Elo Gets Moving Raising $10 Million and Gets Smart with Newly Launched Protein Product
Nutrition supplement company Elo kicks off 2023 right by raising $10 million and introducing a new product called Smart Protein
What a way to start the new year!
Elo has made headlines in January for raising $10 million in a Series A round, led by European VC firm Octopus Ventures. Other investors who made contributions were Boston-based venture capital firm Will Ventures and Swedish for-profit investment firm Gullspång Re:food.
Elo plans to use their newly-raised monies to augment business operations, including product marketing and development. This will certainly come in handy, given the company’s recent launch of their second Elo product — Smart Protein. Publicized as “the world’s most personalized recovery protein product,” Smart Protein was made to fill in consumers’ nutrient gaps. Additionally, users can fine-tune their Smart Protein dosing needs per workout with the help of the Apple Health technology.
Elo CEO and co-founder Ari Tulla gives further explanation about Smart Protein, stating, “Other personalized protein products use questionnaires to come up with the right formulation for you but provide very little information on dosing. At Elo, we take personalized protein to new heights by using your wearable, biomarker, and health data to formulate your custom blend and providing dosing guidance based on your latest activity.” Elo goes one step further to suggest protein dosage for users’ post-workouts given the results found via Apple Health.
With all of Elo’s forward-thinking advancements in mind, it makes sense that firms like Octopus Ventures have decided to financially back the Smart Nutrition company. Octopus Health team member Chantal Cox, MD posits in a press statement, “Hyper-personalized healthcare is an area that we believe that the most pioneering and valuable businesses will be built in. Elo’s ambitious vision of turning food from the cause of disease to medicine — combined with their strong team — fuelled our excitement to lead their Series A round. As a doctor, I believe that Elo’s evidence-based, personalized nutrition approach will help tackle one of the greatest challenges of our time.”
Science and pure ingredients blended together with financial power and being the first company to introduce “wearable-powered protein powder” appear to make for a strong case in Elo’s favor.
