David Raises $75M, Acquires EPG Supplier 🧪

Author

CPG WIRE
May 31, 2025

GM and Happy Saturday, folks. Here’s what we’re covering this morning:

  • L.A. Libations launches fund 👀

  • JamJar backs Humantra 💧

  • EagleTree partners with NuTrail 🥣

  • Laoban expands lineup 🍜

  • e.l.f. Beauty shares rise 📈

  • AG1 lands at Costco 🥦

Deals 💰

Mergers & Acquisitions 

  • Italian investment firm Wellness Holding acquired a minority stake in Acqua Filette, a luxury mineral water brand from Italy. Terms weren’t disclosed but Wellness Holding is taking a 49% stake in the company. Bottles of Acqua Filette are priced between €30 and €50. Just Drinks

Fundraising

  • Protein bar brand David made a few big moves this week. The brand, which launched less than a year ago, raised $75M from Greenoaks and Valor Equity Partners. David’s valuation also surged to $725M as the company expects to hit $140M in year one sales. In addition to the fundraise, David also acquired Epogee, an Indianapolis-based producer of EPG, a plant-based fat alternative that significantly reduces calories. The acquisition of Epogee offers David a supply chain edge over its myriad competitors. Co-founder & CEO Peter Rahal explains more here. Fitt Insider

  • Beverage incubator L.A. Libations launched a $30M venture fund called Taste Tomorrow Ventures (TTV). The fund will focus on investments in the functional beverage and better-for-you snack categories. Their debut investment is Just Ice Tea, the fast-growing beverage brand co-founded by Seth Goldman and Spike Mendelsohn. Business Wire

  • Premium hydration brand Humantra secured an undisclosed amount of funding from JamJar Investments. The brand was founded in Dubai by British expat Charlie Wright. Humantra made its UK debut in 2023 and recently secured shelf space at Boots. LinkedIn

  • Tenayo Foods, a Boulder-based purveyor of Mexican-style barbecue sauces, raised $850K in debt financing. The brand recently launched at 1,500 Target stores across the country. SEC

  • EagleTree Capital made a strategic investment in NuTrail, a Miami-based granola brand. NuTrail differentiates by producing nut-based granolas that are free from added sugars. In conjunction with the investment, NuTrail also announced that Sheila Stanziale will take over as CEO. Stanziale previously was the CEO of Mighty Leaf Teas and SpudLove Snacks. Just Food

  • Functional beverage brand Moment raised $5M in funding from Btomorrow Ventures, the corporate venture arm of British American Tobacco. Moment, founded by HBS alum Aisha Chottani in 2020, sells botanical beverages that contain ashwagandha and L-theanine. Btomorrow Ventures has invested in Moment 3x now. BevNET

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Lindsay Lohan is apparently working on a new skincare brand. Details are scarce but TRENDMOOD will keep us posted. Instagram

  • New York-based fragrance brand Snif is releasing a new scent called Swede Tooth on June 3rd. The new scent — designed to be an olfactory tribute to Swedish candy — is already sold out. Beauty Scene

  • Recently acquired skincare brand Rhode is expanding its Glazing line with a new product called Glazing Mist. Instagram

Food, Beverage, and Alcohol

  • General Mills and GHOST teamed up again to launch a protein-packed version of Cinnamon Toast Crunch. Each serving contains 17g of protein but I’m more curious about the carbs and sugar count. General Mills and GHOST first collaborated on two protein cereals last April. Stack3d

  • Laoban, the Asian frozen food brand known for its dumplings and bao buns, expanded its lineup with three new products: Scallion Pancakes, Crab Rangoon, and Taiwanese Style Popcorn Chicken. Packaging looks great. The new SKUs are available exclusively at Whole Foods Market. NOSH

  • LesserEvil Snacks released a new salty snack line called Crunchy Cheezmos. Two flavors are available: Blazin’ Hot Cheddar and Cowboy Cheddar. They always nail the branding. Instagram

  • Family-friendly snack brand Sunnie refreshed their packaging. The latest iteration is a big improvement. Bolder, more eye-catching, smoother flow of information, and better product photography. NOSH

  • Cove Soda unveiled their newest prebiotic soda flavor — Pineapple. The beverage brand is expected to surpass 9-figures this year. Instagram

  •  Wilde Protein Chips just made the transition from pillow bags to resealable stand-up pouches. Instagram

  • Final Boss Sour partnered with Lyrical Lemonade to launch Strawberry Lemonade Sour Candy. The packaging is demented but fun. Good collab. Instagram

  • Sweet Gains is another new player in the protein ice cream category. Each tub contains 40g of protein but a ton of sugar as well. As of now it looks like distribution is focused on independent stores throughout the northeast. This niche is starting to get crowded. Stack3d

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Data 🖥️

  • The market is pleased with e.l.f. Beauty’s acquisition of Rhode as the company’s share price is up 40% over the past 5 days. The upside of the acquisition is pretty clear. Even though Rhode will debut at Sephora in the fall, the brand currently has zero retail exposure. e.l.f. Beauty will take Rhode into Target, Walmart, and Ulta where it knows how to perform. WSJ

Distribution News 🚚