January 16, 2020
At Clean Market, New Yorkers have a wide menu of healthy offerings to choose from, such as “superfood smoothies” and bowls. Also available à la carte: vitamins delivered intravenously at the NutriDrip bar, CNBC reports.
They are not cheap, but the 30-minute IV infusions—administered by medical professionals—are growing in popularity.
And lately, CNBC says, they’ve been attracting new business partners, too, from the Wynn Hotel, which plans to start offering NutriDrip in Las Vegas early this year; to fitness and lifestyle company Equinox. Indeed, Equinox executives Jeffrey Weinhaus and Harvey Spevak were early investors in NutriDrip.
NutriDrip sells 15 vitamin infusions. The classic Nutribody drip aims to support fat loss with a combination of l-carnitine, taurine, vitamin C, and B complex, among others.
There also are popular hangover remedies—Basic Recover, Super Recovery, and Mega Recovery— which range in price from $119 to $199, depending on how much you’re hurting from the night before.
What’s more, the Nutriyouth drip claims the ability to “help stop cellular aging in its tracks” with a mixture of anti-aging enzymes, molecules and vitamins for $599.
Founded five years ago, NutriDrip is looking to expand in 2020 with a Series A funding round in the first half of this year. Executives declined to say how much money they’re looking to raise.
“Over the last three years, IV nutrient therapy, specifically NutriDrip, has grown, at like a 60% to 80% year-over-year growth rate, even while opening new stores,” co-founder Asa Kitfield told the cable business news channel. “So we’re really excited to see what sort of saturation the market can see on like a local and national basis.”
“As many of our guests now expect a more holistic set of wellness options, we have evolved to include broader wellness themes related to functional wellness, physical fitness, and healthy cuisine,” a Wynn Hotel spokesperson told CNBC; adding “providing IV therapy is one more way to help our guests maintain personal wellness routines while they are traveling.”
Celebrities, including Madonna, Rihanna and Simon Cowell, are reportedly fans of IV vitamin treatments, but it’s drawn some controversy.
“Anytime you poke a hole in somebody’s vein, there is some risk that they’ll bleed excessively. There’s also some risk that they will clot excessively,” Dr. David Katz, founding director of Yale University’s Prevention Research Center told CNBC. “So the risks are not great. And the risks are not very common, but there are risks, and the only way to justify any risk in medicine is by a greater likely benefit.”
On the other hand, Kitfield said NutriDrip doesn’t make grand promises about its treatments—but the company and customers clearly believe in its benefits.
“When you look at our business, where 50% to 60% of our revenue comes from regulars, and that’s why we continue to grow, the proof is kind of in the pudding,”Kitfield said.
According to the Global Wellness Institute—a nonprofit that tracks the $4.5 trillion industry—while IV therapy and alternative medicine is a small portion of the overall spending, it’s among the fastest-growing sectors.
Research contact: @CNBC