CBD Brand 'Beam' Raises $5M In Series A Funding Round

CBD company and wellness brand Beam has finalized its $5 million Series A funding round led by C2 Ventures.

The startup is backed by C2 Ventures, Obvious Ventures, Camwood Capital, and all-star athletes including Danica Patrick, Kevin Hayes and Brooks Laich.

Several new investors such as The Yard Ventures, Litani Ventures, and Carter Comstock also opted to join the effort.

Beam, founded by Matt Lombardi and Kevin Moran, is the producer of 100% THC-free CBD products.

The Boston-based company debuted on the functional beverage market by introducing “Elevate,” a powdered stick hydration product offering. It’s Beam’s first non-CBD wellness line of products consisting of three SKUs, including Balance (Mixed Berry), Performance (Watermelon), and Recovery (Lemon).

"I joined as an investor because beam is uniquely positioned to captain and create the next wave of the wellness movement," Chris Cunningham, C2 Ventures’ partner, noted Tuesday."I'm thrilled to share that beam is transcending the CBD category with its pioneering approach to CPG innovation and forging a new category opportunity with clean-labeled hydration supplements," Cunningham added.