Supplement startup Wile, a 2024 Startup to Watch, has been acquired by Austin-based Nameless CPG for an undisclosed amount.
Detailed terms were not released but investors in Wile, which had raised $3.8 million in total, will receive a stake in Nameless CPG as well, said Wile co-founder and CEO Corey Scholibo.
Wile was launched in 2021 by President and COO Scholibo, then-CEO Gwen Floyd, Chief Brand Officer Julie Kucinski and actress Judy Greer. The company makes a line of supplements, tinctures and drinks based on herbal and plant formulas designed to address perimenopause and other midlife hormonal shifts in women over 40.
The company’s largest shareholder was Serena Ventures, the investment fund launched by tennis star Serena Williams, said Scholibo.
Last year, the company was rolling out to more store shelves with products at all Sprouts Farmers Market locations and 2,200 CVS locations nationwide. Products are available in 5,000 stores, including Whole Foods and Vitamin Shoppe.
Nameless acquired all nine of Wile’s products. The Austin firm launched last year and is co-founded by Albert Swantner, a veteran of the CPG startup space, as a strategic roll-up firm. The company acquires consumer brands in women’s health and wellness, foods, and supplements and nutraceuticals.
The idea is that by combining under one ownership these brands can tap into shared resources and build profitable, sustainable businesses. In an interview with the publication Modern Retail, Swantner said CPG brands are struggling in the new funding environment but together could be much stronger.
“We knew the timing was right because a lot of these brands aren’t really venture-fundable anymore,” Swantner told Modern Retail. “But that doesn’t mean those brands are worthless.”
Scholibo had been planning to raise a Series A round late last year/early this year and capitalize on the momentum of added stores. However, the funding landscape shifted significantly as venture capital investors started prioritizing profitability over growth. Plus, he noted one of his co-founders left and the CEO role fell to him.
“I didn’t feel like the right face for the company,” which is all about women’s health, he said.
He still sees the menopause space emerging as a major category as a new generation of women age into it, but it will take to time to educate consumers. Especially, he said, since it’s a space that has historically not been talked about.
“What we can do in a larger company is they can aggregate operational costs and amortize the costs across multiple brands,” and make those brands profitable, he said.
The team at Nameless saw Wile as a fit for their overall portfolio thesis for wellness brands.
"There is a growing consumer demand and interest in helping women navigate with ease and thrive in this life stage, which impacts half of the population for a significant portion of their lives," said Nameless COO Sharon Reddehase in an email. "Women are seeking help and direction to help them through this journey and we're thrilled to carry on the vision of Wile as the trusted brand in female health and menopause."
Wile got $3 million in revenue on its own. The company had a team of five. Everyone has moved on to other endeavors, said Scholibo. He noted there was a long lead time on the sale so the team could help everyone move on.
From the consumer standpoint nothing changes, he said. Products will still be available across the retail channels. He added there is now a new marketing team with the capital to take the brand further.
“We built a loyal customer following but weren’t able to expand as wide as wanted,” he said.
Scholibo previously founded the plant-based tableware company Repurpose. He is adviser for other CPG brands and is already working on his next startup.
Scholibo’s advice for CPG brands today: Investors want profitability quickly, top line growth is no longer the only goal and fundamental business economics are back in focus.
