Los Angeles-based medical company Health-Ade has secured $20 million in funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced July 23.
According to its Crunchbase profile, "Kombucha is made via primary and secondary fermentation, the process that transforms sweet tea into kombucha and significantly reduces the sugar content. Financing the new brewery will be important, Oza adds, because Health-Ade currently is unable to make enough kombucha to satisfy demand. He estimates that the company could be selling five times more product, if only it could brew it."
The eight-year-old company has raised three previous funding rounds, including a $12 million round in 2017.
The round brings total funding raised by Los Angeles companies in health care over the past month to $26 million, an increase of $21 million from the month before. The local health care industry has produced 54 funding rounds over the past year, capturing a total of $354 million in venture funding.
In other local funding news, messaging and personal finance company Stackin' announced a $4 million Series A funding round on July 25, led by Experian Ventures.
According to Crunchbase, "We are democratizing finance and investment by making it easier, friendlier and fun. Since our launch in 2017, we’ve achieved rapid growth in a notoriously difficult industry and helped over 250,000 underserved Americans do better financially. Delivered via text, mobile applications and social platforms, our financial guidance is trusted by a generation of consumers who want to do better but just need someone to help them navigate these tough decisions."
Founded in 2017, the company has raised two previous rounds, including a $2 million round in 2018.
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