Bone broth protein supplement manufacturer Ancient Nutrition has secured $103 million in funding, led by private equity firm VMG Partners.
Founded in 2016 by Jordan Rubin and Josh Axe, Ancient Nutrition aims to drive key paleo, collagen, and grass-fed supplement trends. Between 2013 and 2017 it achieved 266% compound annual growth.
This announcement marks the company’s first investment, which is poised to elevate the current team’s resources and company growth. Other investors include Hillhouse Capital, ICONIQ Capital, and over 100 members of a co-investor network.
Ancient Nutrition’s products are currently available at Whole Foods Market, Sprouts, speciality US retailers, and online, shipping directly to consumers.
Co-founder Josh Axe said: “Our mission at Ancient Nutrition is to deliver real food and nutritional products that are formulated to provide ancient nutrients in a modern, convenient form.
“The resulting products fuel the body and mind, restoring us to the health, strength, and vitality of our ancestors by delivering wholesome, clean ingredients.”
VMG Partners vice president Jon Marshall said: “VMG Partners is thrilled to partner with Jordan, Dr Axe, and the phenomenal team they have built to deliver on a shared vision for the future of real food nutrition led by Ancient Nutrition.
“The brand resonates so strongly with consumers who are actively seeking food that powers, as well as heals our bodies and overall well-being, and we are honored to be involved in the brand’s continued growth and success.”
VMG Partners managing director Wayne Wu added: “We are completely blown away by the calibre of the Ancient Pioneers co-investor network and the expertise and enthusiasm that this group brings to the table.
“At VMG, we are passionate about building community and driving thought leadership in the emerging brand space. This truly remarkable group of more than 100 incredible individual co-investors joining together to support Ancient Nutrition is a testament to this community we are building that supports entrepreneurs and the emerging brand ecosystem as a whole.”
© FoodBev Media Ltd 2018