Equalution rebrands as Equ as Artesian’s Female Leaders Fund joins share register

Equ founder and CEO Amal Wakim has declined to reveal how much funding was secured in the recent raise, but it is understood to be modest for a digital business that has experienced substantial growth recently with its subscriber base effectively doubling over the past year. 

The raise also involved the finalised exit of co-founder Jade Spooner, who has not been actively involved in the business for a couple of years.

"Market research indicates consumers increasingly prefer the value, convenience, and ease of digital health services," says Wakim.

"Health-conscious consumers are looking to manage their weight in a way that doesn’t compromise their health or lifestyle.

"As a big believer in the power of enjoyment and moderation, a health-focused and scientific perspective on how to incorporate your favourite foods while you’re working towards your health goals has a lot of mass market appeal."

Equ’s recent survey findings show that while 63 per cent of Australians have experimented with some kind of diet in the past 12 months, many continue to struggle with diet and maintaining a healthy weight.

The company found that a lack of knowledge and time are the biggest barriers to a healthier lifestyle with one third of respondents turning to social media for diet advice. 

One of Wakim's ongoing observations is that Australians are not consuming the optimal amount of protein in their diets, so in 2023 the company embarked on developing its own line of supplements that would help customers achieve not only their health goals but do so with a flavorful product called Equfoods.

"One thing that we really pride ourselves on is taste. Being a nutrition company with really delicious recipes, it was important for us to nail the formula," she tells Business News Australia.

"With a lot of protein powders in the market you have this grainy, chalky or protein powdery taste after consuming them, so we embarked on this mission to ensure that we could get the taste and consistency right while ensuring that there were no nasties added.

"It was 12 months in development because one, I'm a perfectionist, and two, I have a level of standard that if I won't drink it daily, then I can't launch this to my community and expect them to drink it daily as well."

Wakim says the product, based on whey protein isolate and coming in three flavours, namely classic caramel, creamy chocolate and very vanilla, has been very well received with 60 per cent of sales coming from active app members.

Whilst the latest funding round was relatively small, Equ believes it will help support its mission of meeting the growing demand for a digital nutrition and health service that empowers consumers to achieve their healthiest selves.

The newly revamped app not only showcases Equ’s extensive recipe library, featuring over 8,000 delicious and healthy meal ideas, but also offer personalised nutrition plans, along with an intuitive daily meal planning function.

"In this latest phase of growth, our brand is expanding to offer more than just the health technology company we have built our success on," says Wakim.

"Data coming in shows 90 per cent subscriber growth in the last financial year, 56 per cent growth in partnership revenue and 500 per cent month-on-month listener growth of our newly launched podcast Chew on."

The partnerships division is effectively a marketing arm for Equ, weaving partner brands that meet the right nutritional and taste thresholds into its recipes and recommendations. Partners include the likes of Uncle Toby’s, Arnott’s, Sunbeam, MILKRUN, Youfoodz, FROPRO and Sistema.

"Since its inception in 2016 our business has made our ambitious vision to support and educate countless customers to live their best and healthiest lives a reality," the CEO explains.

"Now as Equ we look forward to continuing our mission with a bigger focus on holistic health, to increase food literacy, debunk the toxic messages of the wellness industry and make healthy lifestyles more accessible to all Australians."

The Artesian Female Leaders Fund, backed by cornerstone investors HostPlus and legalsuper, also has investments in group gifting company Grouptogether, clinical trial recruitment tech platform evrima, and robotic packing system Lyro.