Beam, the Boston-based CBD wellness brand founded by former athletes Matt Lombardi and Kevin Moran, has completed a $5 million series A funding round led by C2 Ventures.
The investment, which brings its total investment to $12 million, will be used for operations, infrastructure, marketing efforts and to expand Elevate, a hydration vertical for the company that launches on Feb. 9.
Lombardi, a former hockey player, and Moran, a former baseball player, launched the direct-to-consumer company in 2018 with topicals to be applied for pain relief. Today, Beam offers powders, oils and capsules to help with sleep, recovery and balance, and the hydration products are their first CBD-free products for $35 and a 30-serving pack for $59.
C2 Ventures has been an investor of Beam since the company’s seed round in 2019 that was led by Obvious Ventures. New investors Litani Ventures, Carter Comstock and The Yard Ventures join a number of existing investors that includes athletes Danica Patrick, Kevin Hayes, Brooks Laich and Baker Mayfield’s family’s private equity firm Camwood Capital.
“We couldn’t find anything in the space that worked,” said Moran. “We started talking to other athletes who didn’t know what to use to recover.”
The cofounders looked