State Of Consumer Products Q1’20 Report:

Investment & Sector Trends To Watch

1
WHAT IS CB INSIGHTS?

CB Insights accelerates our clients' digital

strategy and transformation efforts with
data, not opinion.

We offer the smartest way to discover and

manage your response to emerging tech
and startups.

CLICK HERE TO SIGN UP FOR FREE

As a 75-year old company, Rich Products
has adapted to a rapidly changing market
with the help of CB Insights. We can
now quickly gain insights about emerging
technologies and trends and make
decisions that drive growth.
Kara Burke
Vice President of Innovation and Growth,
Rich Products Corporation

3
The CBI Community — Membership Has Perks
DISCOUNTED TICKETS TO
COVID-19-RELATED RESEARCH

3 Key Ways Brands And Retailers Are Engaging With Consumers Online
8 Trends Redefining Consumer Wellness For 2020 And Beyond
7 Connected Devices Helping Consumers Stay Healthy And Fit At Home
Shopper Engagement Tech Trends To Watch In 2020
4 Ways Wearable Devices Can Support Infectious Disease Care & Containment
7 Food & Beverage Startups Aiming To Boost The Immune System

See more research related to Covid-19 here.

5
 WHAT THIS REPORT COVERS

Startups developing technology to

Startups developing household support physical fitness
Tech-enabled startups building
essentials and pet-related products, gaming and e-sports software or
including cleaners, paper goods, and hardware
pet food

Startups in the beauty and Startups making apparel and

personal care space, including FITNESS accessories, including
HOUSEHOLD
cosmetic brands and men’s footwear, handbags, and
ESSENTIALS TECH GAMING &
grooming startups sunglasses
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES
Startups selling food and
beverage products (excluding Startups selling home goods,
vitamins, supplements, ranging from furniture to
FOOD & HOME GOODS
alcohol, and tobacco) mattresses to cookware
BEVERAGE & FURNITURE

6
Contents
8 Summary Of Findings 15
9 Q1’20 Consumer Products
Investment Trends
Quarterly deals & dollars
Covid-19’s impact on investment
2020 funding projections
64
Q1’20 Consumer Products
Investment Highlights
Food & beverage
Beauty & personal care
Household essentials & pet
Fitness tech
Gaming & e-sports
Apparel & accessories
Home goods & furniture
Appendix
7
Summary Of Findings
Investment activity across major consumer products categories
increased in Q1’20: While the total number of deals fell 3%, total
funding increased 36% from Q4’19 to Q1’20.
Mega-rounds* in March 2020 drove investment activity: Investors
expressed confidence in later-stage startups focused on alternative
proteins, gaming, and fitness amid the Covid-19 pandemic.
Food and beverage startup funding more than doubled quarter-
over-quarter to hit $1.3B in Q1’20: Alternative protein startups
gained momentum, while startups in the baby nutrition,
microbiome, and energy categories also saw increased attention.
Early-stage beauty and personal care startups saw increased
investment: While deals and dollars fell for the second consecutive
quarter, seed and Series A startups received three-quarters of all
beauty and personal care deals in Q1’20. Companies focused on
natural, high-performance ingredients and feminine care have
gained particular traction.
Source: CB Insights *Mega-rounds are deals worth $100M+. **The CB Insights Consumer Smart Money VC list is available here.
Investment to startups across household essentials and pet slowed in
Q1’20: While overall investment levels trail other categories, startups
developing high-performance cleaners, home aromatherapy products,
and human-grade pet food are still receiving investor interest.
Investors concentrated their bets on later-stage fitness tech startups:
Q1’20 funding surged as investors piled into later-stage startups
focused on at-home fitness, wearables, and personalized coaching.
Investment to gaming and e-sports startups jumped amid Covid-19
lockdown measures: Startups offering products for virtual
environments, livestreaming, and e-sports saw interest from notable
Consumer Smart Money VCs in February and March 2020.**
Funding to apparel and accessories startups declined as Covid-19
spread: Preceding the pandemic, investor attention centered around
brands touting sustainability, targeting underserved consumer
demographics, and creating customized products.
Dollar funding to home goods & furniture startups increased in Q1’20:
Investors expressed confidence in startups using the D2C model.
Startups developing smart furniture are also gaining interest.
8
 Consumer
Products Q1’20
Investment
Trends
The image part with relationship ID rId2 was not found in the file.

#AhaCBI
INVESTMENT ACTIVITY ACROSS MAJOR CONSUMER PRODUCT CATEGORIES PICKS UP IN Q1’20

Dollar funding jumps in Q1’20

Quarterly global consumer products deals and financing ($M)

Total Funding # Of Deals

504
$5,000 433 500
439 428 428
387 397 396 391 379
$4,000 363 366 400

$3,000 300

$2,000 200

$1,000 100
$3,730 $1,614 $2,183 $4,263 $3,024 $3,501 $3,785 $3,600 $2,685 $2,716 $2,418 $3,299
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 10
US CONTINUES TO SEE THE MOST INVESTMENT ACTIVITY

US maintains lead in investment activity

Share of annual consumer products deals by country

100%
Other
25% 28% 28% 30% 25%
75% 5% 5% China
6% 7% 10% 6% 6% India
5% 6% 5% 7% 9% United Kingdom
7% 5% 6%
50%

60% United States

25% 52% 52% 51% 54%

0%
2016 2017 2018 2019 2020
As of Q1’20
Source: CB Insights 11
INVESTORS REMAIN CONFIDENT AMID COVID-19 CRISIS

Deals drop while dollars increase in March

Month-over-month change in consumer products deals and financing ($M)
% Change In Total Funding % Change In # Of Deals
115% 115%
90% 90%
88% 83%
65% 65%
40% 23% 40%
15% -1% 34% 15%
27%
-10% -21% -3% -28% -10%
-13% -6%
-35% -35%
-28%
-60% -60%
Oct'19 Nov'19 Dec'19 Jan'20 Feb'20 Mar'20

Source: CB Insights 12
MEGA-ROUNDS* ARE DRIVING INVESTMENT ACTIVITY

Food, gaming, and fitness gain momentum

Top consumer products deals in March 2020, by deal size ($M)
Deal Size ($M) Total Disclosed Select Round
Company Headquarters Deal Date // Stage Funding Investors Description

Redwood City, 3/16/2020 $500 // Series F $1,306 Horizons Ventures, Impossible Foods is a sustainability-focused
California Khosla Ventures, food technology company that offers plant-
Temasek based protein alternatives.

Culver City, 3/19/2020 $200 // Series D $659 The Chernin Group Scopely is a free-to-play mobile game
California development studio. The company
generates revenue from advertising and in-
app purchases of virtual goods.
Bengaluru, India 3/20/2020 $110 // Series E $409 Accel, Temasek CureFit is building a holistic health platform
that provides fitness classes, healthy meals,
and primary healthcare.

Chicago, Illinois 3/13/2020 $80 // Series B $113 Generation Investment Nature’s Fynd uses fermentation technology
Management, to create a source of sustainable protein.
Breakthrough Energy
Ventures
Brooklyn, New 3/3/2020 $50 // Growth $60 Summit Partners Brooklinen sells home essentials like bed
York Equity linens, towels, bath accessories, and
loungewear direct-to-consumer.

Source: CB Insights *Mega-rounds are deals worth $100M+. 13

STARTUP FUNDING PROJECTED TO INCREASE IN 2020 IF Q1 PACE CONTINUES

Dollar funding on pace to rise in 2020

Annual global consumer products deals and financing ($M)

Total Funding # Of Deals

$15,000 2,000
1,761 $13,361
1,620 1,561
1,402 1,460 1,500
$10,000

1,000

$5,000 366
500

$7,142 $9,199 $14,572 $11,418 $3,299

$- 0
2016 2017 2018 2019 2020
As of Q1’20

Source: CB Insights 14
 Consumer
Products Q1’20
Investment
Highlights
The image part with relationship ID rId2 was not found in the file.

#AhaCBI
 STATE OF CONSUMER PRODUCTS
Q1’20 REPORT

Startups developing technology to

Startups developing household support physical fitness
Tech-enabled startups building
essentials and pet-related products, gaming and e-sports software or
including cleaners, paper goods, and hardware
pet food

Startups in the beauty and Startups making apparel and

personal care space, including FITNESS accessories, including
HOUSEHOLD
cosmetic brands and men’s footwear, handbags, and
ESSENTIALS TECH GAMING &
grooming startups sunglasses
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES
Startups selling food and
beverage products (excluding Startups selling home goods,
vitamins, supplements, ranging from furniture to
FOOD & HOME GOODS
alcohol, and tobacco) mattresses to cookware
BEVERAGE & FURNITURE

16
 FOOD & BEVERAGE

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

17
FOOD & BEVERAGE INVESTMENT ACTIVITY SURGES IN Q1’20

Q1’20 funding surpasses $1.3B

Quarterly global food & beverage deals and financing ($M)

Total Funding # Of Deals

146
$1,500 134 128 150
118 118 122 117
115 115
104 107 106
$1,000 100

$500 50

$890 $424 $432 $565 $664 $776 $479 $702 $683 $425 $576 $1,340
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 18
INVESTORS CONFIDENT IN FOOD SUSTAINABILITY AND HEALTHY FOOD & BEVERAGES

Sustainability and health remain top of mind

Top food & beverage deals in March 2020, by deal size ($M)
Deal Size ($M) Total Disclosed Select Round
Company Headquarters Deal Date // Stage Funding ($M) Investors Description

Redwood City, 3/16/2020 $500 // Series F $1,306 Horizons Ventures, Impossible Foods is a sustainability-focused
California Khosla Ventures, food technology company that offers plant-
Temasek based protein alternatives.

Chicago, Illinois 3/13/2020 $80 // Series B $113 Generation Investment Nature’s Fynd uses fermentation technology
Management, to create a source of sustainable protein.
Breakthrough Energy
Ventures
Newton, 3/5/2020 $30 // Series C $75 Prolog Ventures Spindrift sells naturally flavored sparkling
Massachusetts water drinks that are made with real fruit.

Somerville, 3/2/2020 $20 // Series A $20M Breakthrough Energy C16 uses fermentation technology to
Massachusetts Ventures develop environmentally conscious
alternatives to palm oil.
Irvine, California 3/27/2020 $10 // $10 Undisclosed ZENWTR makes an alkaline water that is
Unattributed bottled in recycled ocean plastic.

Source: CB Insights 19
HIGHLIGHT #1: MEATLESS COMPANIES LOOK TO SCALE

Alternative protein startups look to scale

Total disclosed funding: $1,306M Total disclosed funding: $211M Total disclosed funding: $16M

Latest round: Series F, Mar ‘20 Latest round: Series B, April ‘20 Latest round: Series A, Oct ‘19

Select investors: Khosla Ventures,
Temasek, Horizons Ventures
Impossible Foods is a sustainability-
focused food technology company
that offers plant-based protein
alternatives.
Select investors: Threshold Ventures,
SoftBank, Norwest Venture Partners,
Tyson Ventures, Cargill
Memphis Meats is developing a
method of sustainably producing
meat through culturing animal cells.
Select investors: S2G Ventures,
Tyson Ventures
Future Meat Technologies is building
manufacturing facilities with the aim
of reducing the cost of producing
cultured steak.

Source: CB Insights 20
HIGHLIGHT #2: PROTEIN FERMENTATION TECHNOLOGY COMES INTO FOCUS
Protein fermentation tech is on the rise
Total disclosed funding: $213M
Latest round: Series C, Dec ‘19
Select investors: Horizons Ventures,
Temasek, B37
Perfect Day uses fermentation to
make animal-free dairy products that
contain the same types of proteins as
cow’s milk.
Source: CB Insights
Total disclosed funding: $113M
Latest round: Series B, Mar ‘20
Select investors: Generation
Investment Management,
Breakthrough Energy Partners
Nature’s Fynd uses fermentation
technology to create a source of
sustainable protein.
Total disclosed funding: $47M
Latest round: Series B, Apr ‘19
Select investors: IndieBio, SOSV, B37
Ventures, Ingredion, Hemisphere
Ventures
Clara Foods is looking to engineer
functional protein ingredients for
specific foods, like eggs, through a
proprietary fermentation process.
21
HIGHLIGHT #3: BABY NUTRITION STARTUPS GAIN ATTENTION
Early-stage focus on baby nutrition
Total disclosed funding: $17M
Latest round: Series A, Feb ‘20
Select investors: Vaultier7, SoGal
Ventures, Kairos Society Ventures,
Interplay Ventures
Little Spoon is a direct-to-consumer
brand that sells baby food, vitamins,
and probiotics to help support healthy
development.
Source: CB Insights
Total disclosed funding: $12M
Latest round: Series A, Dec ‘19
Select investors: Day One Ventures,
Brand Foundry Ventures, New
Enterprise Associates
Yumi is a fresh baby food delivery
service that maps meals specifically
to each child’s development stage.
Total disclosed funding: $3M
Latest round: Seed/angel, Jan ‘20
Select investors: PLG Ventures,
Advocate Aurora Health
Ready, Set, Food! provides allergist-
developed packets that mix with
breast milk, baby formula, and solid
food that aim to reduce the risk of
developing food allergies.
22
HIGHLIGHT #4: GUT MICROBIOME HEALTH

Microbiome solutions attract funding

Food and beverage products Personalized nutrition
targeting gut health services

Total disclosed funding: $13M Total disclosed funding: $82M

Latest round: Series A, Jan ‘20 Latest round: Series C, Nov ‘19

Select investors: Boulder Food Group, Collaborative Fund,
Rocana Venture Partners, Monogram Capital Partners
OLIPOP makes prebiotic sodas that aim to help improve
digestive health. The startup currently sells at retailers
including Whole Foods, Bristol Farms, and Fred Meyers, with
plans to expand distribution.
Source: CB Insights
Select investors: BOLD Capital Partners, Khosla Ventures
Viome uses at-home test kits and microbiome sequencing
technology to identify microorganisms living in the gut and
provide users with personalized diet, nutrition, and lifestyle
recommendations.
23
HIGHLIGHT #5: ENERGY-BOOSTING SOLUTIONS FOR CONSUMERS
More attention on everyday performance
Total disclosed funding: $56M
Latest round: Unattributed, Apr ‘20
Select investors: Danone Manifesto
Ventures
Laird Superfood makes products
ranging from coffee creamers to
mushroom blends.
Source: CB Insights
Total disclosed funding: $5M
Latest round: Seed VC, July ‘19
Select investors: Great Oaks Venture
Capital, Global Founders Capital
Verb sells energy bars that are made
with organic green tea and other
gluten-free ingredients.
Incumbents increase focus on
performance and energy
Coca-Cola launched a branded energy
drink this year and Nestlé announced
plans for caffeinated sparkling water.
PepsiCo also recently acquired
Rockstar Energy for $3.85B and
entered into a distribution agreement
with Bang Energy, a performance
beverage brand.
24
 BEAUTY & PERSONAL CARE

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

25
BEAUTY & PERSONAL CARE FUNDING CONTINUES TO DECLINE

Beauty funding continues slide from Q3’19

Quarterly global beauty & personal care deals and financing ($M)

Total Funding # Of Deals

$1,000 100

76
$750 70 75
58 61
60 59 57
50 51 52
47 46
$500 50

$250 25

$175 $200 $285 $436 $520 $696 $252 $573 $443 $498 $240 $103
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 26
BEAUTY INVESTMENT ACTIVITY DROPS AMID COVID-19 CRISIS

Deals slow in February and March

Month-over-month change in beauty & personal care deals and financing ($M)
% Change In Total Funding % Change In # Of Deals
350% 304% 350%

250% 250%
189%
150% 150%
91%
45%
50% 19% 50%
-36% -31%
-62%
-50% -50%
-46% -33% -39%
-82%
-150% -150%
Oct'19 Nov'19 Dec'19 Jan'20 Feb'20 Mar'20

Source: CB Insights 27
EARLY-STAGE BEAUTY & PERSONAL CARE STARTUPS ATTRACT ATTENTION

Seed & Series A startups gain deal share

Share of annual global beauty & personal care deals by funding stage

100%
15% Other
27% 28% 23% Series E+
39% 6% Series D
75% Series C
5% 6% Series B
5% 21%
13% Series A
5% 20%
50% 17%
10%
Seed/Angel
25% 50% 54%
40% 42% 45%

0%
2016 2017 2018 2019 2020
As of Q1’20
Source: CB Insights 28
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: CLEAN DEODORANT

Clean deodorant gets a refresh

Total disclosed funding: $17M Total disclosed funding: $5M

Latest round: Series A, Feb ‘20 Latest round: Seed VC, Jan ‘20

Select investors: Obvious Ventures, Western Technology Select investors: Fernbrook

Investment
type:A makes sweat-activated deodorant that is made
Myro sells refillable, vegan deodorant. It’s a unisex product without aluminum. It is sold direct-to-consumer and in stores
that can be customized with various scents. like Target.

Source: CB Insights 29
Note: type:A raised a debt round in Feb ‘20.
HIGHLIGHT #2: BOTANICALS
Botanicals trending as ingredients
Total disclosed funding: $15M
Latest round: Series A, Aug ‘19
Select investors: Silas Capital, Stage 1
Financial
Herbivore Botanicals uses natural
ingredients, essential oils, and botanicals
to formulate its skincare, body, and
grooming products.
Source: CB Insights
Total disclosed funding: $2M
Latest round: Series B, Jan ‘20
Select investors: CircleUp, Imaginary
Ventures, M3 Ventures
Kosas Cosmetics is a botanical makeup
brand. It is sold online and distributed
through retailers like Credo, Goop, and
Sephora.
Total disclosed funding: Undisclosed
Latest round: Seed VC, Feb ‘20
Select investors: Worth Capital
Five Dot Botanics focuses on
skincare made with minimal
ingredients.
30
HIGHLIGHT #3: FEMININE CARE COMES INTO FOCUS
More focus on feminine care innovations
Total disclosed funding: $20M
Latest round: Series A, Jan ‘20
Select investors: SoftBank Ventures Asia,
Unilever Ventures
Rael is an organic feminine care brand
that creates period care goods in addition
to skincare products.
Source: CB Insights
Total disclosed funding: $6M
Latest round: Seed VC, May ‘19
Select investors: Khosla Ventures, Index
Ventures
Daye is developing a CBD-infused tampon
that aims to relieve menstrual cramps.
Total disclosed funding: $200K
Latest round: Seed VC, Dec ‘19
Select investors: Titan Capital
Azah makes organic period care
products.
31
HIGHLIGHT #4: CLINICAL-GRADE BEAUTY

Clinical-grade products emphasize performance

Total disclosed funding: $75M Total disclosed funding: Undisclosed

Latest round: Undisclosed, Feb ‘20 Latest round: Private equity, Apr ‘20

Select investors: Split Rock Partners, 1315 Capital Select investors: L Catterton Asia

Colorescience sells mineral makeup and skincare, with an ETVOS is a Japanese natural makeup and skincare brand.
emphasis on preventing skin issues. Its products are The company highlights research that supports its products’
clinically tested and are sold on its website and through efficacy.
physicians.

Source: CB Insights 32
HIGHLIGHT #5: LOCAL BRANDS ATTRACT INVESTOR ATTENTION AMID COVID-19
Global brands face more local competition
Total disclosed funding: $100M
Latest round: Series C, Apr ‘20
Select investors: Sequoia Capital China, Tiger Global
Management
Perfect Diary is a domestic Chinese cosmetics brand. It
raised $100M and doubled its valuation to $2B in April 2020.
Source: CB Insights
Total disclosed funding: Undisclosed
Latest round: Seed VC, Mar ‘20
Select investors: Waldencast
Sallve is a Brazilian D2C cosmetics brand focused on
skincare. It has a strong community of followers that the
brand says inspires its products.
33
 HOUSEHOLD ESSENTIALS & PET

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

34
HOUSEHOLD ESSENTIALS & PET INVESTMENT ACTIVITY DROPS IN Q1’20

Deals and dollars fall from Q4’19 spike

Quarterly global household essentials & pet deals and financing ($M)

Total Funding # Of Deals

$300 30

$250 25

$200 18 20
15
$150 13 12 12 15
10 11 10
$100 8 7 8 8 10

$50 5
$18 $22
$62 $104 $41 $258 $4 $92 $96 $61 $163 $62
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 35
HIGHLIGHT #1: HIGH-PERFORMANCE CLEANERS GAIN ATTENTION

Q1’20 deals focus on cleaning performance

Total disclosed funding: $7M Total disclosed funding: $6M

Latest round: Unattributed VC, Mar ‘20 Latest round: Series A, Jan ‘20

Select investors: Alsora Capital Select investors: Lykos Capital Partners

Force of Nature sells a non-toxic, multi-surface cleaner that Hex Performance’s detergents are based on molecules that
uses a plug-in device to turn salt, water, and vinegar into are small enough to clean the tight-knit fabrics used in
electrolyzed water. The startup claims its cleaners are as activewear clothing.
effective as bleach.

Source: CB Insights 36
HIGHLIGHT #2: AROMATHERAPY STARTUPS GET EARLY-STAGE BACKING

Home scents gain traction

Total disclosed funding: $7M Total disclosed funding: $5M Total disclosed funding: $1M

Latest round: Series A, Feb ‘20 Latest round: Seed VC, Nov ‘19 Latest round: Seed VC, Nov ‘19

Select investors: Harbinger Ventures, Select investors: Break Trail Ventures Select investors: Undisclosed
Lyra Growth Partners
Pura is a smart fragrance diffuser that ESSIO Shower adds aromatherapy to
Vitruvi sells diffusers and essential oils plugs into the wall. Users control scent bathing and hygiene with a diffuser
directly to consumers and through and intensity with a mobile app. designed specifically for the shower.
retailers like Goop, Nordstrom, and West
Elm.

Source: CB Insights 37
HIGHLIGHT #3: HUMAN-GRADE PET FOOD PICKS UP SPEED
Human-grade dog food gets more attention
Total disclosed funding: $54M
Latest round: Series C, Feb ‘20
Select investors: L Catterton
Butternut Box makes custom meal
plans that are delivered in pre-
portioned packages.
Source: CB Insights
Total disclosed funding: $46M Total disclosed funding: $13M
Latest round: Series B, Apr ‘20 Latest round: Series A, Feb ‘20
Select investors: Lerer Hippeau, Select investors: 301 INC
Canaan Partners, Primary Venture
Pet Plate sells tailored meals made
Partners
with USDA-approved meat.
Ollie creates tailored human-grade
pet meal plans based on factors like
age, breed, and activity level.
38
HIGHLIGHT #4: PET FOOD GOES MEATLESS

Sustainability trend extends into pet food

Total disclosed funding: $16M Total disclosed funding: $1.2M Total disclosed funding: $0.7M

Latest round: Series A, May ‘19 Latest round: Seed VC, Dec ‘19 Latest round: Business Plan
Competition, Jan ‘20
Select investors: Founders Fund, Select investors: Plug and Play
Felicis Ventures, Mars Petcare Ventures Select Investors: SOSV, Nestlé Purina

Wild Earth sells vegan dog food using Bond Pets makes its pet food with Because Animals sells pet food that
ingredients like oats, chickpeas, meat proteins made by culturing is made by culturing animal cells
sweet potatoes, and yeast. animal cells in fermentation tanks. without requiring fetal bovine serum.

Source: CB Insights 39
 FITNESS TECH

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

40
ALL EYES ON AT-HOME FITNESS SOLUTIONS

At-home fitness receives Covid-19 tailwinds

News mentions of “at-home fitness”
50

40

30

20

10

0
Jan'16 Jan'17 Jan'18 Jan'19 Jan'20
Source: CB Insights 41
INVESTORS PILE INTO FITNESS

Fitness startup funding jumps in Q1’20

Quarterly global fitness tech deals and financing ($M)

Total Funding # Of Deals

$1,200 80
68

52 59
60
$800 45 47
44
37 38
40
30
$400 23 21 22
20
$96 $105
$49
$502 $151 $291 $163 $1,102 $323 $643 $618 $600
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 42
INVESTMENTS TO FITNESS TECH STARTUPS SHIFT TOWARD LATER STAGES

Investors concentrate on later rounds

Share of annual global fitness tech deals by funding stage

100%
24% 28% 28% 23%
75% 45%
6% Other
5% 5% 8%
6%
13% 9%
13%
50% 12% 19%
18% Series E+
Series D
54% 14% Series C
25% 49% 45% Series B
40% 5%
9% Series A
9% Seed/Angel
0%
2016 2017 2018 2019 2020
As of Q1’20
Source: CB Insights 43
Note: “Other” includes convertible notes, private equity, growth equity, and other unattributed VC rounds.
HIGHLIGHT #1: AT-HOME FITNESS PICKS UP STEAM
Fitness equipment becomes smarter
Total disclosed funding: $72M
Latest round: Series B, Oct ‘19
Select investors: Spark Capital, Lerer
Hippeau, lululemon
Mirror makes an at-home fitness
device that displays an instructor who
guides users through a range of
workouts.
Source: CB Insights
Total disclosed funding: $71M
Latest round: Series C, Apr ‘19
Select investors: Mayfield Fund,
Sapphire Ventures, L Catterton,
Shasta Ventures
Tonal sells at-home connected
fitness equipment that uses
electromagnetic resistance to power
weight-lifting programs.
Total disclosed funding: $32M
Latest round: Series A, May ‘19
Select investors: L Catterton, Rx3
Ventures, The Raptor Group,
Wheelhouse
Hydrow makes an at-home rowing
machine that aims to replicate the
experience of rowing outdoors by
simulating sights and sounds.
44
HIGHLIGHT #2: FITNESS WEARABLES STARTUPS OFFER CONNECTED SERVICES
Wearables look to quantify health & wellness
Total disclosed funding: $142M
Latest round: Series C, Feb ‘20
Select investors: Insight Partners,
Bessemer Venture Partners
Hinge Health offers a program for
chronic back and joint pain. The
company’s product combines a wearable
with an app that delivers coaching for in-
home, personalized therapy.
Source: CB Insights
Total disclosed funding: $104M
Latest round: Series D, Nov ‘19
Select investors: Foundry Group, NFL
Players Association, Bose Ventures
Whoop makes a wearable that helps
consumers improve their physical
performance by collecting physiological
data to measure recovery, strain, and
sleep.
Total disclosed funding: $51M
Latest round: Series C, Sept ‘19
Select investors: New Enterprise
Associates
GOQii is an India-based startup that’s
building a health and fitness platform
that combines wearables, personal
coaches, and gamification.
45
HIGHLIGHT #3: PERSONALIZED COACHING PLATFORMS EMERGE
Health coaching goes digital
Total disclosed funding: $409M
Latest round: Series E, Mar ‘20
Select investors: Accel, Temasek,
Unilever Ventures
CureFit is an India-based startup that
is building a mobile app based-health
platform that provides fitness
classes, healthy recipes, and primary
healthcare.
Source: CB Insights
Total disclosed funding: $88M
Latest round: Series C, Sept ‘19
Select investors: Sequoia Capital,
Kleiner Perkins, Samsung Ventures
Noom is a health-focused startup that
encourages behavioral change
through digital coaching programs.
Total disclosed funding: $78M
Latest round: Series C, Apr ‘20
Select investors: Khosla Ventures,
Aspect Ventures, NGP Capital
Vida Health is a virtual healthcare
platform that connects users with
chronic conditions to personal trainers,
nutritionists, and other health- and
wellness-oriented coaches.
46
 GAMING & E-SPORTS

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

47
GAMING INVESTMENT FALLS FOR SECOND CONSECUTIVE QUARTER

Dollar funding down slightly in Q1’20…

Quarterly global gaming & e-sports deals and financing ($M)

Total Funding # Of Deals

$2,500 150
121
$2,000
101 93 101 103
95 96
87 88 89 100
$1,500 81
65
$1,000
50
$500
$1,398 $524 $480 $2,091 $819 $429 $1,874 $916 $239 $940 $708 $633
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 48
INVESTMENT ACTIVITY GROWS DURING COVID-19 CRISIS

…But investment jumps in February & March

Month-over-month change in gaming & e-sports deals and financing ($M)
% Change In Total Funding % Change In # Of Deals
150%
150%

100% 87% 100%

73%
50% 78% 22% 50%
19%
-9% -15%
0% 0%
21%
-50% -29% -30% -38% -50%
-42%
-100% -100%
Oct'19 Nov'19 Dec'19 Jan'20 Feb'20 Mar'20

Source: CB Insights 49
HIGHLIGHT #1: SOCIAL GAMING ATTRACTS ATTENTION
Gaming offers virtual social environments
Total disclosed funding: $659M
Latest round: Series D, Mar ‘20
Select investors: Participant Media, CPP Investment Board,
Lerer Hippeau, NewView Capital, Greycroft
Scopely is a free-to-play mobile game development studio.
The startup generates revenue from advertising and in-app
purchases of virtual goods. Users can play games as well as
chat with their friends live.
Source: CB Insights
Total disclosed funding: $400M
Latest round: Series G, Feb ‘20
Select investors: Index Ventures, Tiger Global Management,
Greylock Partners, Tencent Holdings, Andreessen Horowitz
Roblox is a social gaming platform that allows users to design
their own games and collaborate with others. The platform is
especially popular with children.
50
HIGHLIGHT #2: LIVESTREAMING BUILDS A BIGGER AUDIENCE

Livestreaming gains more popularity

Total disclosed funding: $53M Total disclosed funding: $12M

Latest round: Series B, Mar ‘20 Latest round: Series A, Feb ‘20

Select investors: OCA Ventures, March Capital Partners, Select investors: Boost VC, Tandem Capital, Imagination
Horizons Ventures, Makers Fund, Samsung Ventures Capital, Betaworks, First Round Capital

Genvid Technologies builds development tools for Boom.tv is a 3D livestreaming platform for watching e-
interactive livestreams. Features include in-game stadiums, sports. The platform offers a 3D view of games, allowing
customized viewing experiences, and personalized ads. viewers to experience gameplay from multiple angles.

Source: CB Insights 51
HIGHLIGHT #3: E-SPORTS CONTINUES RISE
Startups look to expand e-sports engagement
Total disclosed funding: $96M
Latest round: Series C, Sept ‘19
Select investors: New Enterprise Associates, CrossCut
Ventures, Science Media, Sapphire Ventures, Battery
Ventures
PlayVS is building a platform to enable high school students
to compete on e-sports teams and participate in leagues like
varsity sports.
Source: CB Insights
Total disclosed funding: $8.5M
Latest round: Seed VC, Aug ‘19
Select investors: Founders Fund, Sapphire Ventures,
SignalFire
GreenPark Sports develops digital experiences for e-sports
fans. The pre-launch startup recently announced a
partnership with League of Legends Championship Series to
build social, interactive experiences for the league.
52
 APPAREL & ACCESSORIES

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

53
FUNDING TO APPAREL & ACCESSORIES STARTUPS INCREASES SLIGHTLY IN Q1’20

Dollars rise slightly quarter-over-quarter…

Quarterly global apparel & accessories deals and financing ($M)

Total Funding # Of Deals

$500 46 50
43 39 41 41
$400 37 37 40
34
31 31
$300 25 25 30

$200 20

$100 10
$116 $103 $467 $346 $294 $206 $283 $174 $328 $375 $243 $258
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 54
INVESTMENT ACTIVITY FALLS DURING COVID-19 CRISIS

…But investment slumps in February & March

Month-over-month change in apparel & accessories deals and financing ($M)
% Change In Total Funding % Change In # Of Deals
200% 183% 200%

150% 140% 150%

100% 90% 90% 100%

50% 37% 50%

23%
-25%
0% 0%
-41%
-50% -32% -23% -50%
-37%
-100% -68% -100%
Oct'19 Nov'19 Dec'19 Jan'20 Feb'20 Mar'20

Source: CB Insights 55
HIGHLIGHT #1: ECO-FRIENDLY CLOTHING

Sustainable materials are on the rise

Total disclosed funding: $152M Total disclosed funding: $27M

Latest round: Series D, Jan ‘20 Latest round: Series B, Dec ‘19

Select investors: Lerer Hippeau, Maveron, Great Oaks Select investors: Founders Fund, Dundee Venture Capital,
Venture Capital, Tiger Global Management Victress Capital

Allbirds sells shoes, socks, and other accessories using Summersalt sells swimwear, loungewear, and sleepwear
sustainable materials direct-to-consumer and through its products that are made with eco-friendly materials direct-to-
brick-and-mortar retail shops. consumer.

Source: CB Insights 56
HIGHLIGHT #2: INCLUSIVITY ATTRACTS VC BACKING
More deals point toward inclusivity
Total disclosed funding: $63M
Latest round: Series B, Dec ‘19
Select investors: Sequoia Capital,
Maveron, Correlation Ventures
Dolls Kill is a fashion brand that aims to
help consumers find clothing, shoes,
accessories, and beauty products that
offer an alternative to mainstream trends.
Source: CB Insights
Total disclosed funding: $70M
Latest round: Series B, Aug ‘19
Select investors: Avenir Growth Capital,
Marcy Ventury Partners
Savage x Fenty is a lingerie brand created
as a joint-venture between Rihanna and
Techstyle Fashion Group. The brand’s
products look to cater to a broad range of
shapes and sizes.
Total disclosed funding: $24M
Latest round: Series B, May ‘19
Select investors: The Craftory, TAU
Ventures, Redbadge, SBI Investment
Korea
TomboyX is a gender-neutral brand
that focuses on producing size-
inclusive bras, underwear, and other
clothing.
57
HIGHLIGHT #3: CUSTOMIZATION SERVICES ARE IN VOGUE

Early-stage startups focus on customization

Total disclosed funding: $20M Total disclosed funding: $4M Total disclosed funding: $0.3M

Latest round: Series A, Jun ‘19 Latest round: Seed VC, Nov ‘19 Latest round: Unattributed, Nov ‘19

Select investors: Lerer Hippeau,
Maveron
Anomalie takes a software-driven
approach to creating customized
wedding dresses.
Select investors: Khosla Ventures Select investors: Undisclosed
Casca makes shoes that contain Altress creates customized, on-
customized insoles using 3D-printing demand dresses for women based on
technology. an online fit quiz.

Source: CB Insights 58
 HOME GOODS & FURNITURE

HOUSEHOLD FITNESS
ESSENTIALS TECH GAMING &
& PET E-SPORTS

BEAUTY & APPAREL &

PERSONAL CARE ACCESSORIES

FOOD & HOME GOODS

BEVERAGE & FURNITURE

59
HOME GOODS STARTUP DEALS DECLINE WHILE DOLLARS INCREASE IN Q1’20

Dollar investment rises in Q1’20

Quarterly global home goods & furniture deals and financing ($M)

Total Funding # Of Deals

$300 30

23
19 20
$200 20
14 16 16
14
12 11 11 10
$100 10
4

$228 $105 $80 $104 $145 $80 $264 $135 $12 $165 $68 $120
$- 0
Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: CB Insights 60
HIGHLIGHT #1: THE D2C MODEL MAINTAINS ITS MOMENTUM
Investors continue to back D2C startups
Total disclosed funding: $60M
Latest round: Growth equity, Mar ‘20
Select investors: FirstMark Capital,
Summit Partners
Brooklinen sells bedding, towels,
loungewear, and other home
accessories direct-to-consumer.
Source: CB Insights
Total disclosed funding: $13M
Latest round: Series A, Jan ‘20
Select investors: Liquidity Capital
Resident sells home products ranging
from mattresses to rugs to furniture.
Its brands include Nectar, Bundle, and
Level Sleep.
Total disclosed funding: $4M
Latest round: Unattributed, Mar ‘20
Select investors: Gotham Gal
Ventures
Misen is a direct-to-consumer brand
that aims to make luxury kitchen
utensils and other cookware products
more affordable.
61
HIGHLIGHT #2: SMART BEDS TARGET SLEEP WELLNESS

Tech-enabled beds augment sleep health

Total disclosed funding: $68M Total disclosed funding: $45M

Latest round: Series C, Oct ‘19 Latest round: Series C, Dec ‘19

Select investors: Founders Fund, Khosla Ventures, Azure
Capital Partners
Eight Sleep is developing a smart mattress that aims to
improve users’ sleep with heating and cooling technology
that creates a consistent sleeping temperature throughout
the night.
Source: CB Insights
Select investors: Lux Capital, Greycroft, Google Ventures
Happiest Baby’s main product is called SNOO, a smart
bassinet that combines rocking with white noise and
swaddling to help improve a baby’s sleep.
62
HIGHLIGHT #3: LIVING SPACE OPTIMIZATION
Robotic furniture boosts living spaces
Total disclosed funding: $27M
Latest round: Series B, Sept ‘19
Select investors: Khosla Ventures
Ori offers robotic furniture that creates responsive living
spaces. The startup’s products range from expanding walk-in
closets to studios that can transform from a living space into
a bedroom.
Source: CB Insights
Total disclosed funding: $4M
Latest round: Series A, Nov ‘19
Select investors: Norwest Venture Partners, Toyota AI
Ventures
Bumblebee Space makes a robotic furniture system that’s
designed to help consumers use their available living space
more efficiently. By using voice commands, users can
retrieve furniture and other items stored in ceilings.
63
 Appendix
The image part with relationship ID rId2 was not found in the file.

#AhaCBI
Methodology
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in
this report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to CB
Insights directly. Additionally, if you feel your firm has been under-represented, please send an email to info@cbinsights.com and
we can work to ensure your firm’s investment data is up to date

What is included: What is excluded:

• Financing and equity deals only for private B2C
manufacturers and developers of consumer products
• The categories highlighted reflect key consumer
segments with notable startup and investor activity
• Retailers, marketplaces, resellers, and any other private
company not involved with manufacturing a consumer
product are excluded from this analysis

• Categories are not mutually exclusive – for example, a

startup may sell both apparel and home goods products

• Historical funding data is subject to change as our

technology & data operations explore data sets globally
and refine company classifications

Source: CB Insights 65
GET ALL THE DATA USED IN THIS REPORT

Food & Beverage Beauty & Personal Care

Household Essentials & Pet Fitness Tech

Gaming Apparel & Accessories

Home Goods & Furniture

66