Collagen Protein Bar Brand Stars + Honey Raises $24M

The deal is the latest sign that investors remain bullish on protein-focused food brands, even as the category becomes increasingly crowded

Investors aren’t done getting their fill of protein-packed and better-for-you food products.

Stars + Honey, a Michigan-founded collagen protein bar brand, just closed a $24 million minority growth equity investment led by VMG Partners (Kind Snacks, Perfect Bar, Ghost), setting up the three-year-old company for national retail expansion and a manufacturing push.

The deal comes as investors continue backing protein-focused food brands, a category that has expanded well beyond gym-goers and athletes into everyday consumer products ranging from snacks to coffee beverages, even capturing the menu space of Starbucks and quick-service restaurants like Chipotle.

For good reason, too: the global protein supplement market is projected to hit $50.7 billion by 2031 at a 7.8% compounded annual growth rate, according to analysts.

Founded in 2023 by Daniel Rainey, Stars + Honey sells collagen protein bars packing 15 grams of protein, all under 200 calories and free of gluten, dairy, soy, sugar alcohols and seed oils. The company posted 300% growth last year and is projecting around $50 million in revenue this year.

As of now, Stars + Honey bars are sold direct to consumer on its website and Amazon. The bar maker says it has formulated 18 unique flavors of its collagen protein bars, with more
planned for the year ahead.

“We’ve invested in some of the most iconic bar brands over the past 20 years, which helped us very quickly recognize how special Stars + Honey is,” VMG general partner McConnell Smith said. “Daniel’s created a tremendous product that speaks to a really underserved consumer in the space, and he’s assembled a phenomenal team to build with.”

Smith will join the protein bar brand’s board of directors.

Stars + Honey joins a growing class of protein and better-for-you brands pulling serious investor dollars.

David, co-founded by RXBar’s Peter Rahal, raised $75 million in a Series A to scale its 28-gram protein, 150-calorie bar, while Khloé Kardashian’s Khloud, a protein popcorn brand, has now raised $27 million total, most recently closing a $15 million round to fuel distribution at Target, Walmart and Starbucks. Boston-based Slate Milk, meanwhile, raised $23 million in a Series B behind a ready-to-drink lineup packing 42 grams of protein per can.