Ritual Secures $25M Series B Funding to Build Traceable E-Commerce Platform and Expand Women's Vitamin Products

VCBeat (WeChat ID: vcbeat) has learned that Ritual, a U.S.-based manufacturer and distributor of vitamin supplements, recently announced it raised $25 million in its Series B financing round. Investors in this round included venture capital firms Norwest Venture Partners and Forerunner Ventures, as well as investor Brian Singerman. The funds will be used to develop new products and build a traceable e-commerce platform.

Ritual is a producer and seller of vitamin supplements targeted at female consumers. Headquartered in Los Angeles, California, the company was founded in 2015 by CEO Katerina Schneider. Ritual primarily develops vitamin-based nutritional supplements designed to address essential nutrient deficiencies that women may experience due to dietary restrictions. The company launched its first product, Essential for Women, in 2016, followed by its second product, Essential Prenatal, in 2018. According to Ritual’s sales reports, cumulative sales of Essential for Women and Essential Prenatal have exceeded one million bottles.

To develop higher-quality products, Ritual has recently hired Dr. Nima Alamdari, a Harvard-educated Ph.D. in physiology, and Dr. Mastaneh Sharafi, who brings extensive experience in clinical practice and pharmaceutical R&D. According to official statements from Ritual, the company is increasing its financial investment in talent acquisition. Data from Ritual’s website reveals that Jonny Leicht, Ritual’s Director of R&D, previously worked at Apple Inc.; Kadie Bowen, Vice President of Project Management, formerly served at DirecTV; and Liz Reifsnyder, Chief Operating Officer, was previously with Dollar Shave Club, where she played a key role in facilitating Unilever’s $1 billion acquisition of the company. Founder and CEO Katerina Markov Schneider previously worked with the angel investment firm AF Square and was named to the Forbes 30 Under 30 list in 2015.

“Transparency has always been the cornerstone of our marketing,” said Katerina Markov Schneider, Founder and CEO of Ritual, in an interview with the media. “The vitamin market has long been fraught with confusion, as many manufacturers frequently use various additives to make products easier to swallow or more visually appealing. While this is a vast market, it lacks necessary regulation. Ritual is the first company in the industry to pioneer the concept of ‘open-source.’ By launching a traceable e-commerce platform, we are making our products and services even more transparent. On our official website, consumers can view the exact content of nutrients such as boron and omega-3 in each product, as well as the specific manufacturer responsible for producing each bottle. I firmly believe that Ritual will go far in this market.”

Norwest Venture Partners is a global venture capital firm headquartered in California, USA. Founded in 1961, the firm currently manages over $7.5 billion in assets.

Forerunner Ventures is an early-stage venture capital firm headquartered in California, USA. Founded in 2009, the company primarily invests in startups and high-tech companies.

(Compiled by Hu Xuan)