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CBD company and wellness brand beam announced Tuesday that it has raised $5 million in a funding round led by Obvious Ventures.
Beam was launched last year by two former pro athletes, Kevin Moran and Matt Lombardi, and soon it found its place in the CBD market.
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The company provides CBD products that it said are 100% THC-free, and its ambassadors are fitness experts like Brooke Wells, Mikaela Mayer, Mat Fraser and Tia-Clair Toomey.
Often referred to as a top Silicon Valley venture capital firm, Obvious Ventures is famous for recognizing and supporting some category-defining brands like Beyond Meat Inc (NASDAQ:BYND), Diamond Foundry, Virta Health and Olly.
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"This is the perfect time for Obvious to join the beam team — they have shown an incredible ability to recognize early stage companies that are primed for success," co-founder Moran said in a statement.
"Our strongest connection is our shared mission to build not only a profitable company, but one that makes the world a better place. We share a very similar set of core values where profit and purpose are not mutually exclusive."
The funding round was also supported by a Texas-based buyout firm, Camwood Capital Group, and C2 Ventures, which offers advisory services.
Obvious Ventures co-founder James Joaquin said natural cannabinoids hold significant health benefits.
"We identified beam as a standout in a crowded landscape for their rigorous focus on quality and product innovation, ensuring zero THC content in those products, and for their amazing growth within the fitness community."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.