Urban Remedy announced it had closed a $17 million round of capital, with General Mills’ venture arm, 301 INC, leading the round. While the road ahead may be more complicated for a fresh focused business, CEO Paul Coletta says the company is ready to grow.
“Having a partner that’s aligned with us not just on the values of the company but also in the vision of how we want to grow it, [was] huge for us,” said Urban Remedy’s CEO, Paul Coletta.
Urban Remedy has 13 freestanding stores in the Bay Area as well as kiosks in 30 California Whole Foods locations. They also offer direct delivery to your door through their website.
“This [investment] is a continuation of a strategy that we’ve been on for a long time, and that is consumers are looking for fresh, closer to source, closer to whole foods. They are continually redefining health and healthful eating experiences,” says John Haugen, VP and General Manager of 301.
The new capital will go towards expanding Urban Remedy’s staff and investing in new equipment as well as supporting their plans to open 60 new kiosks in Whole Foods and expanding into a new market in 2018.
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