Care/of, a company providing personalised subscription vitamin packs, says it is going to be canceling all subscriptions as of Monday, June 17 and can now not be accepting new orders.
The information doesn’t come utterly out of the blue, as Care/of had beforehand disclosed in a New York Department of Labor submitting that it deliberate to put off all 143 workers by July 3 attributable to a “funding loss.” Now the company is being extra particular and definitive concerning the closure, with a put up yesterday on Instagram thanking prospects and saying, “We unfortunately no longer have funding to operate in the way we have been.”
The put up doesn’t utterly shut the door on a revival, claiming, “We are actively exploring options for the brand but do not have anything definitive to communicate at this time. We hope to be in a place to share more soon.”
Founded in 2016 by Craig Elbert and Akash Shah, Care/of requested prospects to fill out a quiz about their life-style and values, which it used to suggest a customized mixture of nutritional vitamins and dietary supplements. Its traders included Juxtapose, Goodwater Capital, Tusk Venture Partners, Bullish, and RRE Ventures; they funded the company to the tune of $46 million altogether.
Pharmaceutical large Bayer acquired a 70% stake in Care/of in 2020 in a transaction that was reportedly valued at $225 million. Earlier this month, Bayer’s director of strategic communications Christin Miller instructed NutraIngredients that “ceasing further investment in Care/of will allow Bayer to better invest in future innovations at help people manage their personalize health.”