Led by CPG industry veterans, IGNITE secures $7 million in initial raise
PRINCETON, N.J.–(BUSINESS WIRE)–December 5, 2019–
Today, IGNITE Growth Brands launches its new venture model that will disrupt the “startup-quo” by equipping new and existing companies with the critical infrastructure to position them for long-term growth. Securing $7 million in their initial raise, IGNITE Growth Brands is led by Josh Ghaim, Ph.D. (co-Founder & Partner), Jeff B. Smith (co-Founder & Partner) and Marc Schorpion (co-Founder & Partner) as well as a seasoned leadership team.
IGNITE Growth Brands builds and identifies companies that are disrupting the beauty and digital health sectors, developing these challenger brands to help them grow and thrive. Layered into this hybrid venture model are critical infrastructure capabilities that drive end-to-end brand development, supply chain logistics and global expansion, the keys to building the next generation of innovative brands.
The company was envisioned and founded by Josh Ghaim, a 20-year veteran of the CPG industry, who previously held the role of Chief Technology Officer at Johnson & Johnson Consumer. Co-Founders & Partners include Jeff B. Smith, who most recently served as the Company Group Chairman, North America at Johnson & Johnson, overseeing several divisions including OTC Self Care, Beauty, Baby, Topical Health and Oral Care and Marc Schorpion, who most recently served as Vice-President, Human Resources for Johnson & Johnson R&D and External Innovation group.
“As more and more startups are jockeying for a strong position in the evolving health and wellness space, it is critical to provide these entrepreneurs not only with funding, but also the critical infrastructure so they can grow and thrive,” said Jeff B. Smith. “We are passionate about building emerging brands that offer innovative and affordable solutions while helping existing companies continue to grow and scale their businesses effectively.”
“The majority of startups fail, not because they lack innovative ideas, but because the ecosystem has failed them,” said Josh Ghaim. “By investing in and delivering the right infrastructure, we can successfully incubate, cultivate and accelerate companies into sustainable, modern and enduring brands.”
The team’s proven history of shaping some of the world’s most iconic brands with an unsurpassed focus on consumer experience and category expansion is what attracted Lubrizol, a Berkshire Hathaway company, and Small World Brands (parent company to Nuria Beauty and ReCharge Health) to come on as lead investors.
“Lubrizol’s vision to advance solutions that inspire a healthy, more beautiful and comfortable life, all underpinned by sustainability, is closely aligned with IGNITE Growth Brand’s venture model and approach,” said Rick Tolin, President Lubrizol Advanced Materials at the Lubrizol Corporation, whose portfolio includes a Life Science, Beauty, Health and Home business. “We look forward to helping IGNITE Growth Brands and its partner companies move past incubation to propel the digital health and beauty sectors and create new opportunity for consumers.”
About IGNITE Growth Brands
IGNITE Growth Brands builds and identifies companies that are disrupting the digital health and beauty sectors and develops these challenger brands to help them grow and thrive. We are founded by seasoned CPG veterans and our unique infrastructure approach positions these companies for continued success. Our team has a proven history of building some of the world’s most iconic brands around the globe with an unsurpassed focus on consumer experience and category expansion in the health and beauty space. For more information, visit www.ignitegrowthbrands.com.
RpR Marketing Communications