Paine creates health-focused investment platform

Paine Schwartz Partners has created a platform called BetterCo Holdings, which will house downstream investments in the better-for-you food and beverage value chain.

The firm deployed capital from Food Chain Fund VI to create the platform, it said in a statement. Paine Schwartz declined to comment.

BetterCo’s first two investments are Bentonville, Arkansas-headquartered Crisp, which offers an open retail data software platform, and Austin, Texas-headquartered energy drinks company Lucky Energy.

Chief executive Kevin Schwartz said in the statement: “BetterCo reflects our continued focus on investing in companies that are reshaping the food and beverage landscape through innovation, sustainability and a commitment to health and wellness. Lucky and Crisp exemplify our strategy of supporting businesses that deliver healthier products and smarter systems for the global food chain.”

Crisp sells commercial intelligence software that offers visibility across the global food supply chain to allow brands, retailers and CPG customers to optimize operations, prevent stockouts and reduce waste. The company was founded in 2016 and raised $72 million in a 2024 Series B that included Wellington Management, Cox Enterprises and Toshiba Corporation, among others, bringing its total equity raised to $97 million since its 2016 founding.

Lucky Energy was founded in 2023 and offers energy drinks described as containing simpler ingredients than competitors that are available in five flavors, containing five ingredients: maca, ginseng, beta-alanine, taurine and caffeine.

It raised $11.75 million in a September 2024 Series A led by Brand Foundry Ventures that also included Imaginary Ventures, Sapphire Sport and Sugar Capital, among others. Paine Schwartz’s investment in the company came in the form of leading a $25 million Series B that also included North Fifth Services, LLC, Sequel and Joyance Partners, among others.

Lucky Energy’s personnel includes marketing executives with experience at canned water company Liquid Death and a chief growth officer who joined the company from C4 Energy, an energy drink with a focus on sports nutrition.

In November 2024, Schwartz cited his own daily use of products provided by Gainesville, Florida-headquartered Promix – which offers protein mix, vitamins and nutritional supplements and was founded in 2014 – in describing Paine Schwartz’s acquisition of the company for an undisclosed price.

In Paine Schwartz’s 2025 Sustainability report, the better-for-you theme was cited as  being relevant to the firm’s investments into cold pressed juice provider Suja Life and Manteno, Illinois-headquartered Urban Farmer, a contract and private label frozen foods producer.

Paine Schwartz managed $6.6 billion as of December, according to a March filing.