The round, announced by Prima on May 21, was led by institutional investors including Cincinnati-based H Ventures, Woodside-based Defy Partners and New York-based Greycroft and Lerer Hippeau.
The company was launched in June 2019 by Christopher Gavigan, Laurel Angelica Myers and Jessica Assaf. Gavigan is the co-founder of natural beauty company The Honest Co., which went public on May 5 and raised $413 million.
Prima offers beauty, bath and health products infused with cannabinoids, or CBD. The company’s products are vegan and cruelty-free and Prima says it is carbon and plastic neutral.
In 2020, Prima received B Corporation certification and Environmental Working Group verification, which are markers that the company and its products are environmentally sustainable and transparent.
“Prima is even more emboldened to broaden our digital and retail strategies, build best-in-class education partnerships and ensure these therapeutic botanical compounds are destigmatized, understood and accessible for all," Chief Executive Gavigan said in a statement.
Prima sells its products online and partners with retailers including Paris-based Sephora, Seattle-based Nordstrom, Marina del Rey-based Thrive Market and Fairfax-based Erewhon.
According to San Francisco-based consulting firm McKinsey and Co., the market for health and wellness products is worth more than $1.5 trillion globally, with an annual growth rate between 5% and 10%.
"We've looked in this space for years and never invested until we finally found a brand dedicated to the highest standards, which is important for such a fast-growing, fragmented consumer category," said Elizabeth Edwards, founder and managing partner of H Ventures.
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