82 Labs Inc., a health care startup based in Koreatown with a hangover remedy drink, has closed a stock offering for $10 million, according to a securities filing.
The consumer goods company announced on April 10 it had sold $9,534,979 in securities to 50 investors, according to the filing with the Securities and Exchange Commission.
82 Labs was founded in June 2017 by Sisun Lee, a Silicon Valley engineer and former staff product manager at Tesla Inc, who also served as a product manager for Uber Technologies Inc. and Facebook Inc., according to its website.
Lee was on a trip to Korea, he said, when he noticed locals downing locally made hangover drinks after a hard night on the town – and “showing up to work the next day ready to go.” He partnered with Dr. Jing Liang at the USC School of Pharmacy to create Morning Recovery for 82 Labs Inc., based on a compound found in a Japanese raisin tree.
Lee reports earning $1 million in the company’s first three months. Investors include Altos Ventures, Slow Ventures, Strong Ventures and R7 partners.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.