Equilibria, which sells CBD products to women via a monthly subscription, is on a roll.
The company has raised about $2 million, led by two Chicago investors: Salveo Capital, a cannabis-focused venture fund, and Hyde Park Angels, a syndicate of angel investors. Other investors include Genevieve Thiers, founder of Sittercity. As part of the deal, HPA investor Amanda Lannert, CEO of Jellyvision, joins Equilibria’s board.
The company sells CBD products, oils and ointments containing elements from the cannabis plant that don't create the high associated with marijuana. Like marijuana sales, CBD demand has remained strong since the coronavirus outbreak. “We just had our best week ever,” says co-founder Coco Meers.
Equilibria subscriptions start at $49 a month; the most expensive one is $89.
“We like the product,” says Jeff Howard, managing partner at Salveo Capital. “While CBD will be a competitive space, the founders have figured out the right marketing and demographics for their product. For women, by women. That’s resonating."
The company has grown to about 30 employees, up from four a year ago.
It’s the second CBD investment for Hyde Park Angels, which co-led a $4.5 million investment in Leaf Trade, a technology platform for wholesale cannabis sales. Salveo, a $25 million cannabis fund, has made 21 investments, including three in Chicago. Its other deals include Fyllo, an advertising-tech company that serves the cannabis industry, and Grassroots, a cannabis grower and retailer.
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CBD startup lands $2 million; Jellyvision CEO Amanda Lannert joins board - Crain's Chicago Business
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