East and West Coast Venture Capital Funds Invest in Certified Women-Owned Business

MastersfundTM announced today that the Fund has made a third investment in heywell®, the Chicago-based, fast growing sparkling adaptogenic water brand. Mastersfund’s investment is part of heywell’s Seed Round currently underway, allowing the women-founded brand to further solidify its position as the one to watch in functional beverage. Daintree Capital, a WA DC based Growth Capital Fund, joins the raise as well, as both a venture-debt capital and equity partner.

The investments are based on exciting momentum that has continued to build for the heywell brand in 2023. Masterfund’s additional investment and the new funding from Daintree, fuel momentum, particularly in the area of marketing. The brand’s business has increased 200% year over year. The 1 Millionth can of heywell was sold with almost no marketing investment to- date.

Ashley Selman, CEO of heywell shares her thoughts on this next phase of growth: “heywell is solving a growing consumer problem, which is why we are seeing such strong momentum. We’re proud of our thoughtful go-to market strategy to-date, which has helped build the heywell brand organically through strong consumer trial and repeat business. Now that we have a proven, successful model, this capital will be applied to marketing support to further accelerate sales. We’re excited to partner with Mastersfund and Daintree to fuel our growth.”

Mastersfund’s investment is led by Walter Greenberg, Venture Partner. Mr. Greenberg noted, “Mastersfund is looking forward to continuing to build on our partnership with heywell. heywell is already very well positioned in the functional beverage space and has notably strong marketplace momentum. With the launch of several new retail accounts, this investment ensures that heywell has the marketing support needed to effectively exploit this large, near-term opportunity. Heywell co-founders, Ashley and Britt, are beverage industry veterans. Both bring years of experience as VPs in CPG, specializing in marketing. We know this incremental investment is in good hands.”

Alisha Griffey, Founder and CEO of Daintree shares: “Daintree is excited to support heywell with funding for inventory investments and new channel marketing. heywell is already making impressive inroads in the beverage space and we believe this capital will further fuel their growth.”

The beverage brand’s already popular products include heywell energy + focus sparkling strawberry lemon, heywell energy + uplift orange mango, heywell energy + immunity sparkling grapefruit, heywell calm + restore sparkling blackberry ginger and heywell calm + hydrate sparkling lime. All five flavors can be found online at Amazon, livingheywell.com, and at notable retailers such as Wegmans, Central Market, Erewhon, Foxtrot and Life Time. More retail outlets are coming online throughout the year. For more information,

visit livingheywell.com.

About heywell:

Ashley Selman, CEO and Britt Dougherty, COO founded their company to make wellness simpler and more accessible for everyone, every day. Early wellness solutions prioritized function over flavor. The team’s desire to improve on those early efforts led to the development of heywell, a delicious, good-for-you drink that can be enjoyed by everyone. heywell’s functional beverages are made with adaptogens, antioxidants and organic caffeine to bolster energy, immunity, focus and stress management. Low in calories and sugar, heywell’s sparkling waters are refreshing, tart, and sweet. As part of heywell’s mission, the company donates 1% of sales to nonprofits that advocate for inclusion. Follow the company at @livingheywell, and learn more at livingheywell.com.

About Mastersfund:

Mastersfund is a Seattle WA based venture capital investment firm, that capitalized revenue-positive companies innovating in the future of work and future of life space. With a mission to support and empower women in entrepreneurial leadership, Mastersfund propels promising businesses forward and fosters sustainable growth. Learn more at https://masters.vc.

About Daintree:

Daintree is an investment firm that provides working capital loans to companies run by women and BIPOC founders. The firm’s investments fuel revenue growth and accelerate profitability. Learn more at

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Press contacts:

Gillian Muessig | gillian@masters.vc | 206-930-8133 Ashley Selman | ashley@livingheywell.com| 303-589-3196 Alisha Griffey | alisha@daintreecap.com | 202-255-1937