Nutri&co was founded in 2017 with the aim of becoming the European leader in nutraceuticals (another term for dietary supplements). Offering both spirulina and multivitamin complexes, the French laboratory initially launched on the Amazon marketplace before launching its own e-shop.
This funding round was carried out with key investors: Creadev, the investment fund of the Mulliez family (Auchan, Kiabi, Jules, etc.), and Jacques Chevallet, who was previously chairman of the French dietary supplement leader Arkopharma.
As a sign of market acceleration, this funding round takes place almost at the same time as Cuure’s funding round, another startup specializing in dietary supplements targeting millennials.
Nutri&Co takes on a French market that is still lagging.
The average dietary supplement consumer today is over 55 years old and still sees these products as over-the-counter medications that are bought in pharmacies.
Furthermore, the penetration rate of these supplements in France is one of the lowest in the West, with an average purchase of €16.40 per year per French person — far from €80 in the United States, €56.50 in Italy, €30 in Germany and €34 in Belgium.
With its innovative, natural formulas, 100% digital distribution and control of the entire value chain, Nutri&Co aims to revitalize the French market. According to its CEO Edouard Fornas, the market holds a lot of potential, as studies show a growing interest among the French in dietary supplements.
A European market worth more than €16 billion.
With one-third of its revenue generated in Italy, Nutri&Co is already a European company — and doesn’t plan to stop there, since international expansion is one of its main development priorities.
With this fundraising round, Nutri&Co also aims to expand its range by launching 7 to 8 new SKUs per year and to grow its distribution network, targeting physical retail outlets for the first time.
The startup will also begin research with a laboratory specializing in gut flora to offer increasingly effective products. Finally, it plans to expand its team with key hires in product development, digital marketing and creative design.
