Health & Wellness Deal Digest for October

Exercise: October featured another major chain acquisition and a couple of chain investments.

• 26North acquired health club chain Onelife Fitness (400K+ members across 61 clubs) for ~$500M, which is ~$8.2M per unit. For comparison, Planet Fitness is worth ~$8.9B with ~2.6K units, which is ~$3.4M per unit; and Lifetime Fitness is worth ~$8.8B with ~175 units, which is ~$50.3M per unit.  
• Riser Fitness, a franchisee of Club Pilates studios, secured $72M of growth capital.  
• Yoga Joint raised $12M via crowdfunding.  
• Fitnessmith acquired Gym Source USA.  
• SweatPals raised $3M for a fitness events platform.  
• Moonwalk Fitness raised a $3.4M Seed for gamified rewards.  

Diagnostics: October was a meaningful month for B2B "picks-and-shovels" with a big acquisition and an early-stage fundraise.

• Fullscript acquired Rupa Health. This looks like meaningful strategic complementarity in terms of B2B customer segments (nutritionists + functional medicine docs) and product / SKU portfolio (supplements + diagnostics). I wouldn't be surprised if they added OTC wearables and/or food, too.  
• Ash Wellness raised a $10M Series A for B2B at-home testing services.  
• BodySpec raised $4M for DEXA scans.  

Nutrition: October featured fresh capital for AI nutrition coaching and a novel approach to supplements.

• Healthify raised a fresh $20M from Khosla and LeapFrog. 40M+ users today and ~$27M revenue in 2023. Key end of year goals include becoming EBITDA positive, launching in U.S., and launching their AI product.  
• SuppCo raised a $6M Seed. This seems like a combination of Examine + Labdoor + tracking & adherence. With all of the recent solution saturation in Longevity and health coaching, I am curious how many consumers want this specifically for supplements vs. their broader holistic health.  
• ARTAH raised a ~$3.8M Seed for branded supplements.  
• Heights raised ~$2.7M via crowdfunding.  

Sleep: This month included an early-stage fundraise for sleep accessories.

• Ozlo raised $12M for sleep earbuds (plus a call option on FDA-cleared tinnitus therapy).  

September's Missed Deals: Three deals from September were missed in last month's digest.

• In Diagnostics, Evolt raised $14M for body scanning hardware.
• In Nutrition, Future Salad raised $5M for greens products.
• In Mental Health, Inner Peak raised $0.6M for student-focused AI solutions.  

Corporate Strategy: We published Customer Segmentation and the Energy Supply Curve a few weeks ago.

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