First Aid Shot Therapy, the makers of F.A.S.T. single dose liquid medicines, has completed a $24 million Series C financing round. Led by the early-stage investment arm of global health care giant Johnson & Johnson, Johnson & Johnson Innovation, the raise also brought on a new investor in Lumira Capital, while existing investors like Sofinnova Ventures, Redmile Group, and HealthQuest Capital, among others, also increased their stakes in the company as part of the capital raise.
The company announced the news in a press release Wednesday, revealing its plans to expand F.A.S.T.’s portfolio of products – which currently include F.A.S.T. Pain, Hangover Relief, Heartburn and Cold Relief – with the new funding. The raise will also support the distribution expansion plans of F.A.S.T., which recently added CVS, Rite Aid and 7-Eleven as retail partners.
“We are pleased to welcome two major new investor groups to the F.A.S.T. family,” said F.A.S.T. CEO Mary Page Platerink. “JJDC and and Lumira Capital bring a wealth of experience in the pharmaceutical and consumer industries. Their collective knowledge of consumer healthcare will give our company important access to research, consumer behavior trends and shopper insights to help us empower consumers to manage their own health.”
“After looking at several opportunities, we believe that F.A.S.T.’s liquid shots are the right format for consumers looking for relief on-the-go,” added Peter van der Velden, Managing General Partner at Lumira Capital and now a member of the board at F.A.S.T. “And the F.A.S.T. team has a unique go-to-market strategy that we believe will make a success of this new exciting portfolio of medicines.”
The addition of strategic investors with experience in the health care space will be of value to the company, which boasts a senior executive team of beverage industry veterans who’ve taken their skill sets to the drug category. Prior to founding F.A.S.T. in 2010, Platerink spent six years at The Coca-Cola Company, most recently as director of global strategy. The company’s vice president of sales and distribution, Andy Steele, is a former Coke executive, as are the brand’s vice president of field marketing, Ryan Coon, and vice president of brand marketing, Kate Wilson. Additionally, coconut water category pioneer Mark Rampolla, founder of ZICO, invested in F.A.S.T. as part of the company’s 2014 Series B fundraising round.