Ancient Nutrition, a Tennessee-based bone broth protein startup, announced it has raised $103 million in exchange for a minority stake in the company. The impressive round was led by VMG Partners, the private equity firm behind such iconic food and beverage brands as KIND, Quest, and Vega, and included Hillhouse Capital, ICONIQ Capital, along with more than 100 members of a co-investor network.
This investment, which represents the company’s first round of funding, will be used by the company to support the enrichment of the current team’s resources and to fuel continued growth for the brand.
Founded in 2016 by Garden of Life founder, Jordan Rubin, and Dr. Josh Axe, the founder of the top natural health website in the world, Ancient Nutrition taps into the growing consumer interest in real foods that provide healthy nutrition. Striving to connect consumers with the foods they consume, Ancient Nutrition produces non-GMO, gluten-free, dairy-free, soy-free, grain-free and nut-free lines of Bone Broth Protein, Multi Collagen Protein, Essential Oils, and Keto products.
“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,” said Dr. Josh Axe, co-founder of Ancient Nutrition. “The resulting products fuel the body and mind, restoring us to the health, strength, and vitality of our ancestors by delivering wholesome, clean ingredients.”
Bone broth has proven to be a dark horse in the health food movement, and a polarizing item among consumers – even those interested in clean eating. What some view as simply a Millennial rediscovery of a long-standard basic stock, others see as a cornerstone of the Paleo diet movement, and something that can reduce inflammation, promote digestion, protect the immune system, and improve the state of their nails and hair. Riding this wave of popularity, Ancient Nutrition has grown to be one of the fastest growing names in protein, collagen, and gut health as well as the top dollar growth contributor to the category – contributing $10 million, or more than 40 percent of the total category growth.
“Our bodies were designed and intended for high performance and thus require proper food to power this performance,” said Jillian Michaels, personal trainer, fitness expert, and founder of Empowered Media. “People are increasingly recognizing the need for real food nutrition to nourish their bodies and this is what I envision for the future of the food landscape. I am so excited to see brands like Ancient Nutrition paving the way towards convenient, nutritionally rich foods that refresh and fuel our bodies.”
Indeed, bone broth has not only grabbed the attention of health-conscious consumers and physical fitness trainers.
Boulder Investment Group Reprise (BIGR), which announced the closing of BIGR Ventures LP at $55 million in September 2016, has backed Bonafide Provisions, a top producer of organic bone broth in the U.S. that sources grass-fed beef bones and pasture-raised chicken bones for its products.
This investor confidence is echoed by those backing Ancient Nutrition.
“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,” said Jon Marshall, vice president at VMG Partners. “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.”
-Lynda Kiernan