Manna Tree Partners

Investment decisions rest with the Investment Committee, led by CEO and co-founder Ellie Rubenstein alongside co-founder and Managing Partner Ross Iverson. Rubenstein's background spans institutional agriculture investing and project finance — an unusual blend for a growth equity firm. Day-to-day deal execution runs through the Vail and Denver offices, with a flat organizational structure designed to move at the speed of consumer adoption.

Manna Tree focuses on growth equity, targeting companies with established revenue that need $10 million to $50 million to reach scale. The firm does not invest at seed or pre-revenue stages. It seeks businesses with demonstrated product-market fit in the food and health supply chain that are ready for institutional growth capital to expand manufacturing, distribution, or brand presence.

Manna Tree operates a proprietary consumer insights division that surveys tens of thousands of U.S. consumers annually on dietary patterns, health outcomes, and purchasing behavior. This data engine identifies category trends before they appear in conventional market research, allowing the firm to approach founders directly with a health-outcomes thesis. The firm also leverages deep relationships across the regenerative agriculture and functional food ecosystems.

Manna Tree Partners is an institutional private equity firm that evolved from an initial pool of Rubenstein family capital. After an early period of deploying family and select partner capital, the firm launched Manna Tree Capital Partners I to formalize institutional fundraising. It now manages capital from a mix of family offices, institutional investors, and strategic limited partners.

Manna Tree does not invest outside the food and health value chain. The firm has publicly stated it avoids conventional agriculture operations that lack a differentiated health or sustainability thesis, as well as food-tech platforms that do not have demonstrable consumer traction. It also avoids clinical-stage biotech, remaining squarely focused on consumer-facing nutrition and health products.

Manna Tree actively welcomes co-investment from strategic partners and institutional allocators with aligned health-and-nutrition theses. The firm has co-invested alongside entities including Temasek and Horizons Ventures in prior rounds. Its fund structure allows for co-investment vehicles when portfolio companies require larger rounds than a single fund commitment can accommodate.

Manna Tree treats food as a healthcare investment rather than a consumer packaged goods play. The firm employs food scientists and health researchers alongside private equity operators, runs a year-round proprietary consumer health survey, and measures portfolio impact through nutrient density and health outcomes — not just revenue growth. This structure is uncommon among generalist growth equity managers with food sector exposure.