HumanCo Investments

Who We Are

HumanCo Investments (HCI) is a preeminent consumer health, wellness and sustainability-focused asset management firm.

Founded in 2024, we aim to partner with leaders in the health, wellness and sustainability industry by providing creative equity capital solutions and bringing our experience as asset managers, investors, entrepreneurs, operators and advisors to drive material value creation.

HCI was formed through a partnership with HumanCo, a mission-focused holding company that operates and incubates brands focused on making the world a healthier place.

“We are focused on finding and supporting exceptional companies who are aligned in our mission to help humans and the world become healthier.”

— Ross Berman, Founding Managing Partner

Extensive Ecosystem

Decades-built network generating continuous off-market opportunities

Consumer Health & Wellness Entrepreneurs

Built Hu Chocolate from startup to Mondelez acquisition

Mission Alignment

Authentic commitment makes HCI the preferred partner for founders

Creative Solutions

Unique structures solving complex primary and secondary capital needs

Investment Thesis

A differentiated thesis within consumer health & wellness

Primary Investment Criteria

Category creators or emerging leaders disrupting incumbents through a wellness- and sustainability-first approach

Helping humans and the world become healthier as the business scales

Strong, rapidly growing consumer demand supported by retention, retail velocity and online engagement metrics

Best-in-class unit economics with EBITDA profitability (or rapidly approaching)

Attractive combination of upside potential and downside protection

Target Categories

Supplements

Food

Beverage

Personal Care

Beauty

Home Care & Goods

Fitness

Wellness Technology

Restaurants

Wellness Services

Portfolio

Investment Experience

Current HCI Portfolio

Dose

Condition-Specific Supplements

A high-growth, clinically backed condition-specific supplement brand disrupting the category through its great-tasting, liquid-based products.

🌐 Website 📷 Instagram ▶ TikTok

Amara

Kids Snacking

A leading, high-growth snacking brand focused on toddlers and young kids, offering nutritious, convenient and delicious products that are always no-sugar-added and organic.

🌐 Website 📷 Instagram ▶ TikTok

HumanCo-Affiliated Investments

HumanCo

Health & Wellness

A mission-driven private holding company that builds and incubates brands focused on healthier living and sustainability.

🌐 Website 📷 Instagram

True Food Kitchen

Healthy Restaurant

The leading health-focused, full-service restaurant company with 45 locations nationwide offering a delicious menu with the cleanest ingredients.

🌐 Website 📷 Instagram ▶ TikTok

Grove Co

Sustainable Home Care

One-stop destination for everyday essentials that create a healthier home and planet.

🌐 Website 📷 Instagram ▶ TikTok

Entrepreneurship

Hu Products

Clean Snacking

Co-founded by Jason H Karp with his wife and brother-in-law, Hu remains iconic for its clean-ingredient, delicious chocolate products, becoming one of the fastest-growing snacking companies in the US. In January 2021, Mondelez acquired Hu for a record valuation.

Exited · 2021

Investment Team & Advisory Board

Experienced consumer investors and asset management professionals

Our partners combine decades of experience leading asset management firms anchored by leading institutional funds (over $6B in combined AUM) with deep expertise as entrepreneurs, operators, investors and acquirors across the consumer health & wellness space.

Ross Berman

Founding Managing Partner

8 years as an investor and active board member in the consumer health & wellness category, including Hu Products, HumanCo, True Food Kitchen, and Amara.

Prior to HCI, Co-Founder of HumanCo (2019–2024), a mission-driven holding company building and incubating health & wellness brands.

25+ years as Founder, CIO and Portfolio Manager at asset management and hedge funds including Green Owl Capital Management and BAM Capital Management.

Graduate of University of Wisconsin. Based in Boca Raton, FL.

Green Owl Capital BAM Capital HumanCo

Brian Locklear

Partner, Director of Research

12+ years of experience investing in consumer, food/beverage, and restaurant private markets.

Prior to HCI, Director of M&A and Investments at HumanCo (2020–2024), where he sourced and executed investments across the consumer health & wellness ecosystem.

Previously Managing Director at Beechwood Capital, a consumer growth investment firm, and M&A and Strategy at The Hershey Company.

Graduate of Boston College and Harvard Business School. Based in Austin, TX.

Beechwood Capital Hershey TriArtisan Capital Partners

Derek Haboush

Vice President

6+ years of experience advising and investing in consumer, food/beverage, and restaurant private markets.

Prior to joining HCI in 2024, provided advisory services to leading wellness companies at Jefferies and Harrison & Co.

Graduate of University of Arizona. Based in Miami, FL.

Jefferies Harrison & Co

Jason H Karp

Founding Partner & Strategic Advisor

12+ years as an operator-investor and thought leader in consumer health & wellness. Co-founder and CEO of HumanCo since 2019, and active in US food policy including food dye phase-outs.

Chairman & Co-founder of Hu Products (2011–2021), one of the fastest growing snack companies in the US, sold to Mondelez.

25+ years managing institutional capital — Founder & CIO of $4.5B AUM Tourbillon Capital, and roles at HumanCo, Carlson Capital, SAC Capital, and George Weiss.

Graduate of University of Pennsylvania. Based in Austin, TX.

Tourbillon Capital HumanCo Hu Products Carlson Capital SAC Capital

Market Opportunity

The $7T consumer health & wellness opportunity

Consumer health, wellness and sustainability is a multi-decade secular trend that is only accelerating. Healthier products have grown at 2x the annual rate of the overall market for decades — and large consumer conglomerates are forced to acquire disruptors to stay relevant.

Consumer Trends

~80%

of US consumers now consider wellness a top or important priority in their everyday lives

~60%

of US consumers say they are prioritizing wellness more now than they did a year ago

55%

of consumers are willing to pay a premium for food that contributes to their health and wellness

~50%

of consumers, across age groups, say healthy eating is a top priority for them

Health and wellness is now the most popular products category consumers are willing to splurge on

$6.8T

Current global wellness economy, growing at +8% annually

$9.8T

Projected global wellness economy by 2029

+7.6%

CAGR of US organic food products since 2007

~39%

Dollar growth driven by insurgent brands (<2% market share)

Investing in category‑defining
companies making humans &
the world healthier