BIRMINGHAM —LabDoor, an online dietary supplement retailer that takes a scientific approach to product sales, is the newest company to join the investment portfolio of Birmingham-based venture capital company IncWell.
Mark Cuban, owner of Dallas Mavericks, Magnolia Pictures and Landmark Theatres, through Radical Investments, was the first institutional investor in California-based LabDoor. Other notable investors include Rock Health, Band of Angels and the Mayo Clinic.
IncWell founder and CEO Tom LaSorda, says according to industry trends, LabDoor is filling a need in the consumer supplement market. “Brand loyalty and trust in ad claims are at a all-time low, and more consumers are apt to change their dietary supplement purchases based on information in the news,” LaSorda says. “Consumers need a trusted place to purchase products that have been vetted and the FDA does not provide this information for dietary supplements or energy drinks.
LabDoor analyzes the purity and potency of hundreds of dietary supplements and energy drinks at FDA-registered laboratories before offering them for sale online to consumers. More than 1 million customers use LabDoor’s web, iOS and Android applications annually. ”
The dietary supplement market is big business, with $32 billion in sales in the U.S. in 2012 and a reported 68 percent of all U. S. adults take supplements regularly.