Santa Monica's Prima Raises a 'Seed-Plus' Round for Its CBD Supplements

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Prima CBD

Christopher Gavigan — co-founder of the consumer goods empire Honest Company — is trying to bring order to the unregulated market of CBD.

Just weeks after the Honest Company's Wall Street debut, CEO and co-founder of Santa Monica-based Prima is charming investors of his own with a line of pricey hemp-infused serums and supplements.

The company announced a lofty $9.2 million seed-plus round on Friday led by Greycroft, H Ventures, Defy and Lerer Hippeau.


The startup prides itself in sending each formulation through clinical trials and tests with third-party regulators. CBD-infused supplements are currently unregulated by the Food and Drug Administration, leaving manufacturers and retail stores to set their own standards and regulations.

Gavigan is eager for an FDA stamp of approval, which he said will guide retailers currently left weeding through the saturated market of hemp-infused products.

He first launched the company in 2019 as an educational platform about hemp and cannabinoids, the compounds found in cannabis.

Five months later, the brand unveiled a line of dietary supplements, face creams and a "bath gem" that dissolves in hot water. Gavigan called the daily CBD supplement — priced at $45 per bottle of 30 softgels — "the essential nutrient for stress management for everyone."

"Stress, as we all know, is the epidemic of today," he said.

Each product contains CBD extracted from hemp grown on small farms in Oregon, the "Napa Valley of hemp right now," said Gavigan.

Prima CEO

In 2020, he and his co-founders helped makeup retailer Sephora develop its own CBD standards to self-regulate new brands and products. That came after companies like Target started introducing "clean" product standards to mark diapers, detergent and cleaning products produced without ingredients dubbed toxic or unsafe.

It's the same approach to consumer goods Gavigan and Jessica Alba took for The Honest Company, which pledges sustainable goods free of 2,500 "questionable ingredients."

Before his stretch at The Honest Company, Gavigan served as CEO of Healthy Child Healthy World, a nonprofit advocating for safer, non-toxic consumer products for children.

"We have our own standards," the chief executive said of Prima. "We've banned over 2,800 ingredients we'll never use. Brands need to have that rigor within their own supply chain and formulation principles."

Prima sells direct-to-consumer and at a handful of retailers — Sephora, Nordstrom, Thrive Market and Erewhon — and will expand to new ones this summer. Prices are steep, but Gavigan said the company is planning to "amend pricing to make our products even more accessible."

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Cadence

Activision Buys Game Studio Proletariat To Expand ‘World of Warcraft’ Staff

Samson Amore

Samson Amore is a reporter for dot.LA. He previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter at @Samsonamore. Pronouns: he/him

Xbox\u2019s various game developers it now owns: Activision, Blizzard and King.
Courtesy of Activision Blizzard

Activision Blizzard intends to acquire Proletariat, a Boston-based game studio that developed the wizard-themed battle royale game “Spellbreak.”

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https://twitter.com/samsonamore
samsonamore@dot.la

Bling Capital’s Kyle Lui On How Small Funds Can Better Support Young Founders

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
Bling Capital’s Kyle Lui On How Small Funds Can Better Support Young Founders

On this episode of the LA Venture podcast, Bling Capital’s Kyle Lui talks about why he moved earlier stage in his investing and how investors can best support founders.

Lui joined his friend—and first angel investor—Ben Ling as a general partner at Bling Capital, which focuses on pre-seed and seed-stage funding rounds. The desire to work in earlier funding stages alongside someone he knew well drew him away from his role as a partner at multi-billion-dollar venture firm DCM, where he was part of the team that invested in Musical.ly, now known as TikTok.

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