Panaceutics Nutrition Inc., a Virginia-based provider of personalized nutrition products, announced that it recently closed the first tranche of a committed funding round of over $5 million. The round was led by DSM Venturing BV, the venture capital arm of DSM with participation by The Launch Place, Hatteras - VCMF, VTC Innovation Fund and CIT Gap Fund. Co-Founder Edison Hudson said the funds will be used to scale production capabilities at Panaceutics' new production facility in Danville, Va. and fund research and development activities in Research Triangle Park. Additionally, the company will increase its capability to perform turnkey direct to consumer fulfillment with investments in new hardware and an ERP system to help support growth.
According to recent analyst reports, the personalized nutrition market will grow to over $11B dollars by 2026, growing at a compound annual growth rate of over 9%. This demand is driven by healthy eating habits, an increased awareness of food and nutrition, and the increase in information individuals have about their individual needs and health from a range of new testing available direct to consumers. The new insight comes from genetic tests, blood tests and microbiome tests which inform consumers about deficiencies in their diet and their unique needs.
The round leader, DSM, is a global purpose-led, science-based company active in Nutrition, Health and Sustainable Living. DSM's purpose is to create brighter lives for all. DSM addresses with its products and solutions some of the world's biggest challenges while simultaneously creating economic, environmental and societal value for all its stakeholders - customers, employees, shareholders, and society at large.
