Wauwatosa-based
GenoPalate, a nutritional genomics company, has opened a Series B funding round that will allow the company to bolster its ability to deliver tailored nutrition to a growing customer base.
The total offering amount for the Series B round is $10 million, according to a filing with the Securities and Exchange Commission.
The additional funding will allow GenoPalate to pursue three different methods of expanding its services, said
Asif Naseem, chief executive officer of the company.
First, GenoPalate is working to advance the science behind its personalized nutrition products. Since last year, GenoPalate has been refining its recommendations to customers. The number of genetic biomarkers used to tailor nutrition plans has grown from approximately 150 to over 400, allowing for even more precise personalization.
GenoPalate is also working to expand access to its products through a new series of strategic partnerships. The company is partnering with organizations offering health savings account (HSA) and flexible savings account (FSA) plans.
In September, Denver-based
ThrivePass officially partnered with GenoPalate to offer personalized employee benefits.
"Though these partnerships with HSA, LSD and FSA providers, we've added 7 million potential clients," said Naseem.
GenoPalate continues to scale its efforts to expand into grocery stores. The company has partnered with
Naturally Chicago and is collaborating with stores in Wisconsin and Illinois, including
Fresh Thyme and
Whole Foods, to bring personalized nutrition products to more consumers.
"My vision is for us to have three business models for the company: a direct-to-consumer model, a business-to-business-to-consumer element where we leverage our partners' marketing presence, and, eventually, a business-to-business model," said Naseem.
While the business-to-business model is still in its early stages, Naseem said there is a growing interest in functional medicine that is paving the way for genetic biomarkers to play a role in clinical settings.
"Functional medicine practitioners are increasingly open to integrating genetic insights into patient care, and we’re in the early stages of developing these relationships,” said Naseem.
GenoPalate's product portfolio is also expanding to include personalized protein powders, super greens, and gummy vitamins.
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