Issue No. 296: Chasing Gold
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Health-focused brands and athletes are the perfect team.
All-American
A great unifier, sports have shaped culture since prehistoric times.
Symbolizing greatness, modern athletes became coveted brand partners, adding clout and trust by association. But, only major corporations could afford game-changing deals.
Now, the rise of “sportfluencers” is shifting power dynamics — elite athletes are getting pickier, while new media and rising stars offer upstarts an in.
Olympic Feats
Appealing to Gen Z, NBC’s social media-first marketing strategy paid off for brand partners.
- Paris 2024 viewership is up ~80% from 2021, with streaming numbers surpassing the entire Tokyo games in just two days.
- 49% of consumers say Olympic endorsements impact their buying decisions, especially for items like sportswear, food, workout gear, and supplements.
Proving timelines are the new primetime, global sponsors got a viral boost from athletes sharing swag bags on TikTok, and a spot on Simone Biles’ feed is worth $93K.
Qualifiers. More attention on niche sports stars benefits smaller brands, who can swap national ads for targeted messaging to increase ROI.
Taking advantage, Kodiak tapped USA Climbing as ambassadors for its mission to “feed epic days,” while active swim brand Left On Friday outfitted Canada’s women’s volleyball team.
Riding the hype, USA Rugby’s Ilona Maher launched performance skincare line Medalist.
Fresh Fandoms
The fracturing of sports media isn’t limited to the Olympics.
Rising leagues, streaming platforms, and athlete-creators present profitable marketing opportunities — at a more accessible price.
For the girls. Aligning on values, NWSL’s KC Current and Angel City FC are boosting wellness-focused brands OLIPOP and Once Upon A Farm, respectively.
Riding the WNBA’s success, The Honey Pot provides clean body care for the Atlanta Dream, while Spanx and Tonal are supporting LOVB ahead of its inaugural season.
Alt leagues. Shaking the status quo, Tiger Woods’ TGL, Shaun White’s The Snow League, Michael Johnson’s Grand Slam Track, and player-owned Unrivaled Basketball will debut in 2025.
Built by and for athletes, they’re purposefully niche, making potential ads more potent.
Brand equity. From The Players’ Tribune to PlayersTV, athlete-led media is taking over.
Replacing TV spots, a testimonial on the Kelces’ New Heights or Paul George’s Podcast P reaches a targeted audience — and cutting out conglomerates translates to greater trust.
It’s personal. Beyond a paycheck, smart brands are building relationships for the long term.
Valued at $30M in 2021, apparel maker Actively Black scouts college players with pro potential, and running label Bandit earned fans for supporting unsponsored athletes in the Olympic Trials.
Going rogue. Promoting use of science-backed PEDs, the Peter Thiel-funded Enhanced Games poses a threat to old-school commissioners.
Cutting drug tests while upping pay, the organization could lure would-be Olympians, 26.5% of whom earn <$15K annually.
Skin in the Game
A misstep for the Swoosh, Nike lost Roger Federer to On, Simone Biles and Allyson Felix to Athleta, and Sloane Stephens to FP Movement — proving creative control can beat capital.
Unsatisfied with empty endorsements, athletes and celebs alike want brands to listen.
Getting intentional, more are reaching out to brands they love, with partnerships like Pvolve x Jennifer Aniston, On x Zendaya, and Celsius x Jake Paul unfolding organically.
Punchline: When it comes to signing elites, upstarts are still underdogs. But niche leagues offer an entry point, and young brands are proving if you build with conviction, they just might come.
🎙 On the Podcast
Fay co-founder & CEO Sammy Faycurry talks democratizing access to dietitians.
Making preventative health affordable, Fay’s three-sided marketplace connects patients with in-network dietitians for personalized nutrition counseling.
We also cover: the food-as-medicine landscape, raising $25M, and the impact of GLP-1s.
Listen to today’s episode here.
🚀 Remedy Place pushes expansion
The luxury social wellness club will open in New York’s SoHo neighborhood this September.
Members only. Joining its LA flagship and Flatiron NYC club, Remedy’s 7.4K-sq-ft third space is also its largest.
New heights. Answering consumer demand for holistic health, recovery, and community, Remedy is scaling club, equipment, and events businesses.
Clubbin’. Offering “remedies”—from ice bath and sauna sessions to vitamin IVs, hyperbaric chambers, and functional medicine consults—CEO Dr. Jonathan Leary plans to open two clubs annually in the coming years, including a fourth location in Boston’s Seaport District.
At-home. Last year, the company debuted its line of at-home products dubbed Tech-Remedy and teased a partnership with Kohler — signaling potential for additional residential and commercial solutions.
On-site. Taking its signature experience anywhere, Leary says he can “Remedy any event.” Having hosted activations at the Cannes Film Festival and in the Kardashians’ backyard, the company has high hopes for its events arm.
Punchline: Like boutique studios before them, wellness clubs are getting competitive – with Remedy Place, Othership, and The WELL eyeing growth. Still early, there’s fertile ground in the US and abroad to push the pace.
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🧠 Mental health startups keep growing
A bright spot in a challenging fundraising climate, $682M VC dollars went toward digital mental health in H1 2024.
Off the charts. The funding surge coincides with concerning stats on America’s mental state.
- In 2022, the US recorded its highest-ever number of suicides.
- From ’21–’22, almost a quarter of US adults experienced mental illness.
- In the past year, 20% of 12–17-year-olds had a major depressive episode.
While stigma is dissolving, access to care remains a problem — with 25% of adults and over 50% of kids skipping treatment due to cost.
Headcount. Spring Health and Headway both secured $100M last month, valuing the digital mental health platforms at $3.3B and $2.3B, respectively.
Taking tech-enabled approaches, companies are racing to stem the crisis.
- March: Brightside Health raised $33M, and Pelago added $58M for addiction treatment.
- April: In Series C rounds, Grow Therapy added $88M and Two Chairs landed $72M.
- June: Talkiatry raised $130M in a Series C led by a16z.
Of note, all are prioritizing in-network care for diverse populations. Charging out-of-pocket, BetterHelp posted $838M in Q2 losses and will pivot toward accepting insurance to rebound.
Looking ahead: From scaling apps and teletherapy to promoting social fitness and youth sports, fostering a mentally healthy country will require investment on all fronts.
📰 News & Notes
- $PLNT, $LTH, $XPOF report Q2 earnings.
- Wellhub surpasses 500M check-ins, 3M subscribers.
- Momentous debuts RTD beverage for post-workout recovery.
- 23andMe board rejects CEO Anne Wojcicki’s take-private offer.
- Hims acquires compounding pharmacy to make weight loss drugs.
- Oura, lululemon partner for member perks, women’s health research.
- USA Weightlifting names JUNK Brands its Official Headband Partner.
- Exec Q&A: Xplor Technologies’ Ieuan Owen on boutique studio growth.
- Study: Gen X, millennials more likely to get cancer. [Re-read: Catching Cancer]
- Share Ventures publishes white paper on the neuroscience of business innovation.
- Hiring? Enlist Fitt’s community-driven recruiting firm to access exceptional talent in our inner circle.
💰 Money Moves
- Spring Health, an employer-focused mental health platform, secured $100M in a Series E round led by Generation Investment Management.
- Fitness Ventures, the second-largest Crunch Fitness franchisee, added an undisclosed investment from Meaningful Partners.
- Baseball “sportstainment” concept Batbox raised $7.3M for expansion in a Series A round.
- Teamworks, an ops platform for sports organizations, raised $12.4M.
- Natural body care brand Salt & Stone secured an undisclosed investment from Humble Growth.
- Sportswear brand Under Armour acquired plastic-free regenerative fashion brand UNLESS.
- BranchOut Food, maker of dehydrated fruit and veggie snacks, closed a $525K funding round.
- Naturaz, maker of clean textured hair care products, raised $1M in a seed round.
- Noze, developer of breath-based diagnostics, received a $5M investment from the Bill & Melinda Gates Foundation.
Today’s newsletter was brought to you by Anthony Vennare, Joe Vennare, Ryan Deer, and Jasmina Breen.
