Intrinsic Launches Out of Stealth with $113 Million in Series A led by Define Ventures to Acquire Amazon Centric Brands in the Health & Wellness Category
NEW YORK, June 3, 2021 /PRNewswire/ -- Intrinsic, an emerging leader in the health & wellness eCommerce space, has closed $113 million in Series A funding led by Define Ventures with participation from Link Ventures and others. Intrinsic was founded earlier this year in partnership with Redesign Health, a leading healthcare innovation platform, and the new round brings the company's total raise to $115 million.
Intrinsic also announced the creation of a medical advisory board to provide counsel on acquisitions and innovation. Founding members include Dr. Theodore Leng, (Ophthalmology), Dr. Laurie Green (Obstetrics/Gynecology), Dr. Dena Bravata (Internal Medicine), Dr. David Suarez (Physical Medicine & Rehabilitation) and Dr. Rachel Walsh (Veterinary Medicine).
With total U.S. eCommerce sales reaching $795 billion in 2020, Intrinsic focuses exclusively on the health & wellness category, which accounted for $62 billion of that spend. Intrinsic scouts and buys fast-growing health & wellness brands selling on Amazon and helps them realize their full potential. By bringing capita, healthcare marketing expertise, supply chain expertise, and advanced analytics to its acquired brands, Intrinsic accelerates growth and reach. Intrinsic focuses on numerous areas of health & wellness, including Pregnancy & Baby, Healthy Aging, Orthopedics, Digestive Health, Immune Support, Eye Health and Skin Care.
"Intrinsic is building the consumer health products business of tomorrow by acquiring and accelerating eCommerce native brands. Health & wellness eCommerce is immense and growing at a breakneck pace as consumers move their spending online. Intrinsic is purpose-built to meet this opportunity and address the unique needs of consumers and founders in the category," said Yadin Shemmer, Co-founder and Chief Executive Officer, Intrinsic. "However, we see commerce as just the beginning of a relationship with health consumers. By aggregating a large population of consumers around their chosen solutions, we are building a bridge from commerce to care that will transcend retail products and impact the lives of people around the world."
"Consumer health products are frequently used to manage and maintain an individual's health," said Lynne Chou O'Keefe, Partner, Define Ventures, who joins Intrinsic's board of directors. "Intrinsic is not only rewriting the rules of consumer health products, but it is also building a platform for global health centered around eCommerce."
Intrinsic will be partnering with health and wellness experts, Dr. Mehmet Oz and Tony Robbins, to assist with marketing and strategy. Oz and Robbins are investors in Intrinsic and will serve as strategic advisors to the company.
Intrinsic is led by Co-founder and Chief Executive Officer Yadin Shemmer, formerly Chief Executive Officer of Mango Health (sold to TrialCard in 2019) and President of Everyday Health's Consumer Group (sold to Ziff Media Group in 2016 for $467 million).
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