OLEO, the Seattle-based makers of CBD-infused mixers for beverages, has raised $1.5 million in a recent funding round and has an eye on expanding its product line and retail reach.
The convertible note bridge round came after OLEO completed a $1 million seed round last year. Investors this time around were a combination of angels and small institutional investors, including Seattle’s Alliance of Angels and San Francisco-based Uniwell Ventures, and total funding to date is $2.65 million. Another funding round is planned for 2020, according to co-founder and CEO Skyler Bissell.
Bissell has a tech background, having spent time as a software developer at Porch and as a brand specialist at Amazon. OLEO was founded in 2015 and, according to its website, its proprietary technology “converts hemp extract into a flavorless powder that dissolves quickly in cold water, has no bitter aftertaste, and is highly bioaccessible.”
The company, which has 15 full-time employees and is currently hiring, sells its drink mixes in more than 600 retailers across the U.S. They’ve also established Powered by OLEO partnerships with several brands. A line of flavored drink mixes includes coconut and three rooibos tea extracts — raspberry, passion fruit, and tangerine. The mixes are available for $19.99 per box of six single-serve packets on the OLEO website.
In a Bevnet story last month, Bissell said anticipates “dramatic expansion” once drug stores embrace CBD products and he mentioned in a note to GeekWire that OLEO is also the only Seattle-based CBD brand carried in Bartell Drugs.
THC products are also a future possibility for the brand, Bevnet reported.
CBD-infused products are a hot trend everywhere, as the naturally occurring chemical in cannabis is being credited with providing relief from inflammation, chronic pain, anxiety and more. And Bissell isn’t the only tech veteran attracted by the craze.
Seattle’s SōRSE Technology, led by Howard Lee, raised $5 million earlier this year to continue to help infuse products with its technology.