Silas Capital Raises $150M, Peter Rahal Teases New Protein Bar 👀

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

• Razor Group buys Perch 💰

• MALK scores funding 🥛

• Zara unveils haircare collection 👀

• Augustinus Bader dials up innovation 🧪

• Vacation heads to Target 🎯

Silas Capital Raises $150M 💰

Silas Capital, a consumer-focused venture capital & growth equity firm, has scored $150M for Fund II. Per the firm, the vast majority of capital commitments for Fund II came from existing, long-term limited partners. 

Founded in 2012 by Carter Weiss and Frank Lin, Silas Capital typically cuts checks of $3M-$15M in high-growth consumer brands with revenues ranging from $5M to over $50M. 

Silas Capital has provided growth capital to brands like ILIA, Makeup by Mario, Vacation, Wonderbelly, and many others. They’ve also cut early checks to the likes of Cay Skin, Ceremonia, Function of Beauty, Live Tinted, and ZitSticka. 

Though Silas Capital is no doubt more active in the beauty & personal care categories, they do have an impressive portfolio of food & beverage brands like Fishwife, Kencko, MUD\WTR, Stryve, and Tiny Organics. 

The firm has had their fair share of exits, too. In late 2019, Lord Jones was acquired by Cronos for $300M, while in early 2022, Famille C scooped up ILIA for an undisclosed sum. 

More on the announcement here.

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Deals 💰

Mergers & Acquisitions 

• Berlin-based Amazon brand aggregator Razor Group has acquired Perch, a U.S. peer that also buys Amazon brands. The combined entity is said to be valued at $1.7B and will manage an assortment of more than 40,000 products across various channels. Bloomberg

Fundraising

• Alternative dairy brand MALK landed additional funding from existing investors Benvolio Group and Rotor Capital. According to the company, MALK was the fastest growing plant-based milk brand across all markets over the past year. PR Newswire

• Per a recent SEC filing, Afterlife Ag has secured $1.135M in fresh equity funding. The company uses food waste to cultivate 20 different species of mushrooms. SEC

• Cultivated Biosciences, a Swiss biotech startup that leverages fermentation to produce animal-free dairy, raised $5M in seed funding. Dutch VC firm Navus Ventures led the round. TechCrunch

• Snack giant Mondelēz has invested in Pack2Earth, a producer of bio-based packaging materials that are more sustainable than fossil fuel-based packaging. Just Food

What’s New 🤩

Apparel, Cosmetics, and Wellness

• Zara officially launched its new haircare line with six products. Zara Hair was developed with celebrity hairstylist Guido Palau and all the products retail for $16. The packaging is terrific. Instagram

• Skincare unicorn Augustinus Bader has expanded into haircare with its new shampoo & conditioner duo. They also just launched their first-ever bodycare product which is a beauty. Instagram

• Suncare brand Supergoop unveiled a new line of skin tints called Protec(tint) SPF 50. It’s available in 14 different shades. Supergoop

• Kylie Cosmetics is launching a new fragrance called COSMIC later this morning. This is the first-ever fragrance from Kylie Cosmetics. The vessel is pretty stunning. Instagram

Food, Beverage, and Alcohol

• Peter Rahal, the co-founder of RXBAR which was acquired for $600M in 2017, is launching a new protein bar brand called David. Each bar contains 28g of protein, 160 calories, and 0g of sugar. The packaging is brilliant and just like RXBAR before it, it’s unlike anything else on the market 👇 Twitter

• Kylie Jenner is entering the celebrity spirits fray with a new canned vodka soda brand called Sprinter. Sprinter is made with premium vodka, real fruit juice, and sparkling water. The brand will launch on March 21st with four flavors: Grapefruit, Lime, Peach, and Black Cherry. People

• Unsurprisingly, White Claw is expanding its presence in the spirits category with a new line of canned tequila cocktails called Tequila Smash. They’re following the High Noon playbook — start in vodka, expand into tequila. Twitter

• Wellness brand BEAM is entering the RTD beverage category with their new Greens On The Go line. Each can contains a blend of 10 fruits and vegetables along with antioxidants and electrolytes. Haven’t encountered many green beverages in can format. PR Newswire

• Kuli Kuli, the wellness brand best known for its moringa supplements, is doubling down on gummies and will launch two new products that don’t feature its hero ingredient. NOSH

• New York Distilling Company (NYDC) is launching a new rye whiskey brand called Jaywalk. Great-looking bottle and label IMO. The Spirits Business

• Craft soda brand Jones Soda Co. has expanding into alcohol with the launch of Spiked Jones Hard Craft Soda. The new line will debut at a major retailer in Q2. PR Newswire

• Hidden Valley Ranch has joined forces with Cheez-It to release a co-branded cheesy ranch. PR Newswire

Data 🖥️

• ODDITY, the consumer tech firm behind IL MAKIAGE and SpoiledChild, had a massive 2023. Net revenue increased 57% to $509M, while net income hit a record high of $59M. Yahoo Finance

Distribution News 🚚

• Vacation is now available at select Target stores.

• SOMOS Foods launched at Publix.

• Tattoo aftercare brand Stories & Ink launched at Target.

• Sunny Fine Foods is now available at Whole Foods Market in California, Arizona, Nevada, and Hawaii.

• Yerbaé announced a new partnership with three distributors in Pennsylvania.