CBD Company Beam Raises $5M In Funding Round Led By Obvious Ventures

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.

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 BYND, Diamond Foundry, Virta Health and Olly.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter

"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."

Posted In: CannabisNewsFinancingMarketsBeamCBDObvious Ventures
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...