CHARLESTON, SC. — The New Primal, a maker of meat snacks, seasonings and condiments, has closed a Series B funding round with a $15 million investment from Manna Tree, a Vail, Colo.-based investment firm focused on health and nutrition. The New Primal said it will use the proceeds to expand its team with key hires and support retail distribution and marketing reach.
"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 Jason Burke, founder and chief executive officer of The New Primal. "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 New Primal launched its initial grass-fed, pasture-raised beef jerky snacks nationwide in 2013. Over the past year, the brand has added a dozen new items spanning additional categories. Its Noble Made by The New Primal line includes hot sauces, barbecue sauces, salad dressings, carrot ketchup and more. The company features options for ketogenic, Whole30 and paleo diets. Early backers of the brand included individual investors and early-stage venture capital firm Third Prime Capital.
Manna Tree has made seven investments to date, including Urban Remedy, Evolve Biosystems, Gotham Greens, Verde Farms, Nutriati, Vital Farms and MycoTechnology. Its partnership with The New Primal will unlock new distribution and retail relationships.
"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 of 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."