Expands Health & Wellness-Focused Private Equity Firm’s Brand Building Capabilities
DENVER, Oct. 1, 2026 — Manna Tree, a global private equity firm investing in companies that empower consumers to live better, longer, today announced a majority investment in Zambezi, the award-winning independent creative agency known for building billion-dollar brands and breakthrough consumer campaigns. Terms were not disclosed.
Headquartered in Los Angeles and celebrating its 20th anniversary in 2026, Zambezi helps brands drive outsized growth through integrated creative, strategic storytelling, production marketing and sports partners. The agency has a proven track record of helping companies become category leaders, most recently propelling Liquid I.V. to billion-dollar brand status.
Brand-Building as a Core Investment Thesis
Since its founding in 2018, Manna Tree has focused on investing in consumer health and wellness companies with strong momentum and market share, applying a strategy centered on identifying and scaling category-defining brands. The Zambezi investment marks the firm’s latest step in expanding the services and resources it makes available to its portfolio companies to support meaningful expansion, adding marketing to its existing talent, supply chain, and finance capabilities. With Zambezi, Manna Tree adds creative, media and production marketing capabilities that enhance its ability to support companies across their growth cycle while extending its reach across the broader health and wellness ecosystem.
“We are not just investing in a growing creative agency – with Zambezi we are investing in the future of our firm and our ability to support the next generation of category-defining health and wellness brands,” said Ross Iverson, Co-Founder and Managing Partner of Manna Tree. “We know that great companies require more than capital to scale – they need to be the best brand in the marketplace. The Zambezi team brings world-class expertise in storytelling, consumer engagement and brand building that will strengthen how we help companies grow.”
Manna Tree portfolio companies, which include leading better-for-you brands such as Good Culture, Gotham Greens, Generous Brands, New Primal, Plant People, Verde Farms, and others will have access to Zambezi’s full suite of services including brand strategy, creative development, media, production through FIN Studios, and sports and culture partnerships.
Unlocking Growth at the Intersection of Wellness, Sports, and Culture
The investment positions Manna Tree at the growing convergence of health and wellness with sports, culture, and community. Consumer wellness brands are increasingly building direct relationships with consumers through live experiences, athlete partnerships, and culturally embedded campaigns rather than traditional advertising alone. “Zambezi’s deep expertise in this space, including work with the NFL, TaylorMade, and ESPN, provides a clear pathway into these high-impact consumer touchpoints for not only our portfolio companies but high-potential health and wellness brands across the broader market,” said Ellie Rubenstein, Co-Founder and Managing Partner of Manna Tree.
Zambezi will continue to operate independently, serving its existing client base and pursuing new business, while also working alongside Manna Tree’s investment and portfolio operations teams to identify and act on shared opportunities. The agency will remain headquartered in Los Angeles and be led by its existing management team, including CEO Jean Freeman and President Laura Stayt.
“Today’s consumers expect brands to participate in culture, not simply market to them,” said Jean Freeman, Chief Executive Officer of Zambezi. “Manna Tree understands where consumer behavior is heading and shares our belief that strong brands are built through authentic connections, compelling storytelling and dynamic engagement. We’re excited to partner together as we help companies navigate their next era of growth.”
DLA Piper served as legal counsel to Manna Tree. Jones Spross served as legal counsel to Zambezi, with Pharus acting as its financial advisor.
About Manna Tree
Founded by Gabrielle (Ellie) Rubenstein and Ross Iverson in 2018, Manna Tree is a global private equity firm committed to investing in companies that empower consumers to live better, longer. The firm strategically invests in the consumer sector, particularly within the health and wellness ecosystem, focusing on growth-stage and buyout opportunities. Manna Tree has made investments in 15 companies to date, including companies like: Health-Ade, Gotham Greens, Vital Farms, Good Culture, Plant People, Verde Farms, Urban Remedy, and the New Primal.
About Zambezi
2026 AdAge Small Agency of the Year winner Zambezi is a proudly independent, women-owned agency bringing enduring creative and media ideas to sports, fitness, health and wellness and lifestyle companies, among others. Zambezi builds brands that are as high-performance as their products and services, spurring growth to $1B and beyond. Headquartered in Los Angeles with offices in Minneapolis, the agency serves leaders in their sectors, including TaylorMade, LPL Financial, Club Pilates, Traeger Grills, UKG, NFL, ESPN, Under Armour, Atlantis Bahamas, and more. The rapidly growing firm has been named to the Inc. 5000 list of fastest-growing private companies in the U.S. eight times, most recently in 2026. Zambezi’s momentum over the past year has included being named ADWEEK Breakthrough Media Agency of the Year and receiving multiple awards for its creative work at Cannes Lions, The One Show, Emmys, Webbys, Clios, and more.
Media Contact:
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SOURCE Manna Tree Partners
