Athletic Greens, which created AG1, a powdered beverage designed to provide daily nutrition, has raised $115 million in new funding, pushing its pre-money valuation to $1.2 billion.
Founded in 2010 by founder and CEO Chris Ashenden, the New York-based company is the result of his journey to find out why he kept feeling bad.
“I’m a person obsessed with health and wellness, and despite knowing what I thought was a lot about nutrition and wellness, I kept getting sick,” Ashenden told TechCrunch.
In 2008, he ended up in a clinic and spent $35,000 on every kind of blood, stool, saliva, or urine test out there to find out why he was staying sick. After throwing away all that money, he was shocked to discover that his body was not absorbing nutrients.
The fix wasn’t easy either – it was a 50 pill supplement regimen. Ashenden tried it for a while, but it got him thinking about how most of what people think about nutrition is turning out to be wrong, and that there must be a better way for him to go through life without taking 50 pills a day. to take.
Thus began AG1, the flagship of Athletic Greens. The product combines more than eight nutritional products in one, including multivitamins, probiotics and immune support, and is approaching its fifty-third iteration later this year.
Alpha Wave Global led the growth funding round and was joined by new investor Mark Vadon, returning investors SC.Holdings, David Blitzer’s family office Bolt Ventures and Dr. Peter Attia, as well as a group of product users. As part of the investment, Rick Gerson, chairman and chief investment officer at Alpha Wave Global, and Vadon, founder of Zulily and Blue Nile and former chairman of Chewy, will join Athletic Greens’ board of directors.
This new round of funding was a quick follow-up to an investment – the amount was not disclosed – in Athletic Greens in July 2021, the company’s first outside investment since the company was founded. Among the backers were users of the product such as Hugh Jackman, Cindy Crawford and Steve Aoki.
Before that, Ashenden launched the company to $150 million in revenue.
“One of the benefits of bootstrapping is that you learn to think about new and different ways of doing things,” he added. “We continue to innovate on how we do something great for our customers, and we also innovate on how we get the message out in a very messy world.”
Indeed, Athletic Greens is going after the global health and wellness market that Ashenden said was approaching $7 trillion. It’s also one of the reasons the company went after its first equity investment. Ashenden explained that the company is at a turning point and that the new financing will allow the company to take on larger capacity for the first time.
Last month, the company recruited former Focus Brands president, Kat Cole, as president and COO, as it expands into offline channels and into web3 to build community and improve brand connection.
“It’s about growth and the ability to continue to drive innovation,” he added. “We want to become a truly global company on a very large scale.”
Last year Athletic Greens approached 200% in revenue growth and over 100% in customer growth. As a result, this new funding will be leveraged in everything from awareness to building new relationships with new partners to supply chain. The company will expand geographically and accelerate much of its R&D that has been going on since Athletic Greens was founded ten years ago.
The company only works remotely, and Ashenden expects to triple the company’s 150-strong workforce by 2022.
“It expands our ability to ultimately serve our customer and customers are now at a point, that generational shift, where they want to take more ownership of their own health,” Ashenden said. “Customers want a healthier, higher quality of life, and we’re here to serve them. This is about how we begin to empower a much larger customer base on an even more spectacular journey. ”