Charleston food-products business lands $15M in funding to fuel growth | Business

A Charleston food company is looking to expand its market and grow its workforce after a Colorado investment firm injected $15 million into the business.

The New Primal, a producer of grass-fed meat snacks and organic seasonings, dressings and condiments, secured the funding from Vail-based Manna Tree. 

The infusion will be used to enhance the Daniel Island-based company’s organizational design, distribution and marketing reach.

Founded by Jason Burke in 2012, The New Primal started after Burke’s mission to make a lean, healthy variety of beef jerky.

The brand has since expanded outside meat snacks and has grown to 33 products in three years nationwide at Whole Foods Market and many other supermarkets that serve the Charleston area. In 2020, the firm added 12 new items amid the coronavirus pandemic.

Five more products, including new seasoning mixes and a meat stick, will be introduced by October, said Burke, the firm’s CEO.

The company’s cornerstone of clean ingredients helped land a partnership with the nutrition-focused investment firm.

In addition to helping expand The New Primal’s distribution and retail network, the investment will be used to support new employees.

Prior to the new funding, the company had 16 employees at its 4,600-square-foot Daniel Island site and working remotely. Five new hires have been added recently, including a new chief financial officer. About nine more are expected to come on the payroll over the next 18-24 months, Burke said.

“We need to hire people across the board at the executive level, mid level and support level,” he said.

Besides adding more workers, Burke said the company plans to invest in brand awareness through various marketing channels.

“We have a great brand with a national reach,” he said. “We need to let people know that we exist. Having some funds to market the brand is paramount at this inflection point.”

The money also provides funding to make sure adequate inventory is on hand to fill orders.

The New Primal believes the investment firm’s experience working nationally with retail items will serve it well as it tries to extend its reach.

“We have gone this alone until now and not had anyone on our team with a significant background in consumer products on a national level,” Burke said. “This investment is invaluable to us right now.”

He called Manna Tree an “ideal partner” to elevate the brand.

“The synergies between their team and ours were unparalleled through our exploration process,” Burke said.

An investment firm representative said the Charleston company has proven it can expand from meat snacks into different product categories.

“Not only is The New Primal an excellent investment from a growth standpoint, but the company’s innovative, clean-ingredient platform supports Manna Tree’s vision for a future where health, well-being and longevity is attainable,” said Pam Shepherd, managing director of Manna Tree. 

Initial backers of The New Primal included individual investors as well as the early-stage venture capital firm, Third Prime Capital.

The food maker previously was located near Park Circle in North Charleston before moving to Daniel Island in late 2019.

Reach Warren L. Wise at 843-819-9269. Follow him on Twitter @warrenlancewise.