CHARLESTON, S.C., July 29, 2021 /PRNewswire/ -- The New Primal, a pioneer of clean-ingredient meat snacks, seasonings, dressings, and condiments, announces the close of its Series B funding round with a $15 million investment from Manna Tree. As the sole investor in the Series B round, Manna Tree's significant injection of funds will boost The New Primal's organizational design, distribution, and marketing reach.
The New Primal's innovative, clean ingredient platform was the driving force behind its partnership with the private equity firm. On a mission to improve human health, Manna Tree was drawn to The New Primal's dedication to healthy, responsibly sourced products that are flavorful, accessible, and diverse. The New Primal will be leveraging Manna Tree's robust network to expand its distribution and retail relationships. The $15 million investment will also support key hires for The New Primal, as well as provide working capital support to meet significant expansion opportunities at retail.
"Not only is The New Primal an excellent investment from a growth standpoint, but the company's innovative, clean ingredient platform supports Manna Tree's vision for a future where health, well-being, and longevity is attainable," said Pam Shepherd, Managing Director, Manna Tree. "Starting with its signature meat snack products, The New Primal has proven that it can expand across categories with the same, fresh flair that has made its sauces, seasoning, and condiments a success in the sector."
"We feel a strong conviction that we've found the ideal partner to walk alongside to help elevate our brand to a new level in Manna Tree," said The New Primal Founder & CEO, Jason Burke. "The synergies between their team and ours were unparalleled through our exploration process. Manna Tree's commitment to improving human health through nutrition aligns perfectly with our mission of developing compelling ways to get more hands in the kitchen and hearts around the table."
The jerky category has long been a source of buzz for major investment firms given the consumer demand for convenient, portable, and high-protein foods. Early backers of The New Primal included respected individual investors alongside early-stage venture capital firm, Third Prime Capital. Throughout the Manna Tree partnership, Aspect Consumer Partners served as the exclusive financial advisor to The New Primal, and Taylor Foley Law served as general counsel on behalf of the brand.
Pioneers of the grass-fed beef jerky movement, The New Primal first garnered nationwide distribution of its jerky snacks in 2013 that quickly became the go-to for the meat-eating masses. Demonstrating a knack for product innovation and expansion, the brand expanded outside meat snacks and grew from three products to 33 products in three years nationwide at Whole Foods Market, including 12 additions in 2020 amidst a global pandemic. Catapulting into a bonafide platform brand, The New Primal now boasts top-sellers across various categories and channels. To date, the brand has products in the meat snacks, condiments, dressings and seasonings categories.
About The New Primal
Since its origins in grass-fed, pasture-raised jerky snacks, The New Primal has innovated with intention but never compromised on our core mission. With the belief that healthy eating is more than nutrient-packing, we source carefully, package consciously, and flavor thoughtfully. Portable protein snacks that offer tasty fuel on the go and cooking sauces and seasonings from the smartest, simplest ingredients lure you back into the kitchen. Our inspiration cup fills with the notion that healthy gets humored, but delicious gets devoured. www.thenewprimal.com.
About Manna Tree
Manna Tree is a Vail, Colorado-based investment firm committed to improving human health through nutrition. The firm invests in and actively partners with growth-stage companies. Manna Tree believes the future of health, well-being and longevity is attainable through innovation in food. Manna Tree has made seven investments to date: Urban Remedy, Evolve Biosystems, Gotham Greens, Verde Farms, Nutriati, Vital Farms, and MycoTechnology. www.mannatreepartners.com.
SOURCE Manna Tree