Editor's Note: This piece was originally featured in Cincy Inno's "The Beat" newsletter as a "Big One" entry. To subscribe to our bi-weekly missive on all things Queen City tech and startup, click here.
Feb. 5 was big day for Cincy-based BigCos.
First, Procter & Gamble Co. announced it had acquired This Is L., a company that produces personal care products and sold more than 240 million of them. Before P&G's purchase, This Is L. had raised around $120,000 from investors like 7Percent Ventures, Fusion Fund, Winklevoss Capital and Y Combinator.
Fortune's Term Sheet newsletter from Feb. 7 reports that the acquisition cost P&G $100 million. The company noted that the move would help the company as it continues to increase focus on the "naturals segment," the Cincinnati Business Courier reports.
P&G will keep the seven-strong L. team, partnering with its founder, Talia Frenkel, "as a consultant and brand ambassador for L. products."
As for the reasoning behind acquiring such a small company, Jennifer Davis, president of P&G's Global Feminine Care division, told the Cincinnati Business Courier that the company sees "great growth potential and the opportunity to enhance our Always and Tampax portfolio [with L.] so we can serve more women. We see an evolving need for more brands that are founded in natural products and more social responsibility. We believe it’s an accelerator for us."
Meanwhile, Kroger Co. announced more details around this year's initiative that will grant up to $1 million. Its goal? To garner ideas that will help lessen food waste. Applications are open through March 4.
It's always wonderful to see corporations making moves to better the community and the world. And if it garners headlines for the ecosystem in the meantime? Not a bad perk.
