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Venture capital arrives for psychedelics.

Feb. 28, 2020

Goop, Moon Juice and Daily Harvest are women-led companies oriented toward wellness, that fuzzy intersection of health and well-being. They share an ethos — and also an investor, Able Partners.

“We probably are the first fund to focus exclusively on wellness,” said Amanda Eilian, 42, one of the firm’s two partners.

This focus makes Able a bellwether for the direction in which wellness is headed. So it’s useful to know that it has also invested in Sanctuary (an astrology app), the Coconut Cult (probiotic-infused coconut “yogurt”) and MUD\WTR (a coffee alternative that includes mushrooms).

Now, Able is getting into psychedelics.

Ms. Eilian and her partner, Lisa Blau, originally became interested in women-led wellness companies not because they saw them as sympathetic underdogs but because those companies were “an arbitrage opportunity” — a way of saying that start-ups that are run by women or oriented toward women were undervalued.