Tracxn - Nutraceuticals Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Nutraceuticals - Jul 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on July 30, 2018.
Nutraceuticals Feed Summary
4
Nutraceuticals > Feed Summary
Products derived from natural sources with extra health benefits in addition to the basic nutritional value found in food.
• Inclusions: The feed covers companies manufacturing
and marketing nutraceutical ingredients/raw materials,
functional foods, functional beverages, and dietary
supplements with detailed product sub-classification.
• Exclusions: The feed does not cover marketing
companies, distributors, retail chains, animal nutrition
products, and online platforms selling nutraceuticals.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$5.2B
Funding
147
Mega
Companies
6213879
FundedCovered on
Tracxn
3
Unicorns
7
Soonicorns
13
Minicorns
109
IPO’d Cos
197
Late Stage Cos
75
40
Acquisitions
170
DeadPooled
124
Acquihired
Series A+ Cos
Lonza
(1897, Basel, Public)
Ingredion
(1906, Chicago, Public)
Frutarom
(1933, Haifa, Acq)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Nutraceuticals
5
$159M - PE
BOTAMEDI GROUP (2001, Seoul, $159M)
$35M - Series D
Prolacta Bioscience (1999, Los Angeles,
$93.7M)
$157M - PE
True Health (Cottonwood, $157M)
$35M - Series B
Before brands (2015, San Francisco, $48.1M)
$80M - PE
Beloxxi Group (1994, Lagos, $80M)
$35M - PE
OmniActive (2004, Mumbai, $35M)
$40.3M - Series B
Aloha (2012, West Palm Beach, $70.9M)
$30M - Series B
Harmless Harvest (2009, San Francisco, $30M)
$37.2M - PE
Puro Wellness (2016, Mumbai, $37.2M)
$27.1M - Series B
Foodspring (2013, Berlin, $33.7M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Nutraceuticals > Feed Summary > Investment Trend Summary
Seed
AccelFoods (#3), Forerunner Ventures (#2), Angel Capital
Management (#1)
Series A/B AccelFoods (#2), CAVU Venture Partners (#2), Banyan Ventures
(#1)
Series C+
CPP Investment Board (#2), Seventure Partners (#2), Aisling
Capital (#1)
Incubators Brand Capital (#3), SOSV (#2), Y Combinator (#2)
Other Notable
Investors
North Castle Partners (#7), CircleUp (#4)
Debt Investors TPG (#3), Enterprise Ventures (#2), Siparex (#2)
Most Active InvestorsRecent Investments
259
281
338
359
232
17
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 51 52 74 87 72 31
$274M
$133M
$313M
$430M
$524M
$324M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$2.6B
$188M
$159M
$124M
$80M
US
Europe
South
Korea
India
Nigeria
$ Funding

Summary of exit outlook in Nutraceuticals
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Enterprise Ventures 3
Science In Sport (1992, Manly)
Provexis (1999, Reading)
North Castle
Partners
2
EAS sports nutrition (1992, Monterey)
Leiner (1996, Carson)
Steelpoint Capital
Partners
2
TA Associates
Management
2
Premier Nutrition (1997, San Francisco)
Natrol (1980, Chatsworth)
Afternic 1
Radient Technologies (2001, Edmonton,
$2.6M)
May 2018 Frutarom Acq by IFF Inc. for $7.1B
Dec 2017 Atrium Innovations Acq by Nestlé for $2.3B
Feb 2017 Mead johnson Acq by Reckitt Benckiser for $17.9B
Nov 2016
BAI Brands Acq by Dr Pepper Snapple Group for
$1.7B
Jul 2013 Elan Acq by Perrigo for $8.6B
Nov 2012 Schiff Nutrition Acq by Reckitt Benckiser for $1.4B
Nutraceuticals > Feed Summary > Exit Outlook Summary
Abbott 2
EAS sports nutrition (Oct 2004, $320M), ZonePerfect (Jul
2003, $160M)
POST HOLDINGS 2
Joint Juice (Aug 2013, $180M), Premier Nutrition (Aug 2013,
$180M)
Reckitt
Benckiser
2
Mead johnson (Feb 2017, $17.9B), Schiff Nutrition (Nov 2012,
$1.4B)
Glanbia 2
Optimum Nutrition (Aug 2008, $315M), ThinkThin
products (Nov 2015, $217M)
Balchem 2
SensoryEffects (Mar 2014, $567M), Albion Laboratories (Feb
2016, $112M)
Recent IPOs Top Acquisitions
Advanced Enzyme Technologies
Aug 2016
Manufactures enzymes for nutrition, food…
IPO MCap: $300M Current MCap: $367M
Bajaj Health May 2016
Manufacturer and supplier of Supplements,…
IPO MCap: $17.6M Current MCap: $40.5M
Fredun Group Mar 2016
Pharma group with multiple subsidiaries w…
IPO MCap: - Current MCap: -
Rapid Nutrition Mar 2017
Manufactures and exports nutritional prod…
Arev Nutrition Jan 2017
Manufactures coconut based health drink p…
HL Science Oct 2016
Manufactures health supplements
IPO MCap: $121M Current MCap: -

FACTSHEET
Marketmap: Nutraceuticals
FOODS
PROBIOTICS & PREBIOTICS*
MEDICAL FOODS*
MEAL REPLACEMENT
HEALTH SNACK
MULTI-CATEGORY
ENERGY DRINK
SPORTS DRINK
FORTIFIED JUICE
PROBIOTIC DRINK
FUNCTIONAL BEVERAGESNUTRACEUTICAL INGREDIENTS
DIVERSIFIED
MULTI-CATEGORY
HERBAL SUPPLEMENTS
PLANT EXTRACTS & PHYTO-CHEM.
VITAMINS
MINERALS
SUPPLEMENTS
PROTEIN SUPPLEMENTS
ALGAL EXTRACTS
CONTRACT MANUFACTURING
Overview
Companies 3879
Funded 621 Series A+ 197
Funding $5.2B Last 2 yrs $1.1B
Most Active Investors
Seed AccelFoods (3)
Series A/B AccelFoods (2)
Series C+ CPP Investment Board (2)
Others North Castle Partners (7)
Incubators Brand Capital (3)
Top Cities
Bay Area 102 Cos $436M
Blaine 2 Cos $284M
Feed in Numbers
Unicorns 3 Soonicorns 7
Minicorns 13 Editor Picks 71
Acquihired 124 Deadpooled 170
Top Companies
Frutarom (1933, Haifa)
Lonza (1897, Basel)
Ingredion (1906, Chicago)
Exits
IPOs 109 Advanced Enzyme
Technologies, HL Science
Acquisitions 40 Mead Johnson, Elan
Top Acquirers Abbott, Post Holdings
For any Feedback and Query reach out to MyAnalyst@tracxn.com* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
Nutraceuticals > Feed Summary > BlueBox
7

Key Sub Sectors in Nutraceuticals Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Supplements >
Multicategory 1125 $286M 27
Foods >
Health Snack 155 $107M 13
Supplements > Herbal Supplements >
Plant Extracts and Phyto-chemicals 548 $69.3M 11
Diversified 256 $56.5M 9
Supplements >
Others 232 $54.9M 8
Foods >
Medical Foods 45 $48.1M 5
Nutraceutical Ingredients 188 $57.5M 4
Contract Manufacturing 188 $25M 5
Functional Beverages >
Probiotic Drink 20 $34.1M 4
Functional Beverages >
Energy Drink 105 $15.4M 5
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Supplements
Companies that develop ingestible products that
contain a dietary ingredient intended...
2547 291 $3.3B
Functional Beverages
Companies that develop health drinks which include
ingredients like herbs, vitamins,...
220 73 $850M
Foods
Companies manufacturing healthy snacks and foods
480 112 $554M
Nutraceutical Ingredients
Companies manufacturing raw materials used for
manufacturing nutraceutical products
188 58 $201M
Diversified
Companies that manufacture more than one type of
nutritional product
256 50 $156M
Contract Manufacturing
Companies providing contract manufacturing services
for finished nutraceutical products
188 37 $88.6M
Nutraceuticals > Feed Summary > Summary of Key Markets

List of Notable Companies in Nutraceuticals
Notable Companies in the Sector (1/3)
9
Note: *(Founded Year, Location, Total Funding)
Nutraceuticals > Feed Summary > Notable Companies in the Sector
Public
Herbalife
(1980, Los Angeles)*
Mega LifeSciences
(1982, Bangkok)
Advanced Enzyme
Technologies
(1989, Thane, $18.3M)
Weider Global Nutrition
(1936, Gilbert)
HL Science
(2000, Uiwang)
Venture Life
(2010, Bracknell)
Kyung Nam Pharm
(1993, Changwon, $1.8B)
Cell Biotech
(1995, Gimpo-si)
Medlab
(2012, Sydney)
Bioxyne
(1997, Sydney)
Public
Bajaj Health
(1993, Mumbai)
Science In Sport
(1992, Manly)
Clover Corporation
(1988, Melbourne)
Pochiraju Industries
(1995, Krishnagiri)
OptiBiotix Health
(2012, York)
Ganga Pharmaceuticals
(1989, Mumbai)
Vita Lifesciences
(1947, Melbourne)
TherapeuticsMD
(2008, Boca Raton, $186M)
Plandai Biotech
(2004, Goodyear, $15.3M)
Algae Tec
(2007, Subiaco, $14.8M)
Public
Mix1 Life
(2006, Orlando, $12.2M)
True Drinks
(2008, Irvine, $11.8M)
Cyanotech
(1983, Kailua-kona, $3.6M)
ChromaDex
(1999, Irvine, $3.4M)
Nutrafuels
(2009, Coconut Creek, $3.2M)
Radient Technologies
(2001, Edmonton, $2.6M)
Zivo Bioscience
(2014, Keego Harbor, $2M)
Entia Biosciences
(2007, Sherwood, $1.5M)
Pacific Health Labs
(1998, Iselin, $1M)
Therapeutic Solutions
International (TSI)
(2010, Oceanside, $270k)
Public
Game Plan
(1999, Henderson, $263k)
MusclePharm
(2006, Denver, $245k)
Emergent Health
(2006, King Of Prussia, $240k)
Burcon
(1998, Vancouver, $164k)
GeneLink BioSciences
(1994, Orlando, $105k)
Lonza
(1897, Basel)
AXIM Biotech
(2014, New York City)
Ingredion
(1906, Chicago)
Natto Pharma
(2004, Oslo)
Arev Nutrition
(2016, Vancouver)
Public
Blackmores
(1932, Sydney)
Canadian Bioceutical
(2014, Toronto)
Dabur India
(1884, Ghaziabad)
Eqology
(1998, Oslo)
ForeverGreen
(2004, Saint George)
GNC
(1935, Pittsburgh)
Go Life International
(2011, Knysna)
MusclePharm
Corporation
(2006, Denver)
NHTC
(1988, Los Angeles)
Olmix
(1995, Brehand)

10
Public
Oragenics
(1996, Tampa)
Pharmanutra
(2003, Pisa)
Probi
(1991, Lund)
Zinzino
(2005, Gothenburg)
Adia Nutrition
(2011, Kurtistown)
Aroma Celte
(2011, Ploufragan)
Bactolac
Pharmaceutical
(1995, New York City)
Balchem
(1967, New Hampton)
BioGaia
(1990, Stockholm)
Celsius
(2004, Boca Raton)
Public
Coenzyme-A
Technologies
(1998, Lynnwood)
Drinkeq
(2006, Las Vegas)
Euglena
(2005, Tokyo)
Gelstat
(2002, Hunt Valley)
Immune Tree
(1993, Bluffdale)
Immunotec
(1996, Vaudreuil-dorion)
ISatori
(2001, Denver)
Jurak World Wide
(1997, Las Vegas)
Kimia Farma
(1817, Jakarta)
Kino Biotech
(2010, Singapore)
Public
Kolmar BNH
(2004, Sejong)
Kwangdong
Pharmaceutical
(1963, Seoul)
Murad Chia Jei
Biotechnology
(1995, Kaohsiung City)
MYOS RENS Technology
(2011, Cedar Knolls)
Naprodis
(1999, Poway)
Natural Alternatives
International
(1980, San Marcos)
Nature's Sunshine
(1972, Lehi)
Neurogenesis
(1984, League City)
New Earth
(2013, Klamath Falls)
Public
Optigenex
(2002, Melissa)
Piramal Phytocare
(2001, Mumbai)
Pivotal Therapeutics
(2010, Vaughan)
Promisia
(1983, Wellington)
ProPhase Labs
(1989, Doylestown)
Provexis
(1999, Reading)
Rapid Nutrition
(2001, Coorparoo)
Reliv International
(1988, Chesterfield)
Source Natural
(1995, Bangalore)
Synergy CHC
(2012, Westbrook)
Public
Tsumura
(1893, Torrance)
USANA Health Sciences
(1992, Salt Lake City)
Vitality
(1946, Vancouver)
Vivanza Biosciences
(2016, Ahmedabad)
Zurvita
(2008, Houston)
Ceapro
(1997, Edmonton)
Glanbia
(1960, Kilkenny)
Nutripure Beverages
(1966, Newport Beach)
Star Combo
(2004, Sydney)
Diabion
(2011, Mixco)

11
Public
Enterologics
(2009, Saint Paul)
E-Pharm Nutrition
(2011, Urbana)
Fredun Group
(1987, Mumbai)
Lactose India
(1991, Ahmedabad)
Maabarot Group
(1963, Kibbutz Gaton)
Naturade
(1926, Irvine)
Neptune Wellness
Solutions
(1998, Canada)
New Nordic
(1990, Roskilde)
Roopa Industries
(2000, Hyderabad)
Taxus Cardium
(2003, San Diego)
Acquired
Mead johnson
(1900, Chicago)
Elan
(1969, Dublin)
Frutarom
(1933, Haifa)
The DuPont Nutrition
and Health
(1989, Copenhagen)
Atrium Innovations
(1999, Westmount)
BAI Brands
(2009, Princeton, $56.8M)
Schiff Nutrition
(1936, Parsippany)
Chr. Hansen
(2010, Copenhagen)
Pharmachem
Labratories
(1979, Kearny)
Acquired
Fortitech Premixes
(1986, Schenectady)
RXBAR
(2012, Chicago)
SensoryEffects
(2006, Maryland Heights)
Vega
(2001, Burnaby)
Omega Protein
(1913, Houston)
Vemedia
(1961, Diemen)
Elder Pharamaceuticals
(1989, Mumbai)
EAS sports nutrition
(1992, Monterey)
Optimum Nutrition
(1986, Sidney)
Renew Life
(1997, Palm Harbor)
Acquired
MaxiNutrition
(1991, Brentford)
Protexin
(1992, Somerset)
Vitaco
(2007, Sydney)
Leiner
(1996, Carson)
ThinkThin products
(1999, Los Angeles)
Enzymotec
(1998, Kfar Saba, $21M)
New Zealand
Pharmaceuticals
(1971, Palmerston North)
Eu Yan Sang
(1879, Singapore)
Scitec Nutrition
(1996, Budapest)
Acquired
Nutrition Physiology
Company
(1993, Guymon)
Joint Juice
(2001, San Francisco, $155M)
Premier Nutrition
(1997, San Francisco)
BBI Healthcare
(2006, Bridgend)
ZonePerfect
(1996, Beverly)
Natrol
(1980, Chatsworth)
Novel Ingredient
(1995, East Hanover)
Albion Laboratories
(1956, Clearfield)
Seroyal
(2009, Pittsburgh)
Nutraceutix
(2016, Redmond)

List of Notable Companies by Market in Nutraceuticals
Notable Companies by Market (1/14)
13
Nutraceuticals > Feed Summary > Notable Companies by Market
Enzymotec (1998, Kfar Saba, $21M)
Bio-functional lipid ingredients and final products
for nutritional and pharmaceutical application
Minicorn. Stage: Acquired
Frutarom, Ofer-Hi Tech, Millennium II Materials
Technology Fund and 7 Other Investors
Advanced Enzyme Technologies (1989,
Thane, $18.3M)
Manufactures enzymes for nutrition, food
processing and industrial processing
Soonicorn. Stage: Public
Avendus Capital, Deutsche Bank, Kuwait
Investment Authority and 5 Other Investors
ChromaDex (1999, Irvine, $3.4M)
Discover and develop patented ingredient
technologies
Editor's Pick. Stage: Public
Western Alliance Bancorporation, Hercules Capital,
DSM and 1 Other Investors
Radient Technologies (2001, Edmonton,
$2.6M)
Develops and markets high-value naturally derived
plant extracts
Aurora Cannabis, Koniag Development
Corporation, Afternic and 2 Other Investors
Frutarom (1933, Haifa)
Traditional company manufacturing flavor and fine
ingredients
Unicorn. Stage: Acquired
Bank Leumi
Lonza (1897, Basel)
Company offering a suite of CDMO services to
pharma, biotech and specialty ingredient markets
United States Department of Defense, EDBI
Food ingredients manufacturer
Unicorn. Stage: Public
Natto Pharma (2004, Oslo)
Manufactures patented vitamin k2 ingredient
New Zealand Pharmaceuticals (1971,
Palmerston North)
Manufacturer of pharma intermediates &
diagnostic products for pharma & biotech
companies
Stage: Acquired
Direct Capital
OptiBiotix Health (2012, York)
Discovers and develops microbial strains,
compounds, and formulations, which modulate the
human microbiome
Stage: Public
Seneca Partners, Enterprise Ventures
Albion Laboratories (1956, Clearfield)
Manufactures mineral ingredients for plant and
human nutrition industry
Stage: Acquired

14
Balchem (1967, New Hampton)
Manufactures nutraceutical ingredients for human
and animal nutrition products
Stage: Public
Clover Corporation (1988, Melbourne)
Manufactures a range of nutraceutical ingredients
Stage: Public
Equip Super
Fortitech Premixes (1986, Schenectady)
Manufactures customized blends of functional
ingredients
Stage: Acquired
Lehman Brothers, Trilantic Capital Partners North
America
MYOS RENS Technology (2011, Cedar Knolls)
Nutritional supplements, functional foods, and
therapeutic products
Stage: Public
Omega Protein (1913, Houston)
Biopharma company manufacturing and marketing
nutritional products
Stage: Acquired
Optigenex (2002, Melissa)
Manufactures patented natural cellular DNA care
ingredients
Stage: Public
Pharmachem Labratories (1979, Kearny)
Nutraceutical ingredients manufacturer
Stage: Acquired
The DuPont Nutrition and Health (1989,
Copenhagen)
Manufactures a range of health ingredients
Stage: Acquired
SensoryEffects (2006, Maryland Heights)
Ingredient solutions for human health and nutrition
Stage: Acquired
Highlander Partners
Bajaj Health (1993, Mumbai)
Manufacturer and supplier of Supplements, APIs &
Intermediates and formulations
Stage: Public
Neptune Wellness Solutions (1998, Canada)
Stage: Public
Novel Ingredient (1995, East Hanover)
Manufacturing and marketing a range of
nutraceutical ingredients
Stage: Acquired
GenNx360 Capital Partners, Maranon Capital

15
Supplements
Multicategory
Kyung Nam Pharm (1993, Changwon, $1.8B)
Manufacture and sale of OTC drugs and nutritionals
in Korea
Stage: Public
E&Investment, Korea Investment Partners
MMUSA (1995, Blaine, $284M)
Manufactures a range of nutritional supplement
products
Soonicorn. Stage: Funded
Nutrafuels (2009, Coconut Creek, $3.2M)
Manufacturing and marketing oral spray vitamins
and supplements
Stage: Public
Entia Biosciences (2007, Sherwood, $1.5M)
Develops and markets health-related nutraceuticals
and cosmeceuticals
Stage: Public
Therapeutic Solutions International
(TSI) (2010, Oceanside, $270k)
Developing and commercialising nutraceuticals
Stage: Public
Multicategory
Game Plan (1999, Henderson, $263k)
Nutritional supplements manufacturer and
distributor.
Stage: Public
MusclePharm (2006, Denver, $245k)
Manufacturing and marketing a range of nutritional
supplements
Stage: Public
Iconic Private Equity Partners
Emergent Health (2006, King Of Prussia,
$240k)
Engages in development and sale of proprietary
regenerative medicine, nutraceuticals and
phytonutritionals
Stage: Public
GeneLink BioSciences (1994, Orlando, $105k)
Genome-based nutritional supplements
Stage: Public
Multicategory
Canadian Bioceutical (2014, Toronto)
nutraceuticals and bioceuticals
Stage: Public
CGX Life Sciences, Canadian Bioceutical
Elan (1969, Dublin)
Manufacturer of OTC products, prescription
pharmaceuticals, nutritional products, and APIs
Stage: Acquired
Signet Healthcare Partners
GNC (1935, Pittsburgh)
Supplements for sports nutrition
Stage: Public
Thomas H Lee Partners
Go Life International (2011, Knysna)
Manufactures a range of health supplements
Stage: Public
Herbalife (1980, Los Angeles)
Manufactures a range of nutritional supplements
Stage: Public

16
Supplements
Multicategory
MusclePharm Corporation (2006, Denver)
Stage: Public
NHTC (1988, Los Angeles)
Herbal dietary supplements
Stage: Public
Pharmanutra (2003, Pisa)
Stage: Public
Protexin (1992, Somerset)
Probiotics and fiber supplements
Stage: Acquired
Vita Lifesciences (1947, Melbourne)
Stage: Public
Aroma Celte (2011, Ploufragan)
Manufactures health supplements and personal
care products
Stage: Public
Multicategory
Atrium Innovations (1999, Westmount)
Traditional company manufacturing and marketing
nutritional health supplements
Stage: Acquired
CPP Investment Board
Coenzyme-A Technologies (1998,
Lynnwood)
Manufactures a range of health supplement
products
Stage: Public
Performance Nutrition Products & Protein
Supplements
Stage: Acquired
Steelpoint Capital Partners, North Castle Partners
Elder Pharamaceuticals (1989, Mumbai)
Fully Integrated Pharma Company
Stage: Acquired
Multicategory
Gelstat (2002, Hunt Valley)
Research, development and marketing of a range of
health supplements
Stage: Public
HL Science (2000, Uiwang)
Stage: Public
Immunotec (1996, Vaudreuil-dorion)
Manufactures nutritional supplements and skin
care products
Stage: Public
Nexxus Capital
Kimia Farma (1817, Jakarta)
Manufactures generic pharmaceuticals and
nutritional supplements
Stage: Public
Mead johnson (1900, Chicago)
Nutraceutical company manufacturing infant
nutrition products
Stage: Acquired

17
Supplements
Multicategory
Mega LifeSciences (1982, Bangkok)
Traditional company engaged in manufacturing
nutritional & herbal supplements, OTC and ethical
products
Stage: Public
Lombard Investments
Natrol (1980, Chatsworth)
supplements
Stage: Acquired
TA Associates Management
Natural Alternatives International (1980,
San Marcos)
Formulator, manufacturer and marketer of
customized nutritional supplements
Stage: Public
Neurogenesis (1984, League City)
Stage: Public
Multicategory
Pochiraju Industries (1995, Krishnagiri)
Indian Pharma and Biotech Manufacturer
Stage: Public
Birac
Reliv International (1988, Chesterfield)
supplements
Stage: Public
USANA Health Sciences (1992, Salt Lake City)
Personalized cellular nutrition
Stage: Public
Vitality (1946, Vancouver)
Manufacturing and marketing a range of vitamin
and mineral supplements
Stage: Public
Vivanza Biosciences (2016, Ahmedabad)
Manufactures generic pharmacutical formulations
and nutritional supplements
Stage: Public
Multicategory
Zurvita (2008, Houston)
Manufactures branded health supplements
Stage: Public
BBI Healthcare (2006, Bridgend)
Manufactures women's health, digestive health,
energy and heart health products
Stage: Acquired
E-Pharm Nutrition (2011, Urbana)
Traditional company engaged in manufacturing and
marketing nutritional supplements
Stage: Public
Specializes in storebrand OTC products, vitamins
and nutritional supplements
Stage: Acquired
Steelpoint Capital Partners, North Castle Partners,
AEA Investors

18
Supplements
Multicategory
Maabarot Group (1963, Kibbutz Gaton)
Manufactures a range of food products and
nutritional supplements for human and animal
consumption
Stage: Public
New Nordic (1990, Roskilde)
Develops and markets dietary supplements and
natural medicines
Stage: Public
Roopa Industries (2000, Hyderabad)
Traditional company manufacturing nutraceuticals,
bulk drugs and chemicals
Stage: Public
Schiff Nutrition (1936, Parsippany)
Schiff Nutrition is a nutritional supplement
company which offers specialty supplements,
vitamins, and minerals.
Stage: Acquired
TPG
Multicategory
Vemedia (1961, Diemen)
Manufacturing and marketing branded nutritional
supplements
Stage: Acquired
IK Investment Partners, Indufin Capital Partners
Venture Life (2010, Bracknell)
Company focused on developing, manufacturing
and commercialising products for the ageing
population
Stage: Public
Vitamins
TherapeuticsMD (2008, Boca Raton, $186M)
Health drugs for women
Stage: Public
MidCap Financial, Venrock

19
Supplements
Herbal Supplements
Plandai Biotech (2004, Goodyear, $15.3M)
Developing bioavailable extracts from live plant
materials for use in nutraceuticals
Lincoln Park Capital
Algae Tec (2007, Subiaco, $14.8M)
Manufacturer of algae using carbon capture and
production of algae-based products
Gencor, Reliance Industries
Cyanotech (1983, Kailua-kona, $3.6M)
Manufactures natural ingredients based health
supplements
Stage: Public
Zivo Bioscience (2014, Keego Harbor, $2M)
Bioactive compounds from algal strain
Health Enterprise Partners
Herbal Supplements
Blackmores (1932, Sydney)
Health products for humans and animals, including
vitamins, herbal and mineral nutritional
supplements.
Stage: Public
Dabur India (1884, Ghaziabad)
Manufactures and Markets FMCG Goods
Stage: Public
Baring Private Equity Partners
Olmix (1995, Brehand)
Developing and marketing algal extracts for use in
plant, animal and human health products
Stage: Public
Idinvest Partners
Eu Yan Sang (1879, Singapore)
Chinese medicine and herbs brand
Stage: Acquired
Herbal Supplements
Euglena (2005, Tokyo)
Developing and marketing microalgae for use in
functional foods
Stage: Public
SBI Investment, Inspire Corporation, Hikari Private
Equity
Immune Tree (1993, Bluffdale)
Manufactures a range of health supplement
products
Stage: Public
Jurak World Wide (1997, Las Vegas)
tonic
Stage: Public
Kwangdong Pharmaceutical (1963, Seoul)
Combining oriental and western medical science
across a range of indications.
Stage: Public

20
Supplements
Herbal Supplements
Murad Chia Jei Biotechnology (1995,
Kaohsiung City)
Preventive health related herbal nutraceutical
products
Stage: Public
Naprodis (1999, Poway)
Natural supplements for skin care and immunity
boost
Stage: Public
Nature's Sunshine (1972, Lehi)
health and wellness products
Stage: Public
Piramal Phytocare (2001, Mumbai)
Manufactures a range of natural ingredients based
health supplements
Stage: Public
Promisia (1983, Wellington)
Manufactures natural ingredients based dietary
supplement for joint support
Stage: Public
Herbal Supplements
Specialty company commercializaing proprietary
anti-thrombotic technology
Stage: Public
DSM, Enterprise Ventures
Tsumura (1893, Torrance)
Large Japanese manufacturer of herbal (Kampo)
medicines and OTC drugs
Stage: Public
Ganga Pharmaceuticals (1989, Mumbai)
supplements
Stage: Public
Fredun Group (1987, Mumbai)
Pharma group with multiple subsidiaries with focus
on generics, herbal products and APIs
Stage: Public
Herbal Supplements
Naturade (1926, Irvine)
Manufacturing and marketing a range of natural
ingredients based nutritional supplements
Stage: Public
Redux Holdings, Towerview Capital, Thyra Global
Management and 1 Other Investors

21
Supplements
Protein Supplements
Mix1 Life (2006, Orlando, $12.2M)
Manufacturing and marketing protein shakes
Stage: Public
Highland Capital Partners
Pacific Health Labs (1998, Iselin, $1M)
sports nutrition products
Stage: Public
Hormel Health Labs
Manufactures and markets sports nutrition
products
Enterprise Ventures, Array Venture Capital
MaxiNutrition (1991, Brentford)
Sports nutrition company specializing in protein
supplements
Stage: Acquired
Darwin Private Equity
Protein Supplements
ISatori (2001, Denver)
Manufactures sports nutrition supplements
Stage: Public
Optimum Nutrition (1986, Sidney)
Manufacturing and marketing sports nutrition
products
Stage: Acquired
Premier Nutrition (1997, San Francisco)
Manufactures protein powder and bars
Stage: Acquired
TA Associates Management
Weider Global Nutrition (1936, Gilbert)
Developing and marketing sports nutrition
products
Stage: Public
Others
$93.7M)
Human milk fortifier supplement products for
premature infants
Soonicorn. Stage: Series D
PROOF.VC, Aisling Capital, Health Evolution
Partners and 12 Other Investors
Eqology (1998, Oslo)
Manufactures omega 3 supplements
Stage: Public
New Earth (2013, Klamath Falls)
Developing and marketing proprietary food and
health supplements
Stage: Public
Synergy CHC (2012, Westbrook)
Manufactures a range of health supplements and
personal care products
Stage: Public
Knight Therapeutics

22
Supplements
Others
Ceapro (1997, Edmonton)
Production of active ingredients using plants as a
feedstock for human and animal consumption
Stage: Public
GCCIR, AVAC Group
Star Combo (2004, Sydney)
Dietary supplements for improving strength and
focus
Stage: Public
Diabion (2011, Mixco)
Manufacturing and marketing proprietary diabetes
management formula
Stage: Public
Foods
Functional Foods
Chr. Hansen (2010, Copenhagen)
Bioscience company that develops natural solutions
for the food, nutritional, pharmaceutical and
agricultural industries.
Stage: Acquired
European Investment Bank, Ardian, PAI Partners
Oragenics (1996, Tampa)
Develops novel treatments for infectious diseases
and oral mucositis as well as probiotics for oral
health
Stage: Public
Intrexon, Third Security
Zinzino (2005, Gothenburg)
Manufacturer providing personalized supplements
using Omega6/Omega3 ratio.
Stage: Public
Adia Nutrition (2011, Kurtistown)
Manufactures and markets probiotic chews and
drinks
Stage: Public
Functional Foods
BioGaia (1990, Stockholm)
Healthcare company that develops and sells
probiotic nutraceutical products with proven health
benefits
Stage: Public
Cell Biotech (1995, Gimpo-si)
Manufacturer of probiotic products
Stage: Public
KTB Ventures, SBI Investment Korea
Nutraceutix (2016, Redmond)
Contract manufacturing organization offering
probiotics to functional food and consumer health
companies
Stage: Acquired
Pivotal Therapeutics (2010, Vaughan)
Canadian, commercial-stage biopharma developing
highly-purified prescription Omega 3 Therapy for
CVD
Stage: Public

23
Foods
Functional Foods
Renew Life (1997, Palm Harbor)
a range of nutraceutical products
Stage: Acquired
Swander Pace Capital, Twin Bridge Capital Partners
Bioxyne (1997, Sydney)
Developing probiotic-based dietary supplements
for immune health and immunotherapy
Stage: Public
BioScience Managers
Enterologics (2009, Saint Paul)
Developing probiotics as live biotherapeutics to
treat gastrointestinal (GI) diseases.
Stage: Public
Nutrition Physiology Company (1993,
Guymon)
Specialty company engaged in manufacturing
probiotics for animals
Stage: Acquired
Functional Foods
Taxus Cardium (2003, San Diego)
Dedicated to building on its core products and
product candidates, Cardium is continually creating
new opportunities for greater success.
Stage: Public
Connecticut Innovations
Medical Foods
Accera (2001, Broomfield, $157M)
Therapeutic drug and medical food for Alzheimer's
and age-associated memory impairment
Soonicorn. Stage: Series E
POSCO BioVentures, Inventages, Santa Barbara
Technology Group
PanTheryx (2007, Boulder, $87.2M)
Nutritional products for diarrhea relief
Soonicorn. Stage: Series C
Pegasus Capital Advisors

24
Foods
Health Snack
ThinkThin products (1999, Los Angeles)
Manufactures a range of protein bars and smoothies
Stage: Acquired
ZonePerfect (1996, Beverly)
Manufactures a range of flavored protein bars
Stage: Acquired
RXBAR (2012, Chicago)
Meal replacement protein bars
Stage: Acquired
Energy Drink
Celsius (2004, Boca Raton)
Functional beverage company manufacturing
energy drinks
Stage: Public
Horizons Ventures, zVentures
Drinkeq (2006, Las Vegas)
Nutritional energy drinks manufacturer
Stage: Public
Fortified Juice
Suja Life (2012, San Diego, $208M)
Manufacturer and brand of cold pressed juices and
smoothies
Soonicorn. Stage: Series E
Coca-Cola, Goldman Sachs, Participant Media and 7
Other Investors
Joint Juice (2001, San Francisco, $155M)
Liquid supplement for joint health
Minicorn. Stage: Acquired
BAI Brands (2009, Princeton, $56.8M)
Manufactures and markets flavoured antioxidant
drinks
Unicorn. Stage: Acquired
Stroud Companies, Dr Pepper Snapple Group,
Strand Equity Partners and 1 Other Investors
Burcon (1998, Vancouver, $164k)
Manufactures plant protein based health drinks
Stage: Public

25
Fortified Juice
Arev Nutrition (2016, Vancouver)
Manufactures coconut based health drink products
Stage: Public
Nutripure Beverages (1966, Newport Beach)
Fortified water for immunity and general wellness
Stage: Public
Multicategory
FRS (2004, San Mateo, $148M)
Nutraceutical company manufacturing functional
beverages for sportspersons
Soonicorn. Stage: Series D
Oak Investment Partners
True Drinks (2008, Irvine, $11.8M)
Manufactures flavored water and energy drink
products
Stage: Public
Toba Capital
Kino Biotech (2010, Singapore)
Bio-nutraceutical and cosmeceutical company
Stage: Public
Probi (1991, Lund)
Contract manufacturer of probiotic supplements
Stage: Public
Bactolac Pharmaceutical (1995, New York
City)
Contract manufacturer of a range of nutritional
supplements
Stage: Public
Kolmar BNH (2004, Sejong)
Offers nutrition supplements and cosmetics
Stage: Public
Quintessa Investments
Source Natural (1995, Bangalore)
Contract manufacturer of ayurvedic, health &
dietary supplements
Stage: Public
Vitaco (2007, Sydney)
Contract manufacturing of a range of nutritional
supplements
Stage: Acquired

26
Diversified
Diversified
AXIM Biotech (2014, New York City)
Public, early-stage Biotech involved in
pharmaceutical, nutraceutical and bioenergy from
cannabis, most importantly, developing pharma-
functional chewing gum containing cannabinoids
Medical Marijuana
ForeverGreen (2004, Saint George)
products
Stage: Public
Medlab (2012, Sydney)
Company developing pharmaceuticals,
nutraceuticals and biologics for treating chronic
diseases
Stage: Public
ProPhase Labs (1989, Doylestown)
ProPhase Labs
Stage: Public
Dutchess Capital
Diversified
Rapid Nutrition (2001, Coorparoo)
Manufactures and exports nutritional products
Stage: Public
Scitec Nutrition (1996, Budapest)
nutraceutical products
Stage: Acquired
Enterprise Investors
Seroyal (2009, Pittsburgh)
Traditional company engaged in manufacturing
nutraceutical products
Stage: Acquired
ARCC
Vega (2001, Burnaby)
Manufactures branded nutritional snacks and
supplements
Stage: Acquired
Glanbia (1960, Kilkenny)
Global performance nutrition and ingredients group
Stage: Public
Diversified
Lactose India (1991, Ahmedabad)
Producing and providing nutraceutical ingredient &
APIs
Stage: Public

List of Notable Companies in Nutraceuticals in China
Notable Companies in the Sector in China
27
Nutraceuticals > Feed Summary > Notable Companies in the Sector in China
Public
Eagle Health Holdings
(2001, Xiamen)
CK Life Sciences
(2000, Hong Kong)
Quantum Hi-Tech
Biological
(2000, Guangzhou)
Rodobo International
(2002, Harbin)
Tasly Holding Group
(1994, Tianjin)
Xiangxue
Pharmaceutical
(1997, Guangzhou)
Yunnan Beiyao Group
(1902, Kunming)
Guizhou Xinbang
Pharmaceutical
(1995, Guiyang)
Kingdomway
(1997, Xiamen)
Public
Baolingbao Biology
(1997, Dezhou)
Guilin Layn Natural
Ingredients Corp
(2003, Guangxi)
Hainan Hai
(1965, Haikou)
Acquired
Zhejiang Novus
Pharmaceuticals
(2015, Shaoxing)

Recent News in Nutraceuticals Sector
Recent News
28
Jul 2018
Global Amphoteric Surfactants Market Outlook 2018- BASF, Evonik,
Lonza, Oxiteno, Pilot Chemical Company, Solvay, Akzonobel N.V.,
truthweek.com
Jul 2018
Global Hand Sanitizer Market 2018 – 2025 Reckitt Benckiser, P&G,
Unilever, Amway, 3M, Lion Corporation, Medline, Vi-Jon, Henkel,
truthweek.com
Jul 2018
Global High Erucic Acid Rapeseed Oil Market Outlook 2018- Bunge
North America, Perdue Agribusiness, NatureScrops, Talk Daily News
Jul 2018 Johnson & Johnson Consumer To Acquire Zarbee's, Citybizlist
Jul 2018
Hypertonic Drinks Market Report 2018 – 2025: Rockstar, Pepsico,
Arizona, National Beverage, Dr Pepper Snapple Group,
iCrowdNewswire
Jul 2018
Medlab Clinical receives large shipment of cannabis oil for human
trials, Proactive Investors
Jul 2018
A First of Its Kind in Whole Food Magnesium Supplementation, PR
Newswire
Jul 2018
Reckitt Benckiser share price leads FTSE 100 as Mead Johnson
acquisition pays off, City A.M.
Jul 2018
Plant-Based Waters Market Comprehensive Top Players Analysis -
Coca-Cola Company, Happy Tree Group, Steaz, DRINKmaple,
Harmless Harvest, Oviva Maple Water Company, The Camping Canuck
Jul 2018
Dietary Fibers Market Absolute Analysis by Major Players - Tate and
Lyle, DuPont, Lonza group, Archer Daniels Midland, Roquette
Freres, Nexira, Ingredion, Novartis, The Camping Canuck
Key Recent News Key Recent News
Jul 2018 Vitality Ends Investor Relations Contract, CNW
Jul 2018
Aphria Completes Largest Export Shipment to Date to Medlab
Australia, CNW
Jul 2018
Animal Feed Enzymes Market Ultimate Analysis by Prominent
Players - BASF SE, Chr. Hansen A/S, Beldem S.A., Flavorchem
Corporation, Novozymes, Rossari Biotech Limited, The Camping
Canuck
Jul 2018
Food Enzymes Market In-depth Analysis by Leading Players
Danisco, BASF, Lumis, Aumgene Biosciences, Enmex, Advanced
Enzymes, The Camping Canuck
Jul 2018
Global 3D Cell Cultures Market Outlook 2018- Sigma, Lonza, 3D
Biomatrix, Ams Bio, Life Technologise, Microtissues, Labome, Tecan,
truthweek.com
Jul 2018
NOW Launches Free Flexible Packaging Recycling Program through
TerraCycle, Nutraceuticals World
Jul 2018
DuPont to open Innovation & Application Center in Japan,
BakeryandSnacks
Jul 2018
Vitamin A Market Prominent Players – DSM, BASF, ABH Pharma,
Parchem, Zhejiang and Kingdomway, The Camping Canuck
Jul 2018
Medlab Clinical begins recruitment for phase IIa clinical trial for
depression medicine, Biotech Capital
Jul 2018
Lonza posts H1 profit rise of 78% to 405m Swiss francs, The Business
Times
Nutraceuticals > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
29
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
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Online Retail
Jun 2018
AgriTech
Jun 2018
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Jun 2018

$191M
$104M
$274M
$133M
$313M
$430M
$524M
$324M
0
10
20
30
40
50
60
70
80
90
100
$0k
$100M
$200M
$300M
$400M
$500M
$600M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
Investments ($M) and number of rounds in Nutraceuticals; 2011-2018
Global Funding Trends (1/2)
31
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Nutraceuticals > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 11% # of Rounds18% $ Funding
7% # of Rounds
58% $ Funding

20 14 25 25 45 46 20 14
17 17
21
17 26
28
41
11
10 5 5 10 3 13 11 6
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
47
31
Total # of Rounds
$14M $3M $15M $12M $20M $23M $9M $9M
$54M
$76M
$89M
$75M
$120M $194M $269M
$104M
$123M $25M $170M $45M $173M $212M
$246M
$211M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$73M
$0K
$187M
$0K
$190M
$306M $320M
$216M
0
1
2
3
4
5
6
7
8
9
0
50000000
100000000
150000000
200000000
250000000
300000000
350000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
32
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Nutraceuticals; 2011-2018
Nutraceuticals > Investment Trends > Global Funding Trends
37
24
24
37
40
31
10
203
$2.2M
$2.2M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
50
100
150
200
250
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
1 - 3 - 3 8 7 3 $2.2M $1M $1.7M $1M $1.7M $3.4M $4.2M $2.2M
$191M
$324M
Total $ Invested

Nutraceuticals > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Nutraceuticals
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 436M 54
Blaine 284M 1
San Diego 210M 13
Los Angeles 165M 28
Broomfield 161M 12
Seoul 159M 1
Cottonwood 157M 1
Boulder 125M 12
Gilbert 123M 4
Lagos 80M 1
Total Funding
180
90
2
29
1
22
5
7
# Rounds
$2.6B
$188M
$159M
$124M
$80M
$31.9M
$23M
$11.4M
US
Europe
South Korea
India
Nigeria
Canada
Israel
Australia
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.8
$0.3
$0.7
$0.6 $0.6
$0.7 $0.6
2011 2012 2013 2014 2015 2016 2017
$4.3 $4.4
$3.3 $3.4 $3.9 $3.8
$6.1
$2.8
$9.2 $10.6
$8.6 $9.2
$18.1 $14.4
$15.3 $8.2
$42.6
$11.3
$57.5
$42.4
$30.7
Nutraceuticals > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Nutraceuticals; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$5K* $4.5M
$100K $20M
$1M $40.3M
$50K $159M
$11.3M
$10M
$3M
$368K
Series C+
Series B
Series A
Seed
Stage

Note: 413 companies with undisclosed funding amount are not included
35
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
65
97
53
5
10
No. of Companies
Nutraceuticals > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Nutraceuticals; as of Jul 2018
Distribution of companies by Funding Range
$21M
$349M
$1.1B
$389M
$3.3B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
16%
5%
3%
2%
36
Note: Numbers in the brackets show the count of companies
Time to raise
next round
75
111
197
621
3879
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
16% 4%
(153)
4%
(147)
3%
(126)
4%
(170)
76%
(2962)
32% 17%
(106)
16%
(100)
11%
(71)
5%
(29)
52%
(324)
56% 13%
(26)
10%
(20)
13%
(25)
5%
(9)
26%
(52)
68% 19%
(21)
14%
(15)
15%
(17)
4%
(4)
14%
(15)
- 21%
(16)
13%
(10)
20%
(15)
4%
(3)
-13%
(-10)
Nutraceuticals > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Nutraceuticals
Funding Funnel
16 Months
19 Months
24 Months
Investment backedBootstrapped
7
3
28
74
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Nutraceuticals > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Nutraceuticals; Jul 2016-Jul 2018
Notable Investments in last 24 months (1/3)
LATE STAGE
$159M - PE May 2018
BOTAMEDI GROUP (2001, Seoul, $159M)
Herbal products for neurodegenerative diseases
$157M - PE Jan 2017
products
$80M - PE Aug 2016
Beloxxi Group (1994, Lagos, $80M)
Manufactures cream biscuits enriched with
carotenes and vitamins
8 Miles
$37.2M - PE Aug 2016
Puro Wellness (2016, Mumbai, $37.2M)
Developing and marketing meal replacement
$35M - PE Jan 2017
Supplying ingredients and technologies to the global
nutraceutical and functional food industry
Everstone Capital
LATE STAGE
$35M - Series D Dec 2016
$93.7M)
premature infants
Aisling Capital, Health Evolution Partners, EW
Healthcare Partners
$21.2M - PE Jan 2017
UAS Laboratories (1979, Wausau, $21.2M)
Contract manufacturing organization
$17.6M - Series E Feb 2018
Therapeutic drug and medical food for Alzheimer's
and age-associated memory impairment
$11.5M - Series E Nov 2017
Manufacturer and brand of cold pressed juices and
smoothies
$10.7M - Series C Jul 2018
LATE STAGE
$9M - Series D May 2018
$93.7M)
premature infants
$8.9M - Series C Sep 2017
$3.3M - Series D May 2017
$93.7M)
premature infants
PROOF.VC

EARLY STAGE
$35M - Series B Mar 2017
Nutraceutical company commercializing products to
support immune health in infants and toddlers
Gurnet Point Capital
$30M - Series B Feb 2018
Harmless Harvest (2009, San Francisco, $30M)
Manufactures branded coconut water and coconut
water probiotics
Danone Manifesto Ventures, AccelFoods
$27.1M - Series B Jan 2018
Fitness food brand
Btov, Ringier AG, Fonterra
$26.1M - Series B Dec 2017
A wellness company manufacturing vegan foods and
dietary supplements
EARLY STAGE
$25.5M - Series B Nov 2017
Vital Proteins (2013, Elk Grove Village, $25.5M)
Manufactures collagen based health supplements
CAVU Venture Partners
$20M - Series B Dec 2016
Elysium Health (2014, Palo, $26.2M)
Develops and manufactures cellular health
supplement
General Catalyst Partners, Breyer Capital, Sound
Ventures, Morningside Ventures
$20M - Series A Dec 2017
Nuritas (2014, Dublin, $30M)
Discovery of natural active ingredients with
scientifically proven health benefits
Cultivian Sandbox
$13.1M - Series A Oct 2016
Nutraceutical company commercializing products to
support immune health in infants and toddlers
EARLY STAGE
$12M - Series A Jun 2018
NextFoods (2006, Boulder, $36M)
Functional beverage company manufacturing
probiotic fortified juice
301, Emil Capital Partners
$6.1M - Series A Oct 2016
supplement
$3.1M - Series A Sep 2017
Adeo Health Science (2017, Boston, $3.1M)
Manufactures proprietary baby food designed to
introduce 8 allergens

SEED STAGE
Angel Sep 2016
BAI Brands (2009, Princeton, $56.8M)
Manufactures and markets flavoured antioxidant
drinks

Most Active Investors (VC, PE) by Stage in Nutraceuticals; Last 5 years (Jul 2013-Jul 2018)
Most Active VC & PE Investors
40
Nutraceuticals > Investment Trends > Most Active VC & PE Investors
SEED STAGE
AccelFoods (3 Investments)
Fresh Bar, Native State Foods, Kalot Superfood
1
Forerunner Ventures(2 Investments)
Aloha, Ritual
2
Fireside Ventures
Yogabars
3
Upfront Ventures
Ritual
4
Rivet Ventures
Ritual
5
Norwest Venture Partners
Ritual
6
Highland Capital Partners
Aloha
7
KarpReilly
Lifeaid Beverage
8
BFG Partners
Good Day Chocolate
9
Founders Fund
Aloha
10
EARLY STAGE
AccelFoods (2 Investments)
Harmless Harvest, Exo
1
CAVU Venture Partners (2 Investments)
Vital Proteins, Health-Ade
2
BFG Partners
Barnana
3
Btov
Foodspring
4
Before brands
5
VisVires New Protein
Nuritas
6
Founders Fund
Ritual
7
FreshTracks Capital
DRINKMaple
8
TSG Consumer Partners
Nuun Hydration
9
The Ecosystem Integrity Fund
Glukos
10
LATE STAGE
Seventure Partners(2 Investments)
Cambrooke Therapeutics, LNC Therapeutics
1
CPP Investment Board (2 Investments)
Atrium Innovations, Cooper
2
Aisling Capital
Prolacta Bioscience
3
Investinor
Smartfish
4
CAVU Venture Partners
OhYeah! Nutrition
5
The Ecosystem Integrity Fund
KeVita
6
Industrifonden
Smartfish
7
EW Healthcare Partners
Prolacta Bioscience
8
Unigrains
Nutrisens
9
S2G Ventures
UCAN
10

Nutraceuticals > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Nutraceuticals; Last 5 years (Jul 2013-Jul 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Brand Capital(3 Investments)
Avesthagen, Lifezen, Genmedic
1
SOSV(2 Investments)
Protes, TruEnergy
2
Y Combinator(2 Investments)
Multiply Labs, Gainful
3
Eleven Ventures
Biottery
4
500 Startups
The Fit Body
5
The Brandery
Gainful
6
Food-X
TruEnergy
7
LRM
VitalNext
8
Mercatus Capital
DIAllium
9
NDRC
Nuritas
10
OTHER NOTABLE INVESTORS
North Castle Partners(7 Investments)
SmartyPants Vitamins, Atkins, Doctors Best Vitamins
1
CircleUp(4 Investments)
SmartyPants Vitamins, Smari Organics, Trovita Health
2
IndieBio(4 Investments)
Drink Spira, Peer-to-Peer Probiotics, Pure Cultures
3
DSM(3 Investments)
ChromaDex, Natreon, Nutrileads
4
1315 Capital(2 Investments)
JDS Therapeutics, Nutrition 21
5
Ampersand Capital Partners(2
Investments)
Nutramed, Elite One Source
6
Callaghan Innovation(2 Investments)
Manuka Health, Douglas Nutrition
7
Dr Pepper Snapple Group(2 Investments)
BAI Brands, Body Armor
8
DEBT INVESTORS
TPG(3 Investments)
Suja Life, Schiff Vitamins, Schiff Nutrition
1
Enterprise Ventures(2 Investments)
Science In Sport, OptiBiotix Health
2
Siparex(2 Investments)
VF Bioscience, Berkem
3
Five Points Capital
Bevolution Group
4
Hercules Capital
ChromaDex
5
MidCap Financial
TherapeuticsMD
6
SMEs & Technofonds
AlgaSpring
7
Penta Mezz
Twinlab
8
Silicon Valley Bank
Elysium Health
9

Nutraceuticals > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/3)

Nutraceuticals > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
46
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

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FACTSHEET
Marketmap: Nutraceuticals
48
Nutraceuticals > Market Details > BlueBox

Key Sub Sectors
49
Key Sub Sectors in Nutraceuticals
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Supplements
Companies that develop ingestible products that contain a dietary ingredient intended to add
additio....
Kyung Nam Pharm (1993, Changwon,
Public)
2547 291 $3.3B
Companies that develop health drinks which include ingredients like herbs, vitamins,
minerals, amino....
Joint Juice (2001, San Francisco, Acquired)
220 73 $850M
Foods
Companies manufacturing healthy snacks and foods
Cambrooke Therapeutics (2000, Boston,
Acquired)
480 112 $554M
Companies manufacturing raw materials used for manufacturing nutraceutical products
Fluxome (2002, Stenlose, Acquired)
188 58 $201M
Diversified
Companies that manufacture more than one type of nutritional product
Atkins (1960, Denver, Acquired)
256 50 $156M
Companies providing contract manufacturing services for finished nutraceutical products
Ryt-way (1965, Lakeville, Acquired)
UAS Laboratories (1979, Wausau, $21.2M)
188 37 $88.6M
Nutraceuticals > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/3)
50
Nutraceuticals > Market Details > Detailed Sector Taxonomy

51

52

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Supplements > Multicategory
Companies that manufacture more than one type of supplement
(Companies covered 1125 | Funded 153 | Total Funding $2.5B)
$286M
(-$188M)
27
(-65)
True Health
(0, Cottonwood, $157M)
2
(+7)
Foods > Health Snack
Companies that manufacture light meal products with nutritional value
(Companies covered 155 | Funded 30 | Total Funding $117M)
$107M
(+$96.3M)
13
(-12)
Beloxxi Group
(1994, Lagos, $80M)
3
(+4)
Supplements > Herbal Supplements > Plant Extracts and Phyto-chemicals
Companies that extract biologically active compounds from plants for use in manufacturing
supplements
$69.3M
(+$35.7M)
11
(-6)
Elysium Health
(2014, Palo, $26.2M)
4
(-)
Diversified
Companies that manufacture more than one type of nutritional product
$56.5M
(-$42.9M)
9
(-17)
Foodspring
(2013, Berlin, $33.7M)
5
(-)
Supplements > Others
Companies developing nutritional products that cannot be classified in current business models.
$54.9M
(+$2.8M)
8
(-14)
Prolacta Bioscience
(1999, Los Angeles, $93.7M)
6
(-4)
Foods > Medical Foods
Companies that develop foods specially formulated and intended for the dietary management of a
disease that has distinctive nutritional needs
$48.1M
(-$210M)
5
(-23)
Accera
(2001, Broomfield, $157M)
7
(-4)
Companies manufacturing raw materials used for manufacturing nutraceutical products
$57.5M
(-$81.7M)
4
(-38)
OmniActive
(2004, Mumbai, $35M)
53
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Nutraceuticals in last 2 years (July 2016 - June 2018)
Nutraceuticals > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Nutraceuticals > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Supplements > Herbal Supplements > Plant Extracts and Phyto-chemicals
Companies that extract biologically active compounds from plants for use in manufacturing supplements
(Companies created 548 | Funded 58 | Total Funding $105M )
1 Elysium Health (2014, Palo, $26.2M)
2
Supplements > Vitamins
Companies that manufacture supplements with a vitamin as the primary dietary ingredient
(Companies created 53 | Funded 8 | Total Funding $224M )
1 Ritual (2015, Los Angeles, $15.3M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
55
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (July 2016 - June 2018)
Nutraceuticals > Market Details > Top Markets of Early Stage Investors

Incubators LRM (#2), Y Combinator (#1)
Seed First Round Capital (#1), Highland Capital Partners (#1)
Series A/B Penta Mezz (#1), CAVU Venture Partners (#1)
Series C+ CPP Investment Board (#2), Aisling Capital (#1)
Protexin Jun - 2018
Acq by Archer Daniels Midland
Company for $242M
Atrium Innovations Dec - 2017
Acq by Nestlé for $2.3B
Mead johnson Feb - 2017
Acq by Reckitt Benckiser for $17.9B
HL Science Oct - 2016
IPO'd on KOSDAQ
Vemedia Jul - 2016
Acq by Charterhouse Capital Partners
for $412M
$511k - Series A
Innerbeing (2014, Hyderabad, $511k)
$1M - Seed
Carson Life (2014, Miami, $2.6M)
$100k - Seed
Therapeutic Solutions
International (TSI) (2010, Oceanside,
$270k)
$252k - Seed
Vital Plan (2008, Raleigh, $1.1M)
Series A
Qualinova (2009, Pinhais)
$250k - Seed
Good Day Chocolate (2012, Boulder,
$1.5M)
Nov 2017
Ackman makes new bet against Herbalife with options,
Reuters
Jul 2017 MusclePharm Names Matthew Kerbel as CMO, Citybizlist
Jul 2017
Perrigo confirms patent challenge for generic Soolantra
cream, 1%, Pharma Biz
Jun 2017
NutraFuels, Inc. (NTFU) Plans for Expansion as New and
Repeat Business Order Flow Increases, Marketwired
Aug 2017
Jamieson Wellness appoints Angela Holtham to the Board of
Directors and its Audit Committee, Talent4Boards
Nov 2017
Valley Startup is Now Selling a Drink to Make You ‘Super
Human’, NextShark
Oct 2017
Specialist in Geriatric Medicine Joins Herbalife Nutrition
Advisory Board, Business Wire
Oct 2017
Herbalife Closes $600 million Stock Buyback, Los Angeles
Business Journal
Dec 2017
Young Living Essential Oils Welcomes Mike Green as Senior
Vice President of Information Technology, PR Newswire
Jun 2017 Vitality Products : Reports First Quarter Results, 4-Traders
Nov 2013 VitalNext awarded grant for promanna research, VitalNext
Jul 2017
Perrigo settles litigation related to Dymista nasal spray,
OINDPnews
Jul 2017 Plexus reports on 3Q/2017 revenue increase, Evertiq
Aug 2017
Swisse Wellness acquires independent ad agency Noisy
Beast, AdNews
Jun 2015
The Canadian Bioceutical Corporation Raises $342,500 of
Equity Financing, Canadian Bioceutical
News
0
5
10
15
20
$0k
$50M
$100M
$150M
$200M
$250M
$300M
2014 2015 2016 2017 2018
YoY Funding Rounds
47
15
39
153
1125
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Supplements > Multicategory: Market Factsheet
56
Exits
Recent Investments
YoY Funding and Rounds
Companies that manufacture
more than one type of supplement
MMUSA
(1995, Blaine, $284M)
True Health
(Cottonwood, $157M)
Aloha
(2012, West Palm Beach, $70.9M)
Before brands
(2015, San Francisco, $48.1M)
Top Companies
#1 Top Markets of Investment Activity
Nutraceuticals > Market Details > Market: Multicategory
Companies Created 1125 | Funded 153 | Total Funding $2.5B
Market: Multicategory

Supplements > Multicategory: Top Companies
Market: Multicategory (1/2)
Analyst’s Pick
products
Soonicorn. Stage: Funded
products
Minicorn. Stage: Funded
WM Partners
A wellness company manufacturing vegan foods
and dietary supplements
Minicorn. Stage: Series B
First Round Capital, Highland Capital Partners,
Forerunner Ventures and 23 Other Investors
Nutraceutical company commercializing products
to support immune health in infants and toddlers
Analyst’s Pick
Care/of (2016, New York City, $13.9M)
Monthly subscription box for a range of dietary
supplements
Editor's Pick. Stage: Series A
Goodwater Capital, Tusk Ventures, RRE Ventures,
Align Ventures
Keraplast Technologies (1997, San Antonio,
$4.9M)
Keratin extraction technology for developing health
and beauty products
Unomi (2006, Austin, $3.7M)
Personalized dietary supplements
Multiply Labs (2016, San Francisco, $2.8M)
Designing personalized supplement pill as per
individual needs
Graph Ventures, Fenox Venture Capital, CRCM
Venture and 7 Other Investors
Analyst’s Pick
4Life (2014, Sandy)
Manufactures a range of proprietary health and
Editor's Pick. Stage: Unfunded
Agati Healthcare (2010, Mumbai)
Developing and manufacturing biopharmaceuticals,
biosimilars and health supplements products
Avion Pharmaceuticals (2011, Alpharetta)
Speciality pharma company developing drugs in
TAs such as women’s health, pediatrics and
cardiology
BariMelts (2017, Miami)
Fast melting dietary supplements for weight loss
surgery patients
Hantian Labs (2013, London)
Skin care and hormone balance supplements
Editor's Pick. Stage: Acquired

Supplements > Multicategory: Top Companies
Market: Multicategory (2/2)
Analyst’s Pick
Life Extension (1980, Lauderdale)
Developing and marketing a range of nutritional
products
MitoSynergy (2008, Kaukauna)
Dietary supplements for fitness and sports
Modern Era Naturals (2014, Toronto)
Manufactures and markets lipid encapsulated
supplements
Nature's Way (1968, Green Bay)
Supplements for daily requirements
Never Too Hungover (2006, Las Vegas)
Vitamin and mineral blend for prevention of
hangover
Nordic Naturals (1995, San Francisco)
Dietary supplements for daily needs
Analyst’s Pick
This is Bio (2010)
Healthcare & nutrition brand
Young Living (1993, Lehi)
Direct to consumer brand of essential oils

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
59
Supplements > Multicategory: Leaderboard
Better than Market Average
Market: Multicategory
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Zurvita 2008 Houston Public - - 4 - 3 - 326k 2.6k 30k 691 -27k -7% 79 13% 67 3%
5.0 Immunotec 1996
Vaudreuil-
dorion
Public - - 5 4 3 4 119k 290 34k 178 14k 12% 51 40% -5 -2%
5.0 IDLife 2014 Frisco Unfunded - - 5 4 4 - 357k 3.3k 3k 40 -52k -12% 2 5% 65 2%
5.0
USANA Health
Sciences
1992
Salt Lake
City
Public - - 5 4 4 1 48k - 363k 1.2k 7k 16% 92 9% - -
5.0 Hairfinity 2004 Slidell Unfunded - - 5 - - - 270k 43k 30k 192 -99k -27% 30 18% 650 2%
5.0 Lifeplus 1992 Batesville Unfunded - - 4 - 3 1 144k 2.5k 8k 64 12k 9% 7 11% 12 -
5.0 FuXion 2004 Lima Unfunded - - 5 - 2 - 705k 15k 45k 523 523k 324% 5 1% 70 -
5.0
Nestle Health
Science
2011
Bridgewate
r
Unfunded - - 3 3 4 2 546k 2.3k 3k 21 -67k -11% 1 5% 1.4k 156%
5.0 Vestige 2004 Delhi Unfunded - - 5 5 5 - 48k 138 3.8M 19.3k -10k -16% 6.5k 50% 13 10%
5.0 Plexus 2006 Scottsdale Unfunded - - 4 - - 1 63k 12k 8k 47 5k 7% 4 8% 100 1%
5.0 Now Foods 1968
Bloomingd
ale
Unfunded - - 5 4 5 7 100k 16k 750 4 2k 2% - - 1.6k 10%
4.9
Viridian
Nutrition
1999 Daventry Unfunded - - 4 - - - 839k 4.7k 8k 9 98k 13% 4 66% 355 8%
4.9 Herbalife 1980 Los Angeles Public - - 4 4 5 27 89k 5.7k 803k 5k -13k -12% 917 23% -160 -3%
4.9
Physician
Naturals
2008 Houston Unfunded - - 4 3 4 - 2.8M 222 300 3 684k 33% 1 50% 1 -

Incubators SOSV (#1), Yield Lab (#1)
Seed Starbucks (#1), Facebook (#1)
Series A/B Trently Advisors (#1), Blueberry Ventures (#1)
Series C+ 8 Miles (#1)
None
$500k - Seed
EAT Anytime (2016, Mumbai, $500k)
$610k - Seed
Fresh Bar (2011, Minneapolis, $610k)
$788k - Seed
True Elements (2015, Pune, $1M)
$8.3M - Series B
Barnana (1981, Los Angeles, $18.6M)
$2.1M - Seed
Redd Bar (2014, Portland, $3.1M)
$100k - Seed
Think Eat Live (2012, Wildwood,
$100k)
$5.3M - Series B
$1.2M - Seed
Zing Bars (2007, Seattle, $1.2M)
$620k - Series A
Glukos (2003, Phoenix, $5.6M)
$2.1M - Seed
IPS All Natural (2011, Los Angeles,
$2.3M)
$4M - Series A
Jul 2017
Honey Stinger returns to UK market after 18 month hiatus,
CyclingIndustry
Nov 2017
NightFood to Explore Entering $2.1 Billion CBD Market with
Cannabidiol Infused Products, NewMediaWire
Oct 2017
NightFood Adds Dr. Michael Grandner to Scientific Advisory
Board, Citybizlist
Dec 2017
NightFood (NGTF) Reports Record Revenues, Targeting
100% Quarter Over Quarter Sales Growth and Disruption of
$50B Market Segment, Marketwired
Dec 2017 Honey Stinger Relaunches Website, SGB Media
Jan 2018
RP-Sanjiv Goenka Group invests in health foods startup True
Elements, VCCircle
Nov 2017
MJ Accelerator, a Division of Player’s Network, Inc.,
Announces Strategic Partnership and Development
Agreement with NightFood Holdings, Inc., GlobeNewswire
Aug 2017
Redd Bar exceeds new round of investment goal by 30%,
Mainebiz
Sep 2008
Element Bars: Built-To-Order Nutrition Bars That Don't
Taste Like Chalk, TechCrunch
Oct 2017
Naturally Splendid Aquires Prosnack Natural Foods Inc. and
Closes Final Tranche for $333,835, The Newswire
Sep 2016
NYC Startup Protes Raised $1.2M To Redefine the Protein
Snack, AlleyWatch
May 2017
Redd Raises Nearly $1M in New Investment Round, Tech
Cocktail
Jun 2018
Healthy Snack Bar Company raises Rs. 3.43 Cr Funding from
Sprout Venture, Pixr8
News
0
2
4
6
8
10
12
$0k
$20M
$40M
$60M
$80M
$100M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
1
4
30
155
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Foods > Health Snack: Market Factsheet
60
Exits
Recent Investments
Companies that manufacture light
meal products with nutritional
value
Beloxxi Group
(1994, Lagos, $80M)
Barnana
Glukos
(2003, Phoenix, $5.6M)
Redd Bar
(2014, Portland, $3.1M)
IPS All Natural
Top Companies
Nutraceuticals > Market Details > Market: Health Snack
Companies Created 155 | Funded 30 | Total Funding $117M
Market: Health Snack

Foods > Health Snack: Top Companies
Analyst’s Pick
Nutraceutical company manufacturing and
marketing organic banana snack
Editor's Pick. Stage: Series B
Trently Advisors, Blueberry Ventures, BFG Partners
and 4 Other Investors

62
Foods > Health Snack: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 True Elements 2015 Pune Seed $1M - 5 - - 1 675k 568 30 1 214k 46% - - 252 79%
5.0 EAT Anytime 2016 Mumbai Seed $500k - - - 4 2 5.5M 115 - - 679k 14% - - 7 6%
4.9 Buff Bake 2014 Santa Ana Funded - - - - 4 - 1.9M 1.3k - - 431k 28% - - 82 7%
4.9 Balance Bar 1992 Bohemia Acquired - - - - 5 - 1.9M 9.2k - - 559k 45% - - -486 -5%
4.9 Beloxxi Group 1994 Lagos Funded $80M - - - 4 - 1.9M 66 - - -1.1M -36% - - 24 55%
4.8 Froozer 2004 Denver Funded - - - - 5 - 1.6M 1.2k - - -2M -56% - - 26 2%
4.8 Protes 2013 Brooklyn Series A $1.2M - - - 3 1 1.8M 1.3k - - 366k 26% - - 7 1%
4.8 ElevateMe 2002
North
Vancouver
Acquired - - - - 4 2 10M 2.5k - - 4M 36% - - -26 -1%
4.7 Beon 2011
Deerfield
Beach
Funded - - - - 4 - 2.1M 3.6k - - 451k 27% - - -1113 -24%
4.7 Redd Bar 2014 Portland Seed $3.1M - - - 4 2 1.4M 677 - - -389k -22% - - -3 -
4.7 Pervine Foods 2012 Bohemia Unfunded - - - - 4 - 1.4M 5.4k - - -879k -40% - - 215 4%
4.6 ArrowBar 2014 Jacksonville Unfunded - - - - 4 - - 195 - - - - - - 3 1%
4.6
Extend
Nutrition
2000 St. Louis Funded - - - - 5 - 1.8M 7 - - -997k -36% - - - -
4.6 EPIC 2012 Austin Acquired - - - - - 1 288k 7.7k - - -100k -25% - - 257 3%
4.5 Shift Bars 2014 Asheville Unfunded - - - - 4 - - 85 - - - - - - 5 6%

Incubators
Seed
ICICI Venture (#1), 2x Consumer Products Growth Partners
(#1)
Series A/B General Catalyst Partners (#1), Breyer Capital (#1)
Series C+ Lincoln Park Capital (#1), Castanea Partners (#1)
Fredun Group Mar - 2016
IPO'd on BOM
Ganga Pharmaceuticals Feb - 2016
IPO'd on BOM
Plandai Biotech Jun - 2012
IPO'd on OTC
Piramal Phytocare May - 2008
IPO'd on BOM
Provexis Jun - 2005
IPO'd on LON
Nature's Sunshine Jan - 2003
IPO'd on NASDAQ
$19.4M - Series A
Manus Bio (2011, Cambridge, $28.8M)
$8.9M - Series C
Amazentis (2007, Lausanne, $8.9M)
$4.2M - Series A
Constance Therapeutics (2008, San
Francisco, $4.7M)
$9.1M - Series A
$100k - Seed
Voke Tab (2011, Bozeman, $100k)
$127k - Seed
Emerald Health Bioceuticals
(2017, San Diego, $127k)
Jun 2017
Elysium Health Secures $5M Credit Facility From Silicon
Valley Bank, FinSMEs
Aug 2017
Cyanotech Corporation's (CYAN) CEO Gerry Cysewski on Q1
2018 Results , Seeking Alpha
Aug 2017
Arjuna Natural BCM-95® Curcumin Confirmed by FDA,
Health Technology
Sep 2017
Dabur plans subscription-based model for ayurvedic
medicines in India, Deccan Chronicle Holdings
Jul 2017
Cyanotech Names Mawae Morton President , Algae Industry
Magazine
Jun 2017
Relevium Completes Acquisition of BioGanix and Initial
Closing of Concurrent Debt and Equity Financing,
Marketwired
Jul 2017
Provexis To Raise Further Funds For Working Capital, London
South East
Aug 2017
Blackmores Limited Announcement of Appointment of CEO,
4-Traders
Nov 2017
Palatin Technologies Announces Signing of Licensing
Agreement with Kwangdong Pharmaceutical for Republic of
Korea, PR Newswire
Jul 2016
Dabur India launches Real Wellnezz with Jamun juice in
Tetra Pak cartons, Nuffoods Spectrum
Sep 2017
Patanjali ordered to stop airing chyawanprash ads after
Dabur complains, Livemint
Aug 2017
The spectacular sales growth at Blackmores has come to a
close, Business Insider
News
0
1
2
3
4
5
$0k
$5M
$10M
$15M
$20M
$25M
$30M
$35M
2014 2015 2016 2017 2018
YoY Funding Rounds
17
10
15
58
548
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Supplements > Herbal Supplements > Plant Extracts and Phyto-chemicals: Market Factsheet
63
Exits
Recent Investments
Companies that extract
biologically active compounds
from plants for use in
manufacturing supplements
Manus Bio
(2011, Cambridge, $28.8M)
Elysium Health
(2014, Palo, $26.2M)
Amazentis
(2007, Lausanne, $8.9M)
Avesthagen
(1998, Bangalore, $7.5M)
Constance Therapeutics
(2008, San Francisco, $4.7M)
Top Companies
Nutraceuticals > Market Details > Market: Plant Extracts and Phyto-chemicals
Market: Plant Extracts and Phyto-chemicals

Supplements > Herbal Supplements > Plant Extracts and Phyto-chemicals: Top Companies
Analyst’s Pick
Microbial biotechnology firm aiming to produce
phytochemicals using microbial fermentation
Bill and Melinda Gates Foundation, Small Business
Innovation Research, Civilization Ventures and 4
Other Investors
supplement
Silicon Valley Bank, General Catalyst Partners,
Breyer Capital and 6 Other Investors
Plandai Biotech (2004, Goodyear, $15.3M)
Developing bioavailable extracts from live plant
materials for use in nutraceuticals
Lincoln Park Capital
Analyst’s Pick
Amazentis (2007, Lausanne, $8.9M)
Developing nutritional products to slow aging and
improve quality of life
Editor's Pick. Stage: Series C
Waypoint Capital

65
Supplements > Herbal Supplements > Plant Extracts and Phyto-chemicals: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Kyani 2005 Idaho Falls Unfunded - - 5 4 4 - 141k 7.7k 30k 181 11k 8% 215
-
1470
%
-72 -1%
5.0
Nature's
Sunshine
1972 Lehi Public - - 5 4 3 4 126k 5.4k 3k 21 1k - 2 11% -130 -2%
5.0 VMALife 2015 Singapore Unfunded - - 5 - 3 - 938k - 3k 60 - - 1 2% - -
5.0 Dabur India 1884 Ghaziabad Public - - - - 5 39 95k 4.7k - - -12k -10% - - 584 14%
5.0
Boss Level
Labs
2017 Frisco Funded - - - - 5 - 4.5M 12 - - 4M 545% - - 4 40%
5.0
Constance
Therapeutics
2008
San
Francisco
Series A $4.7M - - - 4 2 1.3M 153 - - -1.5M -54% - - 39 34%
4.9 Thrivous 2015 Orem Unfunded - - - - 5 - 994k 2.4k - - -461k -32% - - 432 22%
4.9 Flat Tummy 2013 Halifax Funded - - - - 4 - 274k 9.2k - - -341k -55% - - 1.2k 14%
4.9 MegaCare 1995 Henderson Funded - - - - 4 - 884k 11 - - - - - - 2 15%
4.9 Kelp Me 2016 London Unfunded - - - - 4 - - 40 - - - - - - 12 41%
4.9
Eglobal
Natural Health
2007 Wilmington Funded - - - - 4 - 6.7M 826 - - 2M 25% - - -17 -2%
4.9 Hanah Life 2015 Venice Unfunded - - - - 4 - 985k 499 - - -308k -24% - - 76 18%
4.9 Arkopharma 1980 Carros Acquired - - 4 4 4 1 338k - 330k 1.7k -266k -44% - - - -
4.9 Nature's Aide 1997 Savannah Unfunded - - - 3 4 - 10M 3.7k - - 13M 84% - - -87 -2%

Nutraceuticals > Market Details > Market: Diversified
Market: Diversified

Market: Diversified

Nutraceuticals > Market Details > Market: Others
Market: Others

Market: Others

Nutraceuticals > Market Details > Market: Medical Foods
Market: Medical Foods

Nutraceuticals > Market Details > Market: Nutraceutical Ingredients
Market: Nutraceutical Ingredients

Nutraceuticals > Market Details > Market: Contract Manufacturing
Companies Created 188 | Funded 37 | Total Funding $88.6M
Market: Contract Manufacturing

Nutraceuticals > Market Details > Market: Probiotic Drink
Market: Probiotic Drink

Nutraceuticals > Market Details > Market: Energy Drink
Market: Energy Drink

Nutraceuticals > Market Details > Market: Probiotics
Market: Probiotics

Nutraceuticals > Market Details > Market: Prebiotics
Market: Prebiotics

#2 Top Markets of Early Stage Investors
Nutraceuticals > Market Details > Market: Vitamins
Market: Vitamins

Market: Vitamins

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
93
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies (1/14)
95
Performance indicators of public companies in Nutraceuticals
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jul 2017
Eagle Health Holdings (2001, Xiamen)
Developing and marketing a range of health food products
$961M 6.87 ASX:EHH
Mar 2017
Rapid Nutrition (2001, Coorparoo)
Manufactures and exports nutritional products
SWX:RAP
Jan 2017
Arev Nutrition (2016, Vancouver)
Manufactures coconut based health drink products
CNSX:ARV
Oct 2016
HL Science (2000, Uiwang)
$121M $28.5M 33.63 KOSDAQ:239610
Aug 2016
Advanced Enzyme Technologies (1989, Thane)
Manufactures enzymes for nutrition, food processing and industrial
processing
$367M $300M $51.5M 29.62 ADVENZYMES
May 2016
Bajaj Health (1993, Mumbai)
Manufacturer and supplier of Supplements, APIs & Intermediates
and formulations
$40.5M $17.6M $35.9M 27.57 BOM:539872
Mar 2016
Fredun Group (1987, Mumbai)
Pharma group with multiple subsidiaries with focus on generics,
herbal products and APIs
$9M BOM:539730
Feb 2016
Ganga Pharmaceuticals (1989, Mumbai)
Manufactures natural ingredients based health supplements
$8.9M $489k BOM:539680
Jan 2016
Canadian Bioceutical (2014, Toronto)
Manufacturing and marketing a range of nutraceuticals and
bioceuticals
CNSX:BCC
Nutraceuticals > Exit Outlook > Public Companies

96
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jul 2015
Medlab (2012, Sydney)
Company developing pharmaceuticals, nutraceuticals and biologics
for treating chronic diseases
$25.9M $3.4M ASX:MDC
Dec 2014
Aroma Celte (2011, Ploufragan)
Manufactures health supplements and personal care products
EURONEXT:MLA
RO
Aug 2014
OptiBiotix Health (2012, York)
Discovers and develops microbial strains, compounds, and
formulations, which modulate the human microbiome
$9.7M $360k 21.84 LON:OPTI
Jul 2014
Kolmar BNH (2004, Sejong)
Offers nutrition supplements and cosmetics
200130
Jun 2014
Zivo Bioscience (2014, Keego Harbor)
Bioactive compounds from algal strain
OTCMKT:ZIVO
May 2014
Nutrafuels (2009, Coconut Creek)
Manufacturing and marketing oral spray vitamins and supplements
$17.5M OTCMKTS:NTFU
Mar 2014
Venture Life (2010, Bracknell)
Company focused on developing, manufacturing and
commercialising products for the ageing population
$43.8M $17.6M LON:VLG
Dec 2013
Mix1 Life (2006, Orlando)
Manufacturing and marketing protein shakes
OTC:MIXX
Nov 2013
Mega LifeSciences (1982, Bangkok)
Traditional company engaged in manufacturing nutritional & herbal
supplements, OTC and ethical products
$479M $247M BKK:MEGA

97
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 2013
Manufactures and markets sports nutrition products
$16.9M $15.1M LON:SIS
Dec 2012
Euglena (2005, Tokyo)
Developing and marketing microalgae for use in functional foods
TYO:2931
Jun 2012
Plandai Biotech (2004, Goodyear)
Developing bioavailable extracts from live plant materials for use in
nutraceuticals
OTC:PLPL
Jun 2012
MYOS RENS Technology (2011, Cedar Knolls)
Nutritional supplements, functional foods, and therapeutic products
MYOS
Dec 2011
Kino Biotech (2010, Singapore)
Bio-nutraceutical and cosmeceutical company
$16.8M TPE:4154
Dec 2011
Radient Technologies (2001, Edmonton)
Develops and markets high-value naturally derived plant extracts
$220k CVE:RTI
Oct 2011
Burcon (1998, Vancouver)
Manufactures plant protein based health drinks
$65.9k NASDAQ:BUR
May 2011
Game Plan (1999, Henderson)
Nutritional supplements manufacturer and distributor.
GPLHE
May 2011
Pivotal Therapeutics (2010, Vaughan)
Canadian, commercial-stage biopharma developing highly-purified
prescription Omega 3 Therapy for CVD
$263k CNSX:PVO

98
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Apr 2011
GNC (1935, Pittsburgh)
Supplements for sports nutrition
GNC
Jan 2011
Algae Tec (2007, Subiaco)
Manufacturer of algae using carbon capture and production of algae-
based products
$2.1M ASX:AEB
Dec 2010
USANA Health Sciences (1992, Salt Lake City)
Personalized cellular nutrition
$2.8B $1B 28.84 NYSE:USNA
Nov 2010
New Nordic (1990, Roskilde)
Develops and markets dietary supplements and natural medicines
$33.6M STO:NNH
Aug 2009
Baolingbao Biology (1997, Dezhou)
Producer of starch-based health and food ingredients
SHE:2286
Jun 2008
ChromaDex (1999, Irvine)
Discover and develop patented ingredient technologies
$213M $26.8M NASDAQ:CDXC
May 2008
Piramal Phytocare (2001, Mumbai)
Manufactures a range of natural ingredients based health
supplements
$14.9M $682k BOM:532979
Aug 2007
Vita Lifesciences (1947, Melbourne)
$7.4M $174k ASX:VSC
Aug 2007
Neptune Wellness Solutions (1998, Canada)
$218M 12.42 NEPT

99
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jul 2007
Lactose India (1991, Ahmedabad)
Producing and providing nutraceutical ingredient & APIs
$10.4M $5.6M BOM:524202
Feb 2007
Pochiraju Industries (1995, Krishnagiri)
Indian Pharma and Biotech Manufacturer
$1.1M $12.2M BOM:532803
Jan 2007
Celsius (2004, Boca Raton)
Functional beverage company manufacturing energy drinks
$205M $22.8M NASDAQ:CELH
Jun 2005
Specialty company commercializaing proprietary anti-thrombotic
technology
$108k LON:PXS
Mar 2005
Olmix (1995, Brehand)
Developing and marketing algal extracts for use in plant, animal and
human health products
EURONEXT:MLO
LM
Feb 2005
NHTC (1988, Los Angeles)
Herbal dietary supplements
NHTC
Dec 2004
Herbalife (1980, Los Angeles)
$9.4B $2.2B $4.5B 23.44 NYSE:HLF
May 2004
Oragenics (1996, Tampa)
Develops novel treatments for infectious diseases and oral mucositis
as well as probiotics for oral health
AMEX:OGEN

100
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jan 2003
Food ingredients manufacturer
$8.2B $6B 14.88 NYSE:INGR
Jan 2003
Nature's Sunshine (1972, Lehi)
Traditional company manufacturing and marketing health and
wellness products
$180M $341M NASDAQ:NATR
Jan 2003
ProPhase Labs (1989, Doylestown)
ProPhase Labs
$49M $21M 4.79 NASDAQ:PRPH
Jan 2003
Kwangdong Pharmaceutical (1963, Seoul)
Combining oriental and western medical science across a range of
indications.
$875M KOSDAQ:9290
Dec 2002
Cell Biotech (1995, Gimpo-si)
Manufacturer of probiotic products
$27.2M $48.3M KOSDAQ:49960
Aug 2002
Murad Chia Jei Biotechnology (1995, Kaohsiung City)
Preventive health related herbal nutraceutical products
$19.3M TPE:4109
Nov 2001
Kyung Nam Pharm (1993, Changwon)
Manufacture and sale of OTC drugs and nutritionals in Korea
$31M $32.9M KOSDAQ:53950
Jul 2001
Kimia Farma (1817, Jakarta)
Manufactures generic pharmaceuticals and nutritional supplements
34.33 IDX:KAEF

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