Humble Growth raises first fund of $312M
Humble Growth is a newly minted investment firm formed by three CPG veterans — including Orgain founder Andrew Abraham, RXBar founder Peter Rahal and lawyer Nick Giannuzzi.
Why it matters: The trio has closed their first fund of $312 million, Giannuzzi tells Axios.
Of note: Giannuzzi was an early investor in beverage startup Vitamin Water and, via his law firm, shepherded a number of startups such as Tate's Bake Shop, Vita Coco and Mary Ruth Organics, among many others.
- He was involved in Coca-Cola's $6.1 billion purchase of sports drink maker Bodyarmor in 2021.
- Orgain, meanwhile, was acquired by Nestlé last year, while RXBar was acquired by Kellogg in 2017 for $600 million.
Details: The executives will leverage years of experience on the founder and legal sides to not only place their bets but also to help those startups to succeed, Giannuzzi says.
- In other words, the firm isn't just offering a blank check, he says.
- Investors in the fund include Nestlé Health Science, Verlinvest, Bodyarmor co-founder Mike Repole, Stonyfield Farm CEO Gary Hirshberg, IT Cosmetics co-founder Paulo Lima and Ainsworth Pet Nutrition founder Sean Lang.
Zoom in: Humble Growth will invest between $10 million and $40 million in startups with more than $20 million in revenue in food, beverage, beauty, supplements, pet, or personal care spaces, Giannuzzi says.
- The firm is not writing venture checks, however, though it may do a bit of "gunslinging" and invest smaller amounts in beauty startups, he says.
The bottom line: When Humble Growth goes to a founder, it can write a big check, and it can help with operations, Giannuzzi says.