April 30, 2020

By Lynda Kiernan

Vail, Colorado-based asset manager Manna Tree Partners announced the successful raising of $141.5 million for its first fund Manna Tree Partners Fund I. The capital was committed from 131 investors from 18 countries including private wealth managers, corporate venture partners, family offices, and high-net-worth individuals, of whom 30 percent are women. 

Manna Tree was founded by Gabrielle Rubenstein, the daughter of David Rubenstein, a co-founder of Carlyle Group. After graduating from Harvard in 2010, Gabrielle studied agricultural economics and agribusiness management through a program at Purdue and Indiana Universities, and as a person with food allergies, launched Manna Tree Partners in 2018 to invest in companies with a focus on healthy food production and wellbeing.

Together with co-founders, CIO Ross Iverson, and COO Brent Drever, the team sources deals through an extensive network of partners, and leverages their combined experience and operational background to build a portfolio of companies that balance the need for healthy food and a transparent supply chain with growing valuable enterprises.

“Demand for healthy food is rising dramatically,” said Gabrielle “Ellie” Rubenstein, CEO, Manna Tree Partners. “This fund will enable us to support and grow companies that produce, process and distribute healthy food. We are grateful to our investors for their confidence and commitment. We are proud to partner with sophisticated investors from around the world who agree that now is a great time to invest in companies that promote nutrition and the concept of food as medicine.”

When identifying targets for investment, Manna Tree looks for an organization’s ability to provide the market with sustainable and traceable ingredients, that with the right capital structures, Manna Tree investments can scale while maintaining ingredient integrity.

“This new fund harnesses Manna Tree’s deep expertise and global network to source promising investments and create value for portfolio company customers and fund investors,” said Ross Iverson, CIO, Manna Tree Partners. 

To-date, Manna Tree has made four investments.

As its maiden investment in July 2019, Manna Tree backed Vital Farms, an ethical producer of eggs and butter. Founded on a single farm in Austin, Texas, in 2007 with 20 hens, Vital Farms’ core mission is to create and coordinate a network of family farms that operate within a well-defined structure of agricultural practices centered on the ethical treatment of animals.

Today, Vital Farms is the largest national brand of pasture-raised eggs and butter, partnering with more than 200 small family egg farmers. At each operation, each pasture-raised hen has 108 square feet of outdoor land on which to forage. In addition, hens are fed a Non-GMO Project Verified and antibiotic-free feed formulated for their specific needs.

Following investments included:

MycoTechnology – A Colorado-based mushroom-focused food tech startup developing a sugar inhibiting ingredient using mushroom protein to create healthier consumer products.

Nutriati –  A company seeking to positively impact the plant-based food space and human health, through its offering of more sustainable and nutritious proteins, flour, and oil. Nutraiti produces plant-based ingredients that can elevate protein levels in gluten-free and allergen-free foods.

And Verde Farms –   A company that prioritizes animal welfare, sustainability, and the production of high-quality, 100 percent grass-fed, pasture-raised, organic beef without feedlots or the use of growth hormones, while focusing on traceability in its supply chain, and potential benefits to society and the environment.

“We are pleased with our investments to date, four companies focused on nutrition and a healthy food supply chain,” said Iverson. “We see significant on-going opportunity in the health and wellbeing sector as consumers are becoming more educated on the pillars of optimal health and longevity. Our pipeline of promising investments is full as we focus on making the final 6-8 investments from Fund I.”

Lynda Kiernan is Editor with GAI Media and daily contributor to the GAI News and Agtech Intel platforms. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.