Modern Acupuncture, a Scottsdale, AZ-based company making acupuncture available, received a minority investment from Strand Equity.
In addition to Strand Equity, Modern Acupuncture has assembled a group of value-added shareholders, including acclaimed acupuncturist Bob Doane, World Health Organization delegate Marilyn Allen, branding expert Scott Goodson, health and wellness entrepreneur Charles Anderson MD, entrepreneur Cole Zucker and actress Cameron Diaz.
The amount of the deal was not disclosed.
The company intends to use the funds to continue to expand its business reach.
Founded in 2016 By Matt Hale, CEO, Modern Acupuncture offers affordable memberships that encourage patients to include acupuncture in their regular health, beauty and wellness routines.
The company offers developer and franchisee opportunities to qualifying entrepreneurs. ACU Development, LLC is the franchisor of Modern Acupuncture™ franchise locations and an operator in some states. In California, Massachusetts, Nevada, New Jersey, New York, Tennessee, and Washington, ACU Development, LLC and its franchisees provide management services to affiliated professional acupuncture practices.
Modern Acupuncture currently operates 49 locations across 16 states and plans for 11 additional locations to open across the country by the end of 2019.