Science-based nutrition brand Zoe has raised an additional $15m (£11.7m) in funding to support its growth plans in the US.
The investment – which is an extension of the company’s Series B round – comes from New York consumer VC firm Coefficient Capital, which has backed the likes of Oatly and Just Spices in the past.
Zoe will put the cash towards its US expansion plans, alongside “continuing to deliver long-term engagement” for its community of more than 100,000 members worldwide.
It takes the total investment raised by Zoe since its first round in 2017 to $118m.
“I am really excited that Coefficient Capital has decided to join us in our mission to improve the health of millions,” said CEO Jonathan Wolf.
“I’m confident their expertise in helping consumer brands to grow across the US will accelerate our own growth. The US, like the UK, is in the midst of a terrible health crisis. The food that governments tell us is good for us is in fact causing us to feel terrible, and live fewer healthy years than our parents.
“The need to make smarter food choices, based on real science, has never been greater. We’re excited to be helped by Coefficient Capital to improve the health of many more members this year.”
Coefficient Capital managing partner Andrew Goletka added: “The way Zoe combines their own science and data to drive huge shifts in consumer behaviour towards health immediately impressed us. Their work, in running the world’s biggest nutrition science study and clinical trials, sets Zoe apart in a world that’s full of health and wellness companies making false claims without regulation.
“It’s essential that companies like Zoe exist, to meet the demand for consumers who want informed, actionable advice to help them feel better now, and for years to come. We were blown away when we spoke to members, who said that Zoe has completely changed their lives.”
Zoe secured £2m from Dragons’ Den star Steven Bartlett via his Flight Fund investment vehicle last year, with other investors including Accomplice, Balderton, Daphni, Ahren and THVC.
The Zoe app nutrition programme launched in 2022 and provides at-home gut health test kits and personalised nutrition advice to members.
It expanded into grocery earlier this year with an M&S collaboration on a milk-based gut health shot. And, in June, the business launched its plant-based Daily30+ supplement exclusively into Waitrose.
However, the company also encountered challenges this year, being forced to reduce its headcount after over-expanding.
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