Food Entrepreneur LOS ANGELES — Selva Ventures has closed its second fund of $34 million to accelerate growth of emerging brands in health and wellness categories.

Launched in 2019, Selva Ventures has supported food and beverage businesses including MUD\WTR, Nowadays, Three Wishes, Verb Energy and Mid-Day Squares with its $10 million first fund. The firm focuses on seed and Series A startups with market traction, providing capital and resources across finance, operations and retail partnerships.

“Few investors walk the walk like Selva does,” said Shane Heath, founder and chief executive officer of MUD\WTR, an alternative to coffee formulated with functional mushrooms. “The team is a text message away to celebrate wins and work through challenges or opportunities in a way that is thoughtful, thorough, and comforting. Never fazed, they seem to rise to the occasion in a way that stops stress in its tracks and makes room for creative problem solving and authenticity.”

Selva Ventures has received backing from Unilever Ventures, PagsGroup and Obelysk. With its second fund, the firm aims to diversify its areas of focus, with an emphasis on beauty and personal care. More than half of its portfolio companies have female or minority founders, and several portfolio companies offer environmentally friendly products.

“Health and wellness is a powerful driver of the consumer economy,” said Kiva Dickinson, founder and managing partner of Selva Ventures. “We believe that by supporting brands that offer new and engaging products we can simplify and enhance the way people lead healthier lives. Our goal and mission is to make healthier living more accessible, affordable and enjoyable.

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