Landmark Seed Funding Closed to Launch prima: Hemp CBD Wellness Platform

The Honest Company Co-Founder secures largest Seed Round to-date in
consumer Hemp marketplace of $3.275M from venture leaders, Lerer Hippeau
and Greycroft

SANTA MONICA, Calif.–(BUSINESS WIRE)–prima, a science-driven plant wellness brand championing the
strong therapeutic potential of hemp cannabinoids/CBD, announced a
$3.275M seed round led by Lerer Hippeau, with Greycroft and other
well-known private and institutional investors. Launching in Q1 2019
prima is founded by Christopher Gavigan, The Honest Company®
co-founder, Bestselling Author and purpose-driven entrepreneur.
Partnering with him are co-founders Jessica Assaf, women’s health and
cannabis activist, and Laurel Angelica Myers mission-oriented operator
and former Honest alum.


The prima co-founders garnered attention from traditional venture
investors because of their focus on building a trusted, credible
consumer platform with original published content and best-in-class
consumer wellness and beauty products. prima’s momentum foreshadows the
global transformation beginning to unfold from a fear-based cannabis
prohibition into a hemp industry fueled by facts, market data, medical
research, customer-patient experiences, and evolving legislative
solutions – an industry on track to become a $22 billion market by 2022.


“There’s an element of confusion surrounding how and why we should use
CBD and hemp cannabinoids,” says Gavigan, on his decision to launch
prima. “These molecules matter to humanity, and through prima, we strive
to correct historical stigma and unlock the physiological science about
this plant’s therapeutic potential. We’ve been obsessive about
scientific integrity, ingredient innovation, meticulous clean sourcing,
and carefully designing a delightful consumer experience. This young
industry needs leadership and CPG sophistication, and we’re creating
industry-defining standards for purity, transparency, and rigorous
quality protocols. We’re thrilled to be launching prima at this time, as
we are positioned to be more than content or commerce, and more than a
‘craze’ or an exploding industry, but as a re-imagination of living in
balance and living better.”


“We’re excited to partner with Christopher, Jessica, and Laurel as this
promising new market is taking shape,” says Lerer Hippeau Managing
Partner Eric Hippeau. “We’re big believers and repeat investors in this
rapidly growing space. We know this experienced team will build prima
into the go-to, consumer-first CBD brand with health and wellness at its
core.”


“We believe prima will be the definitive leader in the CBD market,” says
Dana Settle, Co-Founder of Greycroft. “Through their collective
experience in advocacy, education, and innovating safe consumer
products, the prima team is uniquely qualified to answer the looming
national questions about CBD and advance the molecule’s position as a
critical wellness tool.”


Building on the founders’ collective backgrounds, prima is notably the
world’s first hemp CBD brand to be designated as a Public Benefit
Corporation (PBC), joining world-class brands like Danone of North
America and Patagonia, who leverage social impact as the core tenant of
their corporate charter to use business to drive verifiable social and
environmental change. prima will also hold the B Corp certification,
meeting the highest standards of business transparency and
accountability to balance profit and purpose.


prima is first launching as an education-first wellness platform with a
full suite of consumer hemp CBD products launching in Q2 2019. For early
access and brand exclusives, sign up at www.prima.co.


About primaprima is a new, best-in-class consumer
wellness and purpose-driven brand focused on hemp-based cannabinoids.
Its core purpose is to bridge the gap between science, nature, and the
human body through education, social impact, and functionally innovative
botanical products. prima is built on the essential principle that
balance is a critical part of overall health, happiness, and betterment.
prima is a privately held Public Benefit Corporation (PBC) based in
Santa Monica, California.


About Lerer HippeauLerer Hippeau is the most active
early-stage venture capital fund in New York City with investments in
leading consumer and enterprise companies, including Allbirds, Casper,
and Buzzfeed. The firm focuses on backing founders with product vision,
customer insight, and a keen instinct for brand building. For more
information please visit www.lererhippeau.com.


About GreycroftGreycroft is a leading venture capital firm
focused on investments in the Internet and mobile markets. Greycroft
leverages an extensive network of media and technology industry
connections to help entrepreneurs gain visibility, build strategic
relationships, bring their products to market, and build successful
businesses. Greycroft manages in excess of $1 billion and has made over
200 investments since inception in leading companies including Acorns,
Bird, Buddy Media, Huffington Post, Maker Studios, Thrive Market, Trunk
Club, and Venmo. For more information please visit www.greycroft.com.

Contacts

Media:Bubba GramkowBubba@bevelpr.com925-324-0142