PROVIDENCE – Luna Pharmaceuticals Inc., maker of Premama products, has closed its $3.25 million Series B equity round, raising $4.5 million in the past 18 months, the company said Tuesday.
River Hollow Partners of New York led Series B funding, but the round also included the Boston investment group Hub Angels and was closed out by a local group led by Providence resident Mike Sweeney, founding partner of local law firm Duffy & Sweeney. Sweeney invested apart from his firm.
In a statement, Premama said that this round of funding will be primarily spent on consumer marketing, additional staff and new product development.
According to Dan Aziz, Premama founder and president, “Our initial raise helped to expand our business to eight products and into more than 9,200 retail stores.”
Luna completed a $1 million Series A round in 2015, closing with an additional $400,000 to raise $1.4 million. That round was led by Cherrystone Angel Group, an angel group based in Rhode Island.
The company, which makes a line of natural powdered drink mixes and soft chews to support maternity wellness, has shown rapid growth since its incorporation in 2013.
“We were impressed by the business plan and current growth with new products and sell through,” Sweeney said in a statement. “Our investment was made in support of the growth plan.”
The line of products is now available from retailers across the U.S., including GNC, CVS Health Corp., Walgreens, Target, The Vitamin Shoppe, Sprouts, Meijer, Buy Buy Baby and Amazon.
Chris Bergenheim is a PBN staff writer.
