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TAMPA — Stonehenge Growth Equity Partners has made an investment in Thrive Nutritious Ice Cream, a nutritional ice cream company based in Winter Park. This marks the second investment for Tampa-based Stonehenge's new investment fund, which closed last summer, and its 19th Florida company investment overall.
Over the past two years, Thrive Nutritious Ice Cream has been distributed in nearly 1,000 senior living communities and more than 1,200 grocery stores nationwide. The single-serving cup design and its use of protein, probiotics and fiber have positioned Thrive in the limited meal replacement category, which currently consists of shakes and bars. Its product has an ice cream consistency and seven flavors including salted caramel and mint fudge.
“Thrive's positioning as a nutritional meal replacement delivered as high-quality ice cream creates a huge opportunity,” Travis Milks, partner at Stonehenge Growth Equity Partners, says in a press release. “Long-term care facilities have faced major challenges delivering nutritional supplements that their patients are willing to consume. Thrive developed this ice cream product with the consumption experience in mind, making it highly enjoyable to eat and much easier for the caregiver to provide.”
Milks says the investment firm was particularly attracted to the company's proprietary formulation, rapid growth and recurring revenue business model.
Stonehenge concentrates on profitable growth-stage businesses throughout Florida and the Southeast region with at least $3 million in revenue. Stonehenge led the investment round for Thrive, with existing investors Florida Opportunity Fund and venVelo participating in the capital raise. Thrive's management team also invested in this round of financing.
In addition to Stonehenge's investment, Thilo Best, principal of Tampa-based senior-housing facility developer Bayshore Retirement Living, will join Thrive's board of directors.
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