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The female-founded hydration brand gulps $5.6M to become millennial focussed wellness brand

Cure
Photo Credit: Cure

In 2023, Cure, a functional hydration brand, will almost quadruple its retail presence and has now closed a $5.6M in Series A funding. The round was led by New York-based VC company Lerer Hippeau with additional participation from new and existing investors including Valedor Partners, Simple Food Ventures, Great Oaks Venture Capital, Joyance Partners, Silas Capital, Kim Clijsters and others.

Powdered electrolyte beverages

As consumers shift to more environmentally-friendly products, the company is carving out a unique niche in the $10 billion functional drink mix market. Unlike other drink mixes that use cane sugar, dextrose, high-fructose corn syrup, and synthetic and artificial ingredients, Cure vegan, non-GMO and organic-certified formula uses clean, plant-based ingredients like coconut water powder and pink Himalayan salt.

The company intends to use the new funds to accelerate retail expansion, expand its leadership team, acquire new clients, and develop new goods, including a bulk jar alternative that subscriber customers have requested.

Cure also debuted additional electrolyte flavours this year, including Lemonade and Strawberry Kiwi, as well as a new bulk container shape.

The startup is FSA/HSA eligible and backed by a medical advisory board that includes Dr. Roshini Raj, Dr. Dana Cohen, and Brooke Alpert. Cure has expanded to over 15,000 retail locations nationwide in just over four years, including CVS, Walgreens, Albertsons, and Sprouts. It counts Gwyneth Paltrow, Ashley Graham, Brooklyn Decker and Miranda Kerr among its many celebrity fans.

The only female-founded electrolyte brand 

Founded in 2018 by Alex Sarkissian, Lauren Picasso, Cure Hydration provides all-natural, scientifically supported functional beverages. In addition to being the only female-founded electrolyte brand, reportedly Cure considers Liquid IV its biggest competitor. Hydrant, Olipop, Poppi, and The Ryl Company are also venture-backed functional beverage startups. 

Further, Cure has grown its revenue by 230% on average every year and will have 15,000 stores in 2023, up from 4,000 in 2021. Their retail presence includes Sprouts, Albertsons, Kroger, Stop & Shop, Wegmans, and HEB, in addition to established accounts like as CVS and Walgreens.

“In the past four years, Cure has seen explosive growth as consumers look for better-for-you functional beverages that really work and aren’t full of added sugar,” said Picasso. “Cure is on a mission to create healthy and effective products that provide the ultimate foundation for health and well-being.”

Valedor Partners’ Barbara Palmquist said, “We are excited to partner with Cure, an omnichannel hydration company we believe is poised for breakout growth in the $10 billion functional drink mix market. After only launching in 2019, the brand has quickly gained traction online and in over 15,000 doors. We believe Cure’s high performance is attributable to its outstanding team, especially CEO and Founder Lauren Picasso whose drive, magnetism and experience bode well for Cure’s future success. We can’t wait to see what Cure accomplishes in the coming years.”

“We continue to invest in Cure because the team has proved that they can scale beyond direct-to-consumer to become an omnichannel brand with a national footprint,” said Caitlin Strandberg, Partner at Lerer Hippeau. “We are excited to see Cure’s continued retail distribution and disruption of the hydration category.”

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