CHICAGO, Ill.— Mastersfund announced that the Fund has invested in heywell, the fastest growing adaptogenic sparkling water brand based in Chicago. Mastersfund’s investment in Heywell allows the women-founded brand to cement its position as a brand to watch.
The announcement follows a report by Globe Newswire indicating that adaptogens, a class of herbs that help bodies adapt to stress, are a market driven by growing demand for functional drinks and effective therapies to combat stress. the stress. According to data from Spins, the $5.2 billion natural energy and other functional beverage market segment is growing 24.6% as Gen Z and millennials are looking for cleaner, plant-based solutions for modern living. With revenues tripling year over year, Heywell’s growth outpaces this market segment by 8 times.
Ashley Selman, CEO of heywell, shares the brand’s philosophy: “Historically, consumers had to choose between function OR good taste in wellness drinks. We have developed adaptogenic sparkling waters that address a previously unmet consumer demand for delicious occasion drinks with effective stacks of plant-based ingredients that are low in sugar and calories.
Among other accolades, the company has been featured on Well+Good, Forbes, Bloomberg News Radio and heywell was recently included in Oprah’s Favorite Things issue. heywell was also a finalist for Best New Beverage of the Year by New Hope Network’s Natural Products Expo West 2022.
The investment deal was led by Walter Greenberg, venture capital partner at Mastersfund. Mr. Greenberg noted, “Covid 19 has certainly boosted consumer awareness and use of adaptogenic drinks. People all over the world are experiencing a big increase in stress, changes in lifestyle, jobs, etc. Adaptogens help improve overall well-being, and heywell delivers these benefits in canned sparkling water, which is already a daily drink for many American consumers. We expect Heywell to be a very strong competitor in the adaptogen market, which we believe will soon reach $14 billion.
The drinks brand’s already popular products include Heywell Energy + Focus Sparkling Strawberry Lemon, Heywell Energy + Immunity Sparkling Grapefruit, Heywell Calm + Restore Sparkling Blackberry Ginger and Heywell Calm + Hydrate Sparkling Lime. All four flavors can be found online at Amazon, GoPuff, livingheywell.com, as well as Central Market, Erewhon, and Foxtrot.
Ashley Selman and Britt Dougherty founded heywell to make wellness simpler and more accessible to everyone, every day. Early wellness solutions prioritized function over flavor; the team’s desire to improve on these early efforts led to the development of heywell, a drink that’s good for them, delicious and inclusive. Heywell’s Functional Drinks are made with adaptogens, antioxidants and organic caffeine to boost energy, immunity, focus and stress management. Low in calories and sugar, Heywell’s sparkling waters are refreshing, tangy and sweet. As part of heywell’s mission, the company donates 1% of its sales to nonprofit organizations that promote inclusion.
About Masters Fund
Mastersfund is a Seattle, WA-based venture capital firm that invests in seed-stage, income-positive women-led businesses.
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