Startups

Celebs like Rob Dyrdek, Joe Jonas and Travis Barker are backing the nootropic nosh company, Mindright

Comment

Image Credits: Mindright (opens in a new window)

It was only a matter of time before someone married the nascent nootropic supplements for brain health to the snack bar craze that continues to attract dollars and exits.

That time is apparently now, as Rob Dyrdek, the MTV-famous celebrity, pro-skater and entrepreneur, and Chris Bernard announce a new investment in the company they co-founded, Mindright, alongside celebrity investors including Joe Jonas, Travis Barker and The Profit’s Marcus Lemonis. 

“When we started down the path of condition-specific food and beverage… we started doing a lot of research into the nootropics and adaptogens space,” said co-founder Bernard. Working with a food scientist who did not want to be named (which isn’t sketchy at all), Dyrdek and Bernard were introduced to several companies producing ashwagandha, which the two had settled on as the new key ingredient in their snack bars.

Along with ginseng and cordyceps mushrooms, the company has a trifecta of new (and old) supplements that have taken the nutraceutical world by storm.

Bernard had initially approached the Dyrdek Machine group about another product, but the company was too far along and not something that Dyrdek felt passionate about backing. The story changed when Bernard returned with plans for this nootropic nosh.

“[Bernard] brought back the concept of the path of what’s evolved from functional foods and probiotics and collagen and sort of the mental health and adaptogen and the supplement world and said here’s how to merge these,” Dyrdek said of Bernard’s second pitch. “It was a home-run for us. Our process is supporting a solopreneur where we help shape and build the company together and provide the outsourced resources. We fund the development of the idea to go to the capital markets.”

So far, Dyrdek and his team have made 15 investments in consumer and entertainment businesses, and five of those business have since been acquired.

Most deals from Dyrdek Machine follow a similar trajectory. The firm becomes a co-founder and shares common stock and then negotiate a preferred equity investment for the capital infusion. Typically those deals range from $250,000 to $500,000.

“We co-found it and we share that common share class and our first money is preferred and pick a valuation that balances out the deal,” Dyrdek said. “How much equity do we want to develop it with you is what we negotiate with that initial capital.”

Portrait of Rob Dyrdek, founder of Dyrdek Machine. Image Credits: Dyrdek Machine

Dyrdek describes his investment firm as founder-driven and market agnostic. “We want a well-rounded, multi-dimensional founder and then we look at the market and how do we evolve it into something that has a larger, broader appeal,” Dyrdek said. “Rather than chasing down nootropics, we found that ‘good mood’ was the important thing to the consumer base. That’s why we drove ‘Good mood superfood.’ ”

Bernard’s faith in Dyrdek’s ability to move the business forward has been proven in the evolution of other companies in the firm’s portfolio. Dyrdek pointed to Outstanding Foods, another investment, which he said had recently closed a $10 million round at a $100 million valuation. Another startup in the portfolio, Momentous, a supplement manufacturer, also closed on a big round recently after raising $5 million in 2019, Dyrdek said.

For Mindright, Dyrdek’s involvement brought in other celebrity names once they tried the product. The company counts Joe Jonas and Travis Barker among its seed investors.

“They were excited to get involved in this because they believed in what we took the time to create,” Bernard said. 

IoT and data science will boost foodtech in the post-pandemic era

More TechCrunch

A new crop of early-stage startups — along with some recent VC investments — illustrates a niche emerging in the autonomous vehicle technology sector. Unlike the companies bringing robotaxis to…

VCs and the military are fueling self-driving startups that don’t need roads

When the founders of Sagetap, Sahil Khanna and Kevin Hughes, started working at early-stage enterprise software startups, they were surprised to find that the companies they worked at were trying…

Deal Dive: Sagetap looks to bring enterprise software sales into the 21st century

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI moves away from safety

After Apple loosened its App Store guidelines to permit game emulators, the retro game emulator Delta — an app 10 years in the making — hit the top of the…

Adobe comes after indie game emulator Delta for copying its logo

Meta is once again taking on its competitors by developing a feature that borrows concepts from others — in this case, BeReal and Snapchat. The company is developing a feature…

Meta’s latest experiment borrows from BeReal’s and Snapchat’s core ideas

Welcome to Startups Weekly! We’ve been drowning in AI news this week, with Google’s I/O setting the pace. And Elon Musk rages against the machine.

Startups Weekly: It’s the dawning of the age of AI — plus,  Musk is raging against the machine

IndieBio’s Bay Area incubator is about to debut its 15th cohort of biotech startups. We took special note of a few, which were making some major, bordering on ludicrous, claims…

IndieBio’s SF incubator lineup is making some wild biotech promises

YouTube TV has announced that its multiview feature for watching four streams at once is now available on Android phones and tablets. The Android launch comes two months after YouTube…

YouTube TV’s ‘multiview’ feature is now available on Android phones and tablets

Featured Article

Two Santa Cruz students uncover security bug that could let millions do their laundry for free

CSC ServiceWorks provides laundry machines to thousands of residential homes and universities, but the company ignored requests to fix a security bug.

23 hours ago
Two Santa Cruz students uncover security bug that could let millions do their laundry for free

OpenAI’s Superalignment team, responsible for developing ways to govern and steer “superintelligent” AI systems, was promised 20% of the company’s compute resources, according to a person from that team. But…

OpenAI created a team to control ‘superintelligent’ AI — then let it wither, source says

TechCrunch Disrupt 2024 is just around the corner, and the buzz is palpable. But what if we told you there’s a chance for you to not just attend, but also…

Harness the TechCrunch Effect: Host a Side Event at Disrupt 2024

Decks are all about telling a compelling story and Goodcarbon does a good job on that front. But there’s important information missing too.

Pitch Deck Teardown: Goodcarbon’s $5.5M seed deck

Slack is making it difficult for its customers if they want the company to stop using its data for model training.

Slack under attack over sneaky AI training policy

A Texas-based company that provides health insurance and benefit plans disclosed a data breach affecting almost 2.5 million people, some of whom had their Social Security number stolen. WebTPA said…

Healthcare company WebTPA discloses breach affecting 2.5 million people

Featured Article

Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Microsoft won’t be facing antitrust scrutiny in the U.K. over its recent investment into French AI startup Mistral AI.

1 day ago
Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

Embedded finance is still trendy as accounting automation startup Ember partners with HSBC UK

Kudos uses AI to figure out consumer spending habits so it can then provide more personalized financial advice, like maximizing rewards and utilizing credit effectively.

Kudos lands $10M for an AI smart wallet that picks the best credit card for purchases

The EU’s warning comes after Microsoft failed to respond to a legally binding request for information that focused on its generative AI tools.

EU warns Microsoft it could be fined billions over missing GenAI risk info

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday.  The trustee is asking…

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’

U.K.-based Seraphim Space is spinning up its 13th accelerator program, with nine participating companies working on a range of tech from propulsion to in-space manufacturing and space situational awareness. The…

Seraphim’s latest space accelerator welcomes nine companies

OpenAI has reached a deal with Reddit to use the social news site’s data for training AI models. In a blog post on OpenAI’s press relations site, the company said…

OpenAI inks deal to train AI on Reddit data

X users will now be able to discover posts from new Communities that are trending directly from an Explore tab within the section.

X pushes more users to Communities

For Mark Zuckerberg’s 40th birthday, his wife got him a photoshoot. Zuckerberg gives the camera a sly smile as he sits amid a carefully crafted re-creation of his childhood bedroom.…

Mark Zuckerberg’s makeover: Midlife crisis or carefully crafted rebrand?

Strava announced a slew of features, including AI to weed out leaderboard cheats, a new ‘family’ subscription plan, dark mode and more.

Strava taps AI to weed out leaderboard cheats, unveils ‘family’ plan, dark mode and more

We all fall down sometimes. Astronauts are no exception. You need to be in peak physical condition for space travel, but bulky space suits and lower gravity levels can be…

Astronauts fall over. Robotic limbs can help them back up.

Microsoft will launch its custom Cobalt 100 chips to customers as a public preview at its Build conference next week, TechCrunch has learned. In an analyst briefing ahead of Build,…

Microsoft’s custom Cobalt chips will come to Azure next week

What a wild week for transportation news! It was a smorgasbord of news that seemed to touch every sector and theme in transportation.

Tesla keeps cutting jobs and the feds probe Waymo

Sony Music Group has sent letters to more than 700 tech companies and music streaming services to warn them not to use its music to train AI without explicit permission.…

Sony Music warns tech companies over ‘unauthorized’ use of its content to train AI

Winston Chi, Butter’s founder and CEO, told TechCrunch that “most parties, including our investors and us, are making money” from the exit.

GrubMarket buys Butter to give its food distribution tech an AI boost

The investor lawsuit is related to Bolt securing a $30 million personal loan to Ryan Breslow, which was later defaulted on.

Bolt founder Ryan Breslow wants to settle an investor lawsuit by returning $37 million worth of shares