Vive Organic, Venice, Calif., closed a $7 million Series A funding round led by Los Angeles-based Powerplant Ventures. Blueberry Ventures, San Francisco, and individual investors such as Bill Moses, co-founder of KeVita, Oxnard, Calif., and Chris Hunter, chief executive officer of Koia, Los Angeles, also participated in the round.
This investment will allow Vive Organic to continue its rapid growth and expand distribution nationwide in both natural and conventional grocery stores and other retailers. The company also plans to use the funds to further build world-class operations, finance and marketing teams.
“The market for plant-powered, functional wellness shots is poised for exponential growth,” says Wyatt Taubman, co-founder and CEO. “This investment round allows us to acquire the talent we need to grow our distribution channels and to continue to lead in this exciting new category.”
After launching its first product at independent natural grocers in Los Angeles in April 2016, Vive Organic grew monthly revenue totals by approximately 2,000% in the first year, before expanding distribution beyond the city. The brand continued to grow at a brisk pace in 2017 and 2018 before reaching a threshold to attract institutional investors for a successful Series A funding round.
“It’s rare to have the opportunity to build an entirely new category. Vive Organic has that, and has assembled an impressive team that will allow them to lead the category,” says Mark Rampolla co-founder and partner at Powerplant Ventures. “I've been a fan of the founders and products for more than two years, and am thrilled to work with them more closely now to help them scale.”