Health and wellness company Intrinsic has raised $113 million in funding, the company said in a Thursday (June 3) press release. The company focuses on buying brands that are selling on eCommerce giant Amazon.
The funding round was led by Define Ventures with participation from Link Ventures and others. The Amazon-focused company was founded earlier this year in partnership with Redesign Health, a healthcare innovation company.
Intrinsic will be “partnering” with health and wellness celebrities Dr. Mehmet Oz and Tony Robbins, to assist with marketing and strategy. Oz and Robbins are investors in Intrinsic.
Intrinsic’s website urges such companies to “achieve your vision by partnering with consumer health brand builders and Amazon experts.” On an increasing basis, startups have been collecting cash to buy small brands featured on Amazon and boost their sales.
In May, Acquco, which is focused on acquiring third-party sellers on Amazon, collected $160 million from investors. Acquco said it planned to use the cash to build up its technology and its portfolio — with a goal of having $500 million in revenues by 2022.
The pandemic has pumped up Amazon sales. The retail giant is estimated to be on track to capture 40 percent of all eCommerce activity in the next several years.
Intrinsic said that with the overall surge in eCommerce, it would focus on the health and wellness category — in particular pregnancy, aging, orthopedics, digestive health and immune support along with eye and skin care.
“Intrinsic is building the consumer health products business of tomorrow,” said Yadin Shemmer, Intrinsic co-founder and CEO.
“Intrinsic is not only rewriting the rules of consumer health products, but it is also building a platform for global health centered around eCommerce,” said Lynne Chou O’Keefe, a Define Ventures partner who will join Intrinsic’s board of directors.