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Dwight x CPG Wire Present: Quarterly Consumer Review

29 June 2023

April 1st — June 30th, 2023

CPG Wire is back for the second installment of our quarterly industry report with a slew of updates following an eventful quarter for the consumer products industry. We’ve been following along as brands secured fresh funding, collaborated with each other, launched behind new doors, released new products, and exited the space.

Of course, brands aren’t the only groups making exciting announcements in consumer. The fundraising landscape has made strides with several investment groups and individuals raising new funds looking for emerging brands in a number of consumer categories. In this Q2 update, we’re getting into all the major brand and investor moves from the past three months.

In case you missed it, check out our Q1 industry review and fundraising index here.

Consumer Product Trends

BEAUTY | New Wave Suncare & The Fragrance Frenzy

Following the wake of Supergoop, a new wave of suncare brands is disrupting the category. Also, a new generation of founders are bringing energy to a sleepy category by focusing on adventurous fragrances, novel experiences, and ingredient transparency.

New Wave Suncare care in the news…
  • Bubble Skincare expands into suncare with two new SPF products
  • Dune Suncare launches at 550 Ulta Beauty stores
  • Vacation Inc closes $6MM in Series A funding from Silas Capital
  • Vacation Inc launches in over 1,200 Ulta Beauty stores
  • doTerra expands into suncare
  • B.A.I. Biosciences launches advanced suncare brand Pavise
  • BeautyStat launches hero product Universal C Skin Refiner with SPF 50 marking its official expansion into suncare
  • Rite Aid has launched RYSHI, a new line of clean beauty and personal care essentials from razors to sunscreen
  • Sofia Vergara debuts suncare brand Toty
The Fragrance Frenzy in the news…
  • Luxury fragrance brand Vyrao scores minority investment from Estee Lauder’s  venture arm, New Incubation Ventures
  • Juliette Has a Gun — a French fragrance brand founded by Romano Ricci in 2006 — secured additional funding from existing investor Cathay Capital. Weinberg Capital Partners also participated
  • Ceremonia expands into fragrances with the launch of Perfume de la Tierra
  • Fable Investments Raises Its Stake in Perfumer H
  • Henry Rose secures Series A funding from Sandbridge Capital
  • Advent International acquires Parfums de Marly and Initio Parfums Prives
  • Kering acquires 100% of heritage fragrance brand Creed from BlackRock & Javier Ferran
  • Jones Road Beauty announces the launch of first fragrance product
HEALTH & WELLNESS | Supplements Steal the Show

Ingredient traceability, personalization, and premiumization continue to dominate headlines in the supplement space.

Supplements & Vitamins flavors in the news…
  • Sourse enters Sephora nationwide 
  • Sourse raised $2.4MM in Seed funding from New Theory Ventures, H Ventures, JAWS Ventures, Satori Capital, Short List Capital, Harlo Capital and LDR Ventures
  • Ritual launches into Target 
  • Gainful expands into wholesale by launching nationwide into Target
  • Care/of launches at Sam’s Club 
  • Lemme by Kourtney Kardashian Barker launches nationwide at Ulta Beauty
  • Thesis, raised $8.5MM from Unilever Ventures 
  • Beekeeper’s Naturals closed $14MM funding round co-led by Devonshire Partners & Cavu Consumer Partners
CELEBRITIES IN CONSUMER | Athletic Moves & Celebrity Spirits

Athletes continue to transition from spokesperson to shareholder, decision maker, and brand owner. In fact, many are joining other business-savy stars by pouring into the spirits space and vying to create the next Casamigos, but will lightning strike the same spot twice?

Athletes and athletic organizations in the news…
  • Hally Hair launches next phase of partnership with collegiate softball teams
  • Flying Embers hosts pickleball tournament at Coachella
  • Roar Organic is named the official hydration partner of the Professional Pickleball Association
  • PRIME becomes the official drink of the LA Dodgers
  • PRIME reveals Israel Adesanya and Alex Volkanovski as the brand’s first official athletes
  • OLIPOP becomes the official partner of the KC Current soccer team
  • Andrew Steele and Greg Rutherford acquire Aila
  • Tracksmith brings on Mary Cain & Nick Willis as full-time marketing employees
  • Aaron Rogers Venture Firm RX3 Ventures raised $150MM for fund II
  • Sebastian Vettel invsets in BACX
  • Kyle Kuzma’s Barcode is named Sports Academy’s official drink partner
  • Buoy receives $2.5MM investment from Chris Paul
  • Will Perform by Serena Williams heads into Walmart
  • Steph Curry announces new bourbon brand, Gentleman’s Cut
  • Maria Sharapova invests in Wolf & Shepherd
  • Derek Jeter joins Meati Foods’ latest round of financing
  • Jaren Jackson JR to launch Block Panther Energy Gummies 
  • Just Egg collaborates with DeAndre Jordan
Celebrity spirits in the news…
  • Margot Robbie launches Papa Salt gin as an ode to the laid-back Australian lifestyle
  • Brad Pitt announces plans to launch new spirits brand, The Gardener Gin 
  • Emma Watson and her brother Alex team up on new brand, Renais Gin, made from upcycled wine grapes
  • Steph Curry debuts bourbon brand, Gentleman’s Cut which will soon be available globally
  • Nelly enters the spirits industry with new moonshine brind, MoShine
  • Jennifer Lopez debuts RTD cocktail & spritz brand, Delola
  • Blake Lively’s Betty Buzz breaks into RTD cocktails, Betty Booze

Fundraising Landscape

There’s light at the end of the tunnel for brands seeking to raise equity as consumer-focused investors close new funds and look for the breakout businesses in beauty, health & wellness, food & beverage, and more.

New funds in the news…
  • Pronghorn announces $200MM fund to invest in black-owned spirits brands
  • Aaron Rogers Venture Firm RX3 Ventures raises $150MM for fund II
  • Melitas Ventures is raising $120MM for their third fund
  • Gwyneth Paltrow is raising $75MM for her debut venture fund, Kinship Ventures, which seeks to invest in early-stage consumer goods and technology companies
  • Big Idea Ventures raises initial funds for its $75MM New Protein Fund II
  • Bullish raises $50MM for its second fund
  • The Family Fund (aka F3C) announces $25MM in new capital commitments to co-invest  in late-seed and Series A brands
  • Selva Ventures closes its second fund, raising $34 million
  • Sugar Capital raises $33MM to invest in retail tech
  • Sarah and Erin Foster launch new consumer venture fund, Oversubscribed Ventures

About CPG Wire

CPG Wire is a news aggregator focused on consumer packaged goods. Find the latest food, beverage, cosmetics, and wellness news on 

About Dwight Funding

Dwight is a modern working capital partner for industry-leading businesses in eCommerce, Food & Beverage, and General CPG

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