13 hours ago
Supplement Company Veracity Secures $6 Million Raise as It Focuses on Metabolic Health
Medical grade supplement brand Veracity has secured a $6 million raise.
The raise, which brings the brand's total funding to $14 million, was led by Maveron Ventures and co-led by Melitas Ventures. Previously known for its test-to-treatment hormonal health offerings, Veracity is using the fund to further pivot its business to metabolic health.
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'[This raise is] to support our continued involvement as the leader in non-drug, natural, safe metabolic health,' said founder and chief executive officer Allie Egan.
She added that the raise will be invested in research and development of new products, which is more important than ever as a variety of brands are entering the metabolic health space following the rise of GLP-1s. To further compete in the space, the brand has also brought on a new chief science officer Giorgio Dell'Acqua, formerly the chief science officer at Nutrafol.
According to Egan, the company opted to pivot its model after launching its Metabolism Ignite, $75, a GLP-1-boosting supplement featuring Metabolaid, green coffee bean extract and magnesium, in 2023. Over the course of the last two years, the brand has grown the business by 30-times, thanks primarily to this launch, as consumers are seeking additional metabolic health solutions.
'We developed that product because we were testing tens of thousands of people's hormones, and not only having access to their actual health data but seeing what their biggest problems were. They would tell us through our onboarding quiz what their biggest issues were. We said, 'Clearly there's a metabolic health issue here,'' Egan said.
According to Egan, it took the brand one year to develop and when it launched, it far exceeded the team's expectations, ultimately leading to a significant pivot for the company.
'We decided based on that success this is really what the market is telling us it needs and wants for us and where we have a lot to offer,' she said. 'We really simplified our brand to say, instead of addressing everything within root cause medicine [for] hormone health, let's just focus on this metabolic piece and do it really well.'
The brand has continued to see the impact of this, as it has grown 30 to 40 percent each month. Additionally, 90 percent of the brand's new customers are subscribing to products.
As Egan plans to deepen the brand's commitment to metabolic health solutions, she is also hoping to change the narrative around the category with Veracity.
'Everything in the world of metabolic health, weight loss [and] weight management is so time bound, even the healthy stuff,' she said. 'Everything is 'Oh, just do this for this very small discrete amount of time.' The narrative that we want to help amplify is that metabolic health and weight management… are a long-term commitment.'
