Fitt Insider 305. Ellie Rubenstein and Ross Iverson, Co-Founders of Manna Tree
Sep 9, 2025
Ellie Rubenstein and Ross Iverson, co-founders of Manna Tree, discuss their journey in creating a wellness-focused private equity firm. They delve into innovative investment strategies that prioritize sustainability and adaptability in the evolving wellness sector. The conversation highlights generational spending shifts and changing consumer behaviors, especially among women. They also touch on the importance of relationship-building and the mainstreaming of wellness trends, making a compelling case for the future of health investments.
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Underwrite Categories Or Own The Asset
- Some categories are easier to underwrite with demonstrated TAM and cross-market signals (e.g., pasture‑raised eggs in the UK versus US).
- When category size is uncertain, consider owning assets like manufacturers to capture value across fragmented brands.
The Protein Thematic Play
- Manna Tree made a strategic 'protein bet' across eggs, dairy, beef, and bars to capture durable consumer demand.
- They used category-level conviction to diversify within a theme and pick winners inside it.
Process: Category Research Then Company Deep Dives
- Manna Tree runs both top-down category research and bottom-up company evaluation to triage ~450 inbound opportunities.
- They use detailed category decks to quickly disqualify mismatched deals before deep diligence.