Care ofa company that offers personalized subscription vitamin packs, says it will cancel all subscriptions starting Monday, June 17, and will no longer accept new orders.
The news doesn’t come completely out of the blue, as Care/of previously revealed in an article from the New York Department of Labor. presentation that it planned to lay off all 143 employees by July 3 due to a “loss of funding.” Now the company is being more specific and definitive about the closure, with a post yesterday on Instagram thanking customers and saying: “Unfortunately we no longer have funds to operate as we have done until now.”
The publication does not completely close the door on a revival, stating: “We are actively exploring options for the brand, but have nothing definitive to communicate at this time. We hope to be in a place to share more soon.”
Founded in 2016 by Craig Elbert and Akash Shah, Care/of asked customers to complete a questionnaire about their lifestyle and values, which it used to recommend a personalized combination of vitamins and supplements. Is investors included Juxtapose, Goodwater Capital, Tusk Venture Partners, Bullish and RRE Ventures; They financed the company to the tune of $46 million in total.
Pharmaceutical giant Bayer acquired a 70% stake in Care/of in 2020 in a transaction that was reportedly valued at $225 million. Earlier this month, Bayer’s director of strategic communications, Christin Miller told NutraIngredients that “stopping further investment in Care/of will allow Bayer to better invest in future innovations to help people manage their personalized health.”