News Briefs: Tempest Secures $10 Million, Sackville & Co. Gets Acquired - Lioness Magazine
Sackville & Co Founders Hayley Dineen and Lana Van Brunt. (sackvilleandco.com)
News Briefs

News Briefs: Tempest Secures $10 Million, Sackville & Co. Gets Acquired

Fundraising

Tempest

Tempest, the virtual program changing how individuals access recovery, has completed a $10 million Series A round of financing. Maveron Capital led the investment round and Anarghya Vardhana will join Tempest’s Board of Directors. Additional Series A Investors include: Slow Ventures, Female Founders Fund, AlleyCorp, Refactor, Green D Ventures and a number of individual investors. The investment brings Tempest’s total funding to $14.3 million.

The Series A funding will support the expansion of Tempest’s Membership program, which provides access to recovery-related content, community, and care – resources that help people overcome alcohol use disorder earlier and sustain their sobriety longer. The company is also dedicated to lowering the barrier of accessibility to recovery treatment through reimbursement and will expand its operations team to support B2B efforts.

“We are very pleased to complete our Series A financing with mission-aligned investors,” said Holly Whitaker, Founder and CEO of Tempest. “From the beginning, it has been crucial that we partner with investors who understand our vision for building a recovery platform that is both desirable and accessible. Maveron stepped up to lead the Series A, and we’re excited to have Anarghya join our Board of Directors. We have an outstanding team and board for the next phase as we lay down product, technology and infrastructure for a more expansive membership offering and increased accessibility as we move into the private payor market.”

Acquisitions

Sackville & Co. Merchandising Ltd.

48North Cannabis Corp. announced that is has acquired Sackville & Co. Merchandising Ltd., a leading U.S.-based cannabis brand focused on design-forward cannabis accessories.

The total consideration payable on closing of the Acquisition by 48North was approximately USD$789,735 consisting of the following: (i) USD$150,000 paid in cash; and (ii) USD$639,375 paid in common shares of 48North (“Common Shares”) at a price of $0.80 per Common Share. In addition, 48North will pay a conditional earn-out in Common Shares based on the operating performance of Sackville for a 12-month period following closing in an amount up to an aggregate of USD$2,868,125.

“With such a like-minded vision on the future of cannabis, the decision to join with 48North was an easy one. Sackville & Co. has sought to create new and inspiring experiences in the cannabis space through design, art, fashion and music communities. As a result of the acquisition, we will now be able to expand our product offering, distribution channels, and ultimately scale our business,” said Lana Van Brunt, co-founder of Sackville & Co.

Awards

Three Women Receive $10,000

 It’s a 10 Haircare recently announces the third edition of National Love Your Hair Day with a major unprecedented campaign, established by Founder & CEO Carolyn Aronson as a movement to encourage self-expression and inclusivity in all facets of life.

On Oct. 10, Aronson unveiled her latest movement to empower female entrepreneurs across America with The It’s a 10 Grant – a fund that recognizes deserving women across America and gifts them the means to pursue such dreams. She presented inaugural grants of $10,000 each to the three deserving women to help further fulfill their ambitions. The women, Callie EisermanAshley Ellis and Colleen Batton were all hand selected by Aronson after she heard their heartwarming stories through write-in submissions via a contest the brand launched via Instagram.

News Briefs: Tempest Secures $10 Million, Sackville & Co. Gets Acquired It's a 10 haircare - Lioness Magazine

“We wanted to give back to women who had inspiring stories, who we knew would dream big and do something to encourage and uplift those around them. That’s why we officially launched the It’s A 10 Grant and provided them each of them with $10,000, so they can continue to evolve as the best versions of themselves and grow their businesses that seek to uplift and encourage women daily,” Aronson said.

The winners were announced on Good Morning America.