To push the accelerator on already feverish growth, Veracity has raised a $6 million series A round led by Maveron and Melitas Ventures, bringing its total funding to $14 million over three rounds.
Allie Egan, who founded the 4-year-old brand known for its supplement Metabolism Ignite, says Veracity’s sales have multiplied 35X in the past 18 months, and the cash infusion is intended to enable it to keep its momentum going and scale distribution and management. The brand recently brought on Giorgio Dell’Acqua as chief science officer. He spent over six years at Nutrafol, including over three as chief science officer.
“The funding will help us continue to fuel our effort to lead the revolution in natural, safe, sustainable metabolic health and treating root causes over symptoms and short-term fixes,” says Egan. “We’re really trying to reframe how people think about the benefits of metabolic health, weight loss, weight management, energy, etc., and really about investing in the fundamental drivers and then thus getting to actually see both the short-term and the long-term results.”
Jason Stoffer, chief investment officer at Maveron, the consumer brand-focused venture capital firm with Madison Reed, Snif, Nécessaire and Thirty Madison in its portfolio, believes Veracity is well-positioned to capitalize on the rise of GLP-1 medications and demand for non-pharmaceutical solutions. He says, “What interested us here is that Allie addresses both trends and has developed Veracity into the leader in non-pharma, plant-based products addressing metabolic health.”
Veracity’s assortment contains eight supplements priced from about $42 to $64 and the $199 Hormone Wellness Test, a saliva diagnostic test it launched with in 2021 after Egan noticed dry patches on her skin that sparked her searching for their root cause and receiving a diagnosis of Hashimoto’s disease, an autoimmune condition that can instigate skin irritation due to decreased thyroid hormone levels.
Soon after Veracity started, it introduced six skincare products that it’s since sunsetted. Currently, the brand’s products are sold on its own e-commerce website, Amazon and wellness destinations like acupuncture studio Wthn. Egan is focused on building Veracity into a comprehensive metabolic health company, a mission she sees as urgent as ever in the midst of the craze around GLP-1s, a market projected to advance at a compound annual growth rate of almost 17.5% to reach $156.71 billion globally by 2030. North America accounts for nearly 78% of the market.
Though many wellness brands, including Kourtney Kardashian’s Lemme, have introduced non-drug GLP-1 alternatives, Veracity was one of the first to do so with Metabolism Ignite supplement, which hit the market a year ago. The product sold out in two weeks and remains the brand’s bestseller. Over 90% of Veracity’s customers are on subscription for the brand’s supplements.
Egan says she views Veracity’s supplements as “anti-GLP-1s,” a perspective that stems from her personal health journey. “I have a metabolic disease that I was diagnosed with and given a prescription, just take this pill for literally the rest of your life and everything will be OK,” she explains. “It did address some of the symptoms of my Hashimoto’s, but did it treat the actual underlying root cause and allow me to, at the time I was trying to get pregnant and start my family? No. And that’s where I had to really figure out the bigger picture.”
Veracity’s bigger picture is to be more than just a supplement brand. Egan says, “Veracity is a root cause-based, natural and safe metabolic health brand, [giving] people the right tools to improve their metabolic health and achieve a healthy weight by healthy means.”
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