Indonesia-based gummy vitamin company YOU has raised an undisclosed amount from DSG Consumer Partners and angel investors, which brings its total funding to $6 million to date.
The investment comes as the company has been increasingly focused on educating consumers on preventative health measures available during the current Corona outbreak in Indonesia.
YOU, which produces gummy vitamin under the brand YOUVIT for adults and kids, claims to have recently distributed over 50,000 of their adult multivitamin gummies to 36 hospitals across greater Jakarta to support medical professionals amidst the outbreak.
“This donation is just a starting point, we will donate one week-pack of vitamins for every six we sell and therefore expect to donate many more vitamins in the coming weeks,” said co-founder and CEO Wouter van der Kolk.
Founded in 2015 by a team of Indonesia-based entrepreneurs, YOU aims to improve the health and wellbeing of millennials across Emerging Asia. It launched its YOUVIT product in 2017, making it the first to produce a multivitamin gummy product for adults in the Indonesian market.
By developing a premium quality vitamin gummy, YOU says it is disrupting the vitamin category commonly associated with tasteless and hard-to-swallow pill when sick or out of energy.
The vitamins, which is developed in cooperation with a US-based research laboratory, is claimed to be the number one selling vitamin product across modern trade retailers and is currently sold at over 17,000 modern trade retail outlets across the country.
The company says it is also in the process of developing new energy, sleep and stress focused products to expand and diversify its offerings in the region.
“As we see the rise in GDP in Southeast Asia and increase in discretionary spending, consumers are seeking a broad array of products and services. Healthcare and wellness will be an early beneficiary of the increase in spending …,” said DSG Consumer Partners Managing Director Deepak I. Shahdadpuri.
The latest funding for YOU counts as a follow on investment for DSG, having participated in the YOU’s Series A+ round in 2018.
Earlier this year, the Singapore-headquartered firm led a pre-Series A funding round in an Indian company producing similar products to YOU. New Delhi-based Aesthetic Nutrition Pvt Ltd, which markets and sells chewable dietary supplements under the brand Power Gummies, plans to launch a portfolio of vitamin and nutritional supplements in gummy format.
DSG Consumer, which makes early-stage investments in the consumer-product space mainly in Southeast Asia and India, closed its third venture capital fund at $65 million in August last year, exceeding an initial $50-million target.
Since its inception in 2013, DSGCP has backed over 45 startups including OYO Rooms, Zipdial, Redmart, Veeba, Epigamia Greek Yogurt, Raw Pressery, among others. The firm currently manages $200 million of committed capital and has investment professionals and advisors in Mauritius, Singapore and Mumbai.