Beekeeper’s Naturals announced today the closing of a $14 million funding round, co-led by Devonshire Investors, a private investment firm affiliated with FMR LLC, the parent company of Fidelity Investments, and CAVU Consumer Partners, with participation from Vibrant Ventures and Muse Capital. This follows Beekeeper’s Naturals’ 2020 series B funding led by CAVU Consumer Partners.
 
Beekeeper’s Naturals has experienced triple-digit year-over-year growth and retail expansion, increasing from 5,000 to 18,000 locations in the U.S. and Canada in 2022.
 
This capital will be used for the company’s growth in retail and online, while expanding its innovation pipeline. The brand’s flagship product, Propolis Throat Spray, secured the number-one rank in the cold & flu category on Amazon.
 
“Devonshire’s investment will help support Beekeeper’s Naturals in taking another major step in revolutionizing the medicine cabinet and building the most impactful health care brand in the world,” said Carly Stein Kremer, founder. “We will continue to invest in brand marketing and product development, as we focus on retail expansion into 2024.”
 
The company has worked with a medical advisory board to create propolis products based on clinical trials and other published science, and has sold nearly two million bottles of Propolis Throat Spray. Celebrity investors include Cameron Diaz, Nas, and Lily Collins.
 
“We are thrilled to be supporting Beekeeper’s Naturals as they accelerate their growth at retail and online,” said Suzanne Agnello, who led the investment for Devonshire Investors. “The company’s propolis and beehive-based products have broad application and are helping reinvent the OTC medicine aisle. We see significant opportunity for the brand to continue its rapid expansion.”
 
“Beekeeper’s Naturals answers the call of modern consumers who demand cleaner, better-for-you and efficacious alternatives to traditional OTC products,” said Jared Jacobs, partner at CAVU Consumer Partners and Beekeeper’s Naturals Board member. “We are proud to partner with Carly and Daniel, along with the strong team they have assembled, to reimagine the medicine aisle and help build one of the leading, trusted, natural health & wellness brands.”