Lucy Closes $10 Million in Series A Funding to Create Safer Nicotine Products

LOS ANGELES, Feb. 24, 2020 /PRNewswire/ -- Lucy Goods, Inc. today announced the completion of a 10M Series A financing round led by RRE Ventures with participation from FundRX, Vice Ventures as well as existing investors including Greycroft Partners and YCombinator.

"We're excited to continue our mission of reducing nicotine related harm to zero," said CEO, David Renteln. "We plan to utilize these funds to create new and improved products and to expand our footprint in physical retail locations."

"Smoking is the leading cause of preventable death in the United States claiming over 480,000 lives every year and costing the U.S. an estimated $300B in direct health costs and lost productivity. Lucy is committed to bringing innovative nicotine products to the market to eliminate tobacco related harm and we're proud to be part of their journey," said RRE Investor, Jason Black.

Catharine Dockery, Founding Partner at Vice Ventures added, "As Vice Ventures is looking to expand its portfolio and find key partners in important and often controversial spaces, Lucy is looking to remake the world of nicotine. The brand brings a team of proven founders and Vice Ventures is incredibly excited to partner with them."

The company was founded by David Renteln (Cofounder and former CMO at Soylent), John Coogan (Cofounder and CTO of Soylent), and Samy Hamdouche (PhD in Biophysics and Biochemistry from Caltech and former Head of Research at Soylent).

Lucy's flagship product is an improved formulation of nicotine gum designed for optimal taste, texture, and a quick nicotine release. The company was born out of David's promise to his wife that he would quit smoking. Together with his cofounders he felt that the standard pre-existing nicotine products were too clinical and provided a poor user experience.

SOURCE Lucy Goods, Inc.