ANCIENT CRUNCH

Ancient Crunch is the modern Frito-Lay. The team behind Masa Chips is stripping seed oils and other junk out of America's favorite snacks. The company is tracking to roughly $100M in revenue by end of 2026.

Ancient Crunch was founded by Steven Arena and Seth Goldstein. They launched MASA Chips in 2023 with a single product, no co-manufacturer, and a turkey fryer Steven bought at Costco. The chips are made with three ingredients: organic corn, grass-fed beef tallow, and sea salt. MASA grew to over 250,000 bags sold in its first 12 months and is now the top-selling tortilla chip at Erewhon. Seth's background is ex-private equity, ex-BCG, Wharton. The company has since expanded into potato chips, pure beef tallow, and additional product lines under the Ancient Crunch family of brands.

The round is led by Brian Goldberg and Clayton Christopher, two of the most established investors in better-for-you CPG.

Clayton founded Sweet Leaf Tea in 1998 with $10K and his grandmother's recipe, and grew it into a national brand acquired by Nestlé in 2011. He then launched Deep Eddy Vodka, which grew to $100M+ in revenue before Heaven Hill Spirits acquired it in 2015. In 2017 he co-founded Waterloo Sparkling Water, which became the #1 sparkling water in Whole Foods and was acquired by Eurazeo three years later. He co-founded CAVU Venture Partners in 2016, raising over $450M across two funds and investing in 23 better-for-you brands, with portfolio exits including Bai (acquired by Keurig Dr Pepper), ONE Bar (acquired by Hershey), and Vital Proteins (acquired by Nestlé).

Brian is the founder of Redbud Brands with multiple $1B+ exits across his career as an executive, investor, and board director in the consumer space. He's an investor or LP in roughly 50 consumer operating companies and funds.

This is a late-stage round in a consumer brand that's already at scale. Ancient Crunch is tracking to roughly $100M in revenue by end of 2026, which is well past the early-stage risk profile of a typical seed or Series A CPG bet. Members can review the full cap table history and prior round details in the deal memo.

Capital from this round supports continued growth at a company already at scale. For late-stage CPG, that typically means retail expansion, inventory and working capital, marketing investment, and team build-out. The full use of funds breakdown is in the pitch deck inside Skool.

Ancient Crunch is raising at a $100M valuation, roughly 1x forward revenue. The minimum investment for Growth Circle members is $5,000. The deal is open to accredited investors only.

Growth Circle has $3M allocated in the Ancient Crunch round.

The investment is structured through a Special Purpose Vehicle (SPV), administered by Spacestation. The SPV is an LLC that holds the equity position directly on Ancient Crunch's cap table. Investors commit capital to the SPV and receive a membership interest in the LLC. Specific terms including admin fees, carry, voting rights, and pro-rata provisions are detailed in the subscription documents you will receive after committing.

Private investments like this are illiquid by nature. There is no public market for the shares, and investors should plan to hold their position for several years. Liquidity typically comes through a strategic acquisition or public offering, neither of which is guaranteed or on a fixed timeline. CPG companies at this stage have historically taken three to seven years to reach a liquidity event. Members should only invest capital they will not need access to in the near term.

All private investments carry risk of partial or total loss of principal. Members should consider this investment only with capital they can afford to lose entirely.

Specific risks for Ancient Crunch include:

• Market risk. CPG is a competitive category with established incumbents. Customer preferences shift, and growth trajectories can change.
• Margin pressure. Input costs, freight, and retail terms affect profitability and can compress margins beyond projections.
• Distribution risk. Retail expansion is capital-intensive and slot wins are not guaranteed.
• Regulatory risk. Food labeling, ingredient standards, and tax policy can shift the operating environment.
• Liquidity risk. As outlined above, this is a long-hold private investment with no guaranteed exit.
• Concentration risk. This is one position. Members should consider how it fits within a diversified portfolio.

Members should consult their CPA, attorney, or financial advisor before committing capital.

The commit form is gated to Growth Circle members. After the live pitch, members receive an email with the commit form link. Non-members can join Growth Circle to access future deal allocations.