The Venture Codex

Participated · Seed · Jun 2022

FitFighter builds and sells a strength system used by fitness professionals, military and public safety organizations, first responders, athletes, and a range of gyms. The company has commercial traction with clients in the military and public safety markets, including Fire and Police Departments from Jacksonville, FL to Houston, TX to Fresno, CA. It has attracted boutique and franchise gyms (CrossFits, Yoga studios, F45) and big-box chains including Anytime Fitness, and has distribution and retail agreements with Dicks Sporting Goods and Perform Better. Led by CEO Sarah Apgar, FitFighter debuted on ABC’s Shark Tank in November 2020. The company plans to use new funding to build its salesforce, expand gym programs and military training, advance product design, and accelerate production.

Participated · Series F · Apr 2021

Cava Group, Inc. closed a $190 million Series F round on April 27, 2021. The financing was led by T. Rowe Price Group, Inc. and included participation from Lighthouse Investment Partners, Mousse Partners, Equilibra Partners Management LLC, and Declaration Partners LP. Returning investors in the round included Revolution Growth, SWaN & Legend Venture Partners, and The Invus Group, LLC. The round was raised from a group of investors and closed the transaction the same day. The financing set a post-money valuation of nearly $1.3 billion. Cava Grill operates fast-casual restaurants and a prepared food wholesale business built around a Mediterranean menu. Founded in 2006 by Ike Grigoropoulos, Ted Xenohristos, and Dimitri Moshovitis, the company is led by CEO Brett Schulman. It has several locations in Washington, D.C., Maryland, Virginia, New York, New Jersey, and California. The company raised $30m in funding and will use the proceeds to expand operations. Investors in the round included Revolution Growth, SWaN & Legend Venture Partners, and The Invus Group. The business combines restaurant operations with wholesale distribution of prepared Mediterranean food. Cava operates fast-casual restaurants and a consumer packaged goods line offering Mediterranean flavors inspired by founders Ted Xenohristos, Ike Grigoropoulos, and Chef Dimitri Moshovitis. Led by CEO Brett Schulman, the company runs 11 locations in the Washington, D.C. metro area and is opening its first of several Los Angeles restaurants. Its CPG products are sold in over 200 Whole Foods Market locations across the east coast and midwest, with expansion to southern California planned. Cava raised $45m in a Series B to fund growth, technology initiatives, community partnerships, and enhanced team member benefits. The company intends to use proceeds to enter new markets and open additional locations on both the east and west coasts.

Participated · Series C · Feb 2020

Alladapt Immunotherapeutics is a private clinical-stage biopharmaceutical developing ADP101, an investigational oral immunotherapy representing the nine food groups responsible for most significant food-allergic reactions. The company is conducting the Harmony Phase 1/2 randomized, double-blind, placebo-controlled study and an Encore open-label extension. ADP101 is being advanced toward a potential Phase 3 pivotal trial and Alladapt is completing a manufacturing facility intended for late-stage clinical supply and potential commercial product. Recent financing activity — an oversubscribed $119 million institutional financing plus the new term loan — extends the company’s cash runway into 2024. The company was co-founded in 2018 and is based in Menlo Park, California. Alladapt is a private, clinical-stage biopharmaceutical company developing prescription therapeutics to treat IgE-mediated food allergy. Its lead candidate, ADP101, is an investigational oral immunotherapy representing the nine food groups responsible for the vast majority of significant food-allergic reactions globally and is being studied in the Harmony Phase 1/2 trial and the Encore open-label extension. The company plans to prepare for a potential pivotal trial while continuing to build out its manufacturing facility and expand its pipeline. Proceeds from the financing will fund ongoing clinical development of ADP101, manufacturing buildout, and further pipeline expansion. Alladapt was co-founded in 2018 by Ashley Dombkowski, Ph.D., and Kari Nadeau, M.D., Ph.D., and is based in Menlo Park, California. Alladapt Immunotherapeutics is a privately held biopharmaceutical company focused on developing prescription therapeutics to address food allergy. Its lead program, ADP101, is a proprietary broad‑spectrum oral immunotherapy being advanced to mitigate food allergy triggered by single or multiple proteins from a wide-ranging set of common allergens. The company announced plans to initiate a clinical trial later in 2020 and will use financing proceeds to support the initial clinical development of ADP101. Alladapt emphasizes incorporating patient perspectives in product formulation and clinical development. The company was co-founded by Kari Nadeau, MD, PhD (scientific inventor) and Ashley Dombkowski, PhD (CEO), and lists Dana McClintock, MD as Chief Medical Officer and a distinguished scientific advisory board. Financially, Alladapt completed a $60 million Series C in February 2020 to fund its clinical advancement.