Two Boston-based athletes are putting the heat on other players in the CBD space with new funding and new products. Beam, a wellness brand created by former athletes Matt Lombardi and Kevin Moran, completed a $5 million series A funding round led by C2 Ventures. The investment, which brings its total investment to $12 million, will be used for operations, infrastructure, marketing efforts and to expand Elevate, a hydration vertical for the company that debuts today.
Lombardi, a former hockey player, and Moran, a former baseball player, launched the direct-to-consumer company in 2018 with pain relief topicals. Beam has since expanded to include powders, oils and capsules to help with sleep, recovery and balance. The hydration products are their first CBD-free products for $35 and a 30-serving pack for $59.
“We couldn’t find anything in the space that worked,” said Moran. “We started talking to other athletes who didn’t know what to use to recover.”
C2 Ventures has invested in Beam since the company’s seed round in 2019 that was led by Obvious Ventures. New investors Litani Ventures, Carter Comstock and The Yard Ventures join a number of existing investors that includes athletes Danica Patrick, Kevin Hayes, Brooks Laich and Camwood Capital, Baker Mayfield’s family’s private equity firm.