seed VC - II, May ‘20

Select investors: Insight Partners, Bessemer Venture Select investors: Techstars Ventures, Serena
Partners Ventures

Hinge Health offers a program for chronic back and Every Mother offers an online community and
joint pain. exercise programs targeted to mothers.
Source: CB Insights 31
HIGHLIGHT #5: PERSONALIZED COACHING PLATFORMS ESTABLISH PRESENCE
Health coaching goes digital
Total disclosed funding: $409M
Latest round: Series E, Mar ‘20
Select investors: Accel,
Temasek, Unilever Ventures
CureFit is building a mobile app-
based health platform that
provides fitness classes, healthy
recipes, and access to primary
healthcare.
Source: CB Insights
Total disclosed funding: $88M
Latest round: Series C, Sept ‘19
Select investors: Sequoia
Capital, Kleiner Perkins,
Samsung Ventures
Noom is a health-focused startup
that encourages behavioral
change through digital coaching
programs.
Total disclosed funding: $78M
Latest round: Series C, Apr ‘20
Select investors: Khosla Ventures,
Aspect Ventures, NGP Capital
Vida Health is a virtual healthcare
platform that connects users with
chronic conditions to personal
trainers, nutritionists, and other
health- and wellness-oriented
coaches. 32
 MENTAL HEALTH

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

33
MENTAL HEALTH & WELLNESS SEES A STRONG START IN H1’20

2020 sees a boost in mental health funding

Quarterly global mental health & wellness deals and funding ($M), Q3’17 – Q2’20
Total Funding # Of Deals
$600 70
61
$500 53 60

43 44 45 50
$400 40
36 40
33 30
$300 30
24 24 30
$200
20
$100 10
$162 $78 $202 $264 $137 $127 $216 $534 $229 $115 $579 $497
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 34
INVESTORS EMPHASIZE DIGITAL PROGRAMS FOR THERAPY & COACHING SERVICES

Top deal in Q2’20 goes to a virtual therapy platform

Top mental health & wellness deals in Q2’20, by deal size ($M)
Deal Size ($M) Total Disclosed
Company Headquarters Deal Date // Stage Funding ($M) Select Round Investors Description

Mountain View, 5/21/2020 $100 // Series C $160 ARCH Venture Partners, General Mindstrong provides virtual therapy and psychiatric
California Catalyst, Optum Ventures, 8VC care through its mobile app. It also uses its patented
biomarker panel to measure cognitive function.

San Francisco, 5/19/2020 $57 // Unattributed $257.7 Perceptive Advisors Omada Health offers digital care programs for
California multiple conditions through its health coaching,
interactive lessons, and connected devices.

Santa Monica, 6/10/2020 $47.7 // Series C – $217 Spectrum Equity, Waverly Capital, Headspace offers a membership-based meditation
California II The Chernin Group, Advancit and mindfulness platform for consumers. Its mobile
Capital app offers programs for stress, anxiety, loneliness,
and more.

San Francisco, 6/18/2020 $39 // Series B $54.3 Kaiser Permanente Ventures, Big Health develops a mobile app – Daylight – that
California Gilde Healthcare Partners, serves as a digital therapeutic for worry and anxiety.
Samsung NEXT It uses cognitive and behavioral techniques in its
program.

Denver, Colorado 4/6/2020 $27 // Series B $34.5 F-Prime Capital, Kickstart Fund, SonderMind helps match patients to therapists based
General Catalyst on their insurance and the type of support they need.
It connects patients to both virtual or in-person
therapists.

Source: CB Insights 35
 HIGHLIGHT #1: MENTAL HEALTH SOLUTIONS FOR EMPLOYERS GROW

Benefits platforms highlight a comprehensive approach

Total disclosed funding: $174M Total disclosed funding: $63M Total disclosed funding: $43M

Latest round: Series C, March ‘20 Latest round: Series C, Aug ‘19 Latest round: Series B, Jan ‘20

Select investors: Institutional Venture Select investors: Khosla Ventures, Select investors: Kleiner Perkins
Partners, Venrock, Greylock Partners Kaiser Permanente Ventures Caufield & Byers, Founders Fund

Lyra offers services such as virtual & Ginger.io offers employees virtual Modern Health gives employees a
in-person therapy to employees. therapy and psychiatry services and personalized care plan that may include
real-time coaching. therapy, coaching, digital courses, and
Source: CB Insights meditation. 36
 HIGHLIGHT #2: DIGITAL THERAPEUTICS TARGET MENTAL HEALTH & WELLBEING

Mental health is a key focus area for digital therapeutics

Total disclosed funding: $45M Total disclosed funding: $26M Total disclosed funding: $9M

Latest round: Series D, Aug ‘19 Latest round: Series B, Apr ‘20 Latest round: Series A, May ‘20

Select investors: TT Capital Partners, Select investors: OSF Ventures, Select investors: GSR Ventures, Sequoia
Mangrove Capital Partners LRVHealth, UnityPoint Health Ventures Capital, NextGen Venture Partners

Happify Health offers digital
therapeutics for mental health needs.
Its platform includes evidence-based
programs and activities.
Source: CB Insights
SilverCloud Health provides healthcare
organizations with digital therapeutics
for mental health conditions such as
anxiety and for general wellbeing
issues like stress.
Limbix offers digital therapeutics for
adolescent mental health disorders
using cognitive behavioral therapy
(CBT) techniques. Its lead product
targets depression.
37
HIGHLIGHT #3: MEDITATION APPS OFFER A WIDER VARIETY OF CONTENT

Meditation platforms start to differentiate content offerings

Total disclosed funding: $143M Total disclosed funding: $27M

Latest round: Series B, July ‘19
Select investors: Lightspeed Venture Partners, Insight
Partners, TPG Growth, Sound Ventures
Calm offers a library of meditation, music, and sleep
content for various wellness benefits. Its Sleep Stories
feature narration by well-known entertainment figures.
Source: CB Insights
Latest round: Unattributed VC, March ‘20
Select investors: Evolve Ventures
InsightTimer provides guided meditations, courses,
music, and inspirational talks. It offers meditations
from many different origins (e.g. Buddhism, Taoism)
and practices (e.g. sound, movement).
38
HIGHLIGHT #4: MENTAL HEALTH NEEDS TARGET DIFFERENT DEMOGRAPHICS

Early-stage startups address specific mental health needs

Total disclosed funding: $1.2M
Latest round: Seed VC, Aug ‘19
Select investors: CMI Ventures
Enable My Child provides teletherapy
services in pediatric mental health
along with speech, occupational, and
physical therapies. Its AI-enabled
platform helps match children with
therapists.
Source: CB Insights
Total disclosed funding: $6M
Latest round: Series A, July ‘20
Select investors: Forerunner
Ventures, BBG Ventures
Real aims to offer mental health
services distinct from traditional
approaches. Its initial focus is on
women and nonbinary patients.
Total disclosed funding: N/A
Latest round: Seed, Apr ‘20
Select investors: Multicultural
Innovation Lab
Henry Health provides a teletherapy
platform for people of color.
Launched in 2018 with an emphasis
on black men, it is also developing an
online mental wellness space called
Men Thrive. 39
 WOMEN’S HEALTH

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

40
WOMEN’S HEALTH DEALS INCREASE WHILE DOLLARS DECLINE IN Q2’20

Funding drops but deal count rebounds in Q2’20

Quarterly global women’s health & wellness deals and funding ($M), Q3’17 – Q2’20
Total Funding # Of Deals
$600 52 60
53
51
$500 47 50
45
42 42 42
38
$400 34 40
32
29
$300 30

$200 20

$100 10
$229 $250 $95 $131 $370 $117 $564 $300 $263 $189 $388 $206
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 41
THE AMOUNT OF EARLY-STAGE DEALS INDICATES A GROWING MARKET

Seed & Series A deals dominate the women’s health space

Share of annual global women’s health & wellness deals by funding stage, 2016 – 2020
(through Q2’20)
100% 7% 6%
11% 9% Other
6% 10%
Series E+
9% 11% 14% 8%
75% 8% Series D
Series C
19%
18% 32% 23% 29% Series B
Series A
50%
Seed/Angel

54% 57%
25% 45% 50% 48%

0%
2016 2017 2018 2019 2020
Source: CB Insights As of Q2’20 42
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: EMERGING D2C BRANDS ARE FOCUSED ON INCONTINENCE

Menstruation brands begin to emphasize incontinence

Total disclosed funding: $17M Total disclosed funding: $1M

Latest round: Series A, July ‘20 Latest round: Seed VC, June ‘20

Select investors: Balance Point Capital Partners, Select investors: Precursor Ventures, XFactor
Harbinger Ventures, Cambridge SPG Ventures

Cora offers organic period and bladder care products. Attn: Grace sells sustainable incontinence products
It launched its bladder leak liners in April 2019. such as liners, pads, and briefs.

Source: CB Insights 43
HIGHLIGHT #2: SEXUAL WELLNESS TAKES BRANDING CUES FROM OTHER WELLNESS CATEGORIES
From apps to D2C, sexual wellness gains traction
Total disclosed funding: $3M
Latest round: Seed VC, Nov ’19
Select investors: Freestyle Capital, Plug and Play
Ventures, Tom Williams
Coral develops a mobile app that serves as a guide to
improved sexual intimacy through its library of stories,
lessons, and exercises.
Source: CB Insights
Total disclosed funding: $2M
Latest round: Series A, Nov ‘19
Select investors: Vice Ventures, RRE Ventures,
Outbound Ventures
Maude sells a line of sexual wellness products,
including personal massagers, lubricants, and body
oils. Its packaging favors the aesthetic of a natural
beauty brand. 44
 HIGHLIGHT #3: SOCIAL COMMUNITIES FOR WOMEN ARE ON THE RISE

Social communities offer connection & peer-sourced advice

Total disclosed funding: $22M
Latest round: Series A, May ‘20
Select investors: EQT Ventures, New
Enterprise Associates, Female
Founders Fund
Peanut’s mobile app connects women
in similar life stages such as pregnancy
or parenthood.
Source: CB Insights
Total disclosed funding: $2.65M
Latest round: Seed VC, Oct ‘19
Select investors: Y Combinator,
Forerunner Ventures
Revel offers an online-to-offline
community for women aged 50+. It
hosts regular events and facilitates
conversations between smaller groups.
Total disclosed funding: $2M
Latest round: Series A, Jan ‘20
Select investors: Rebecca Minkoff, Kori
Estrada, Luminari Capital, Ore Ventures
HeyMama is a community group that
connects working moms balancing
careers and families.
45
HIGHLIGHT #4: ONLINE & OFFLINE WELLNESS SERVICES ARE BECOMING A PART OF WOMEN’S HEALTHCARE
Wellness becomes a staple for women’s clinics
Total disclosed funding: $64M
Latest round: Series B, July ‘20
Select investors: Google Ventures, TQ Ventures,
Perceptive Advisors, Trail Mix Ventures
Kindbody offers in-clinic fertility services (e.g. egg
freezing, IVF) and virtual coaching and counseling
sessions along with its own line of supplements.
Source: CB Insights
Total disclosed funding: $26.9M
Latest round: Series A, May ‘20
Select investors: Homebrew, Compound, Define
Ventures
Tia offers primary care, gynecology, and behavioral
health services at its clinic and via telehealth. It
also offers wellness services such as acupuncture.
46
 BEAUTY & PERSONAL CARE

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

47
BEAUTY & PERSONAL CARE DEALS CONTINUE TO DECLINE

Beauty deals hit lowest level in recent years

Quarterly global beauty & personal care deals and funding ($M), Q3’17 – Q2’20

Total Funding # Of Deals

$1,000 100

75
$750 69 75
58
58 59 57 57
50 52 51
$500 44 50
33

$250 25

$200 $289 $423 $520 $671 $252 $556 $443 $494 $178 $99 $267
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 48
EARLY-STAGE BEAUTY & PERSONAL CARE STARTUPS ATTRACT ATTENTION

Seed & Series A rounds still account for majority of deals

Share of annual global beauty & personal care deals by funding stage, 2016 – 2020
(through Q2’20)
100%
18% Other
27% 29% 23% Series E+
39% Series D
75% Series C
7%
6% 7% Series B
13% Series A
6% 19% 15%
50% 17%
10%
Seed/Angel
25% 50% 45% 47%
40% 42%

0%
2016 2017 2018 2019 2020
As of Q2’20
Source: CB Insights 49
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: MEN’S GROOMING SEES FUNDING INFLOW
Men’s grooming goes beyond shaving
Total disclosed funding: $34M
Latest round: Series A, Feb ‘20
Select investors: Canaan Partners,
Global Founders Capital
Bravo Sierra is a men’s grooming
line inspired by the US military. It
sells soap, sunscreen, and more.
Source: CB Insights
Total disclosed funding: $9M
Latest round: Unattributed, Oct ‘19
Select investors: N/A
Lumin is a personal care brand for
men. It offers products for specific
concerns like dark circles, puffy
eyes, and early aging.
Total disclosed funding: $2M
Latest round: Unattributed, Apr ‘20
Select investors: N/A
Disco is a D2C men’s science-
backed self-care brand, with
products ranging from face masks
to body wash.
50
HIGHLIGHT #2: BRANDS FOCUS ON PREVENTION WITH SPF
Sun protection and beauty overlap
Total disclosed funding: $3M
Latest round: Seed VC, Sept ‘19
Select investors: Founders Fund, Greycroft
Lumasol makes a sunscreen mist that can be applied
over makeup to the face and neck for daily
protection. The applicator bottle changes colors to
remind users to reapply their sunscreen for better
protection. It is sold D2C.
Source: CB Insights
Total disclosed funding: $1M
Latest round: Angel, June ‘20
Select investors: N/A
Black Girl Sunscreen’s vegan sunscreen is designed
to moisturize skin and absorb into darker skin tones
without leaving behind white residue. The company
makes both adult and kids versions. It is sold D2C
and in stores like Target.
51
HIGHLIGHT #3: COMPANIES DIFFERENTIATE WITH INGREDIENT INNOVATION

Brands continue to focus on clean ingredients &

botanicals

Total disclosed funding: $15M
Latest round: Series A, Aug ‘19
Select investors: Silas Capital,
Stage 1 Financial
Herbivore Botanicals uses natural
ingredients, essential oils, and
botanicals to formulate its skincare,
body, and grooming products.
Source: CB Insights
Total disclosed funding: $2M
Latest round: Series B, Jan ‘20
Select investors: CircleUp, Imaginary
Ventures, M3 Ventures
Kosas Cosmetics is a botanical
makeup brand. It is sold online and
distributed through retailers like
Credo, Goop, and Sephora.
Total disclosed funding: N/A
Latest round: Seed VC, Feb ‘20
Select investors: Worth Capital
Five Dot Botanics focuses on
skincare made with minimal
ingredients.
52
HIGHLIGHT #3: COMPANIES DIFFERENTIATE WITH INGREDIENT INNOVATION

Lab-grown ingredients receive more attention

Total disclosed funding: $115M

Latest round: Series B, July ‘20
Select investors: Blue Horizon, CPT Capital, SOSV
Biotech company Geltor creates sustainably
cultivated, lab-grown proteins for consumer goods.
The company offers vegan collagen technologies
specifically crafted for skincare applications.

Source: CB Insights 53
HIGHLIGHT #4: MENSTRUATION PRODUCTS ATTRACT INVESTOR INTEREST

Menstruation startups see funding globally

Total disclosed funding: $21M
Latest round: Series A, Jan ‘20
Select investors: SoftBank Ventures
Asia, Unilever Ventures
US-based Rael sells organic period
care goods in addition to skincare
products.
Total disclosed funding: $3M
Latest round: Seed, May ‘20
Select investors: Founders Future
France-based JHO makes organic
period care products.
Total disclosed funding: $200K
Latest round: Seed VC, Dec ‘19
Select investors: Titan Capital
India-based Azah sells
hypoallergenic pads made from
100% cotton.

Source: CB Insights 54
 SELF-CARE & HEALTH

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

55
SELF-CARE & HEALTH FUNDING FALLS

Self-care companies see decline in deals & dollars in Q2’20

Quarterly global self-care and health deals and funding ($M), Q3’17 – Q2’20

Total Funding # Of Deals

$500 43 50
41 40 40 39

31 32
28 29 29
26 27
$250 25

$69 $67 $171 $156 $126 $76 $198 $257 $107 $152 $201 $88
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights 56
DESPITE FUNDING SHORTFALL, SELF-CARE & HEALTH INTEREST STILL ON THE RISE

Media interest in the space continues to climb

News coverage of self-care and health, August 2015 – June 2020

Source: CB Insights 57
HIGHLIGHT #1: TECH ENABLES MORE PERSONALIZED SUPPLEMENTS

Higher-tech sophistication for supplements

Total disclosed funding: $2M Total disclosed funding: $6M Total disclosed funding: $85M

Latest round: Seed VC, March ‘20
Select investors: HenkelX, Apater
Capital
UK-based Nourished makes 3D-
printed personalized vitamins.
Source: CB Insights
Latest round: Incubator/Accelerator,
March ‘20
Select investors: Ringier Digital
Ventures, Sanner Ventures
Supplement startup Baze sends
users a small arm device that
collects blood to measure nutrients.
Latest round: Series C, Feb ‘20
Select investors: RRE Ventures,
Tusk Ventures
Care/of offers a quiz for users to
tailor supplements to their
unique needs.
58
HIGHLIGHT #2: AT-HOME LAB TESTS FOR HEALTH INDICATORS BECOME MORE POPULAR

D2C testing kits offer privacy and convenience

Total disclosed funding: $72M

Latest round: Series C, Dec ‘19
Select investors: General Catalyst, Mayo Clinic
Ventures, Morningside Venture Capital
Elysium Health offers an at-home saliva test to
determine biological age, so consumers can compare
whether it is older or younger than their actual age. It
also sells supplements designed to support healthy
aging in the brain and body.

Source: CB Insights 59
HIGHLIGHT #2: AT-HOME LAB TESTS FOR HEALTH INDICATORS BECOME MORE POPULAR

Fast results are key

Total disclosed funding: N/A Total disclosed funding: $5M

Latest round: Seed VC, June ‘20 Latest round: Seed VC, Oct ‘19
Select investors: UConn Innovation Fund Select investors: Katrina Lake
QRfertile offers an at-home test for male fertility, Natalist provides tests for ovulation, sperm analysis,
with results appearing on its app within 15 minutes. and pregnancy, which can all be done from home.

Source: CB Insights 60
HIGHLIGHT #3: AI-POWERED DIGITAL COACHES FOR SELF HEALTH MANAGEMENT BECOME MORE POPULAR

Digital coaches and chatbots gain traction

Total disclosed funding: $118M

Latest round: Series E, Jan ‘20
Select investors: AIZAWA Investments, Japan
Medical System, Toshiba
FiNC is an AI-powered health coach that gives users
advice on their diet, exercise, sleep, and more.
Individuals can use their smartphone to upload
pictures of their meals, and the program
automatically assesses the calorie count.

Source: CB Insights 61
HIGHLIGHT #4: SEXUAL WELLNESS STARTUPS EXPAND IN SCOPE

Early-stage startups redefining sexual wellness

Total disclosed funding: $1.4M

Latest round: Seed VC, Feb ‘20
Select investors: Brand Foundry Ventures, Finn
Capital Partners
Hello Cake makes sexual wellness products for
individuals of all sexual orientations.

Source: CB Insights 62
 BABY & KIDS TECH

WOMEN’S
MENTAL HEALTH BEAUTY &
HEALTH PERSONAL
CARE
FITNESS SELF-CARE
TECH & HEALTH

BABY &
SLEEP
KIDS TECH

63
DEAL ACTIVITY IS ON THE DECLINE

Deals are down, dollars are up in H1’20 vs. H1’19

Quarterly global baby & kids tech deals and funding ($M), Q3’17 – Q2’20

Total Funding # Of Deals

$2,000 80
68 68
$1,600 60 60 58 60
56 55 60
52
$1,200
39
36 36 40
$800
20
$400
$363 $298 $277 $1,855 $480 $349 $154 $495 $289 $487 $277
$116
$0 0
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

Source: CB Insights Note: Q2’18 funding is an artifact of Ubtech Robotics’ $820M Series C round. 64
SEED-STAGE STARTUPS SEE DEAL SHARE DROPPING

Expansion-stage startups gain deal share

Share of annual global baby & kids tech deals by funding stage, 2016 – 2020
(through Q2’20)
100%
17% 15% 13% Other
19% 21% Series E+
Series D
75% 6% 11% 6% 6% Series C
13% 13% Series B
12%
17% 18% Series A
50% 20%

60% 63% Seed/Angel

25% 52% 50%
40%

0%
2016 2017 2018 2019 2020
As of Q2’20
Source: CB Insights 65
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: FINTECH PLATFORMS FOR YOUNGER CONSUMERS SEE FUNDING INFLOW
Instilling financial wellness at an early age
Total disclosed funding: $82M
Latest round: Series B, Aug ‘19
Select investors: J.P. Morgan Chase, New Enterprise
Associates
Greenlight Technology makes a debit card and an
app to teach children financial responsibility.
Source: CB Insights
Total disclosed funding: $12M
Latest round: Series A, March ‘20
Select investors: Global Founders Capital
Pixpay is an app and debit card designed to help
teach children and teenagers financial principles.
Users can receive and spend money through the app.
66
HIGHLIGHT #2: INFANT NUTRITION SEES STRONG INVESTMENT ACTIVITY

Subscription models in baby food on the rise

Total disclosed funding: $12M Total disclosed funding: $11M Total disclosed funding: $13M

Latest round: Series A, Dec ‘19 Latest round: Series A, July ‘20 Latest round: Series B, Apr ‘20

Select investors: Day One Ventures, Select investors: btov Partners, Select investors: Danone Manifesto
New Enterprise Associates Ringier Digital Ventures Ventures, Sonoma Brands

Yumi provides a rotating menu of
organic baby food and finger foods,
with ingredients selected to match
the child’s developmental needs at
different stages.
Source: CB Insights
Germany-based startup Yamo uses a
short quiz to gather information on
the child to recommend a menu of
baby food.
Yumble’s weekly subscription boxes
of premade kids meals are made
from regionally sourced ingredients.
67
HIGHLIGHT #2: INFANT NUTRITION SEES STRONG INVESTMENT ACTIVITY

Sustainability trends extend to formula

Total disclosed funding: $92M

Latest round: Series A, Apr ’20
Select investors: Polaris Partners, Red Sea Ventures
ByHeart is focused on creating quality baby formula and
infant nutrition products made from sustainable
ingredients and backed by scientific research. Its
formula is currently in the clinical trial stages and is
expected to launch in 2021.

Source: CB Insights 68
HIGHLIGHT #3: SMART DEVICES BRING INSIGHT TO CHILD DEVELOPMENT

Tech personalizes growth & development

Total disclosed funding: $1.5M Total disclosed funding: $1.2M

Latest round: Seed, Jan ‘20 Latest round: Seed, July ‘19

Select investors: Day Lewis Pharmacy Select investors: SOSV, HAX, Lumo Health

Nurturey’s digital assistant helps to track a child’s Raybaby’s smart baby monitor uses radar technology
development and identify emerging needs. to understand an infant’s sleeping and breathing
habits and offers insights as they grow.
Source: CB Insights 69
 HIGHLIGHT #4: TECH HELPS KIDS CREATE HEALTHY EMOTIONAL HABITS

Apps encourage emotional regulation through play

Total disclosed funding: $11M Total disclosed funding: $650K

Latest round: Series A, Sept ‘19 Latest round: Seed, Sept ‘19

Select investors: Founder Collective, MTG Ventures Select investors: Swan Angel Network

Mightier uses bioresponsive games to help kids learn OneSeventeen Media is a platform for children from
to control their emotions. pre-K and up to learn to deal with difficult emotions,
with assistance from a chatbot and interactive
Source: CB Insights mobile app. 70
 Appendix
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#AhaCBI
Methodology
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers
presented in this report. If you have any questions about the definitions or methodological principles used, we encourage
you to reach out to CB Insights directly. Additionally, if you feel your firm has been under-represented, please send an
email to info@cbinsights.com and we can work together to ensure your firm’s investment data is up to date.
What is included: What is excluded:
―Equity funding and deals to consumer-oriented startups and other —Travel, restaurants, and food & beverage startups are excluded,
private companies as prescribed by the 8 categories (Collections) with the exception of those that fall into other Collections that
included in this report. have been featured (e.g. baby food subscription startups) and
―Along with B2C companies, the Collections include B2B retailers alternative proteins startups. (Funding, deal count, Smart Money
and providers. investments, and new unicorn births for alternative protein startups
are included in the executive summary, but we do not highlight this
―Categories are not mutually exclusive (for example, a sleep category in the investment highlights.)
supplements company may be included in both Sleep Health &
Wellness and Self-Care & Health Collections). Criteria for —Startups and other private companies which fall into these
categories can be found on page 5. collections but require a prescription are not the primary focus for
the selection of trends.
―Historical funding data is subject to change as our technology &
data operations explore data sets globally and refine company
classifications.
―For the purposes of this report, including the Consumer Smart
Money investments and new unicorn births, we cover wellness
companies included in the Collections of this report.

Source: CB Insights 72
GET ALL THE DATA USED IN THIS REPORT

Sleep Health & Wellness Women's Health & Wellness

Collection Collection

Beauty & Personal Care

Fitness Tech Collection
Collection

Mental Health & Wellness Self-Care & Health

Collection Collection

Alternative Proteins Startups

Baby & Kids Tech Collection
Collection
73