Kroma × NOBULL
As of October 2, 2026 · Anderson, Butterfly Studios
The shelf NOBULL has promised, and Kroma has already built.
NOBULL has said publicly that it is building a one-stop wellness brand across apparel, nutrition, recovery, self-care and media. Nine months after launching NOBULL Nutrition, its shelf is four proteins and three electrolytes. Kroma is the functional-food, reset and daily-ritual layer that shelf is missing, with a founder who has already built and sold a wellness company and a customer NOBULL is reaching for and does not yet have.
Mike Repole's pattern is consistent: buy or merge a founder-led brand with a loyal following and an underexploited category, keep the founder as an owner, and carry the brand into mass channels. He did it with NOBULL itself, with Tom Brady's TB12, and with Junkless through Impact Capital. Kroma fits that pattern closely, and Impact Capital is the desk that runs it.
The proposal is to start light and let results pull the rest. A co-branded Kroma Reset bundle on nobullproject.com and Amazon for one quarter proves channel fit at almost no cost to either side. If it sells, Impact Capital leading Kroma's next round is the natural follow-on, with a TB12-style combination as the destination if Lisa wants it. Each step is Lisa's to take or decline, and nothing in the first step limits a conversation with anyone else.
Whether she wants a strategic partner, strategic capital, or an exit, and on what horizon; and whether she is comfortable with Anderson opening the conversation with Impact Capital on her behalf.
A platform with distribution, and a product company with the shelf.
NOBULL is a $1B-valuation platform with distribution and capital; Kroma is a premium, DTC-only product company with the shelf NOBULL has promised but not built.
| NOBULL | Kroma Wellness | |
|---|---|---|
| Ownership | Mike Repole majority via Impact Capital (Driven Capital family office); Tom Brady second-largest holder; Dynasty Financial ~3% via SPV (Aug 2026) | Founder-led public benefit corporation; ~106 seed investors incl. Gwyneth Paltrow, Amy Schumer, Jessica Seinfeld, Dick Costolo, Amy Griffin (G9), Roth Capital |
| Capital | $50M raised Jan 2026 at $1B, first round since Repole bought in (July 2023) | $5.5M seed (2021); $5.2M Series A, Feb 2024, ~$9M pre-money |
| Revenue signal | Described by Repole as a "$250M startup" at the TB12 merger (Jan 2024) | $7M gross in year one (2021–22); no later public figure |
| Product | Training shoes and apparel; NOBULL Nutrition (Jan 2026): 4 proteins at $60, 3 electrolytes at $25; golf via the Public Rec acquisition | ~20 shelf-stable "just add water" products: 5-Day Reset ($385–$450), Super Core ($120), broths, porridge, lattes, protein, Super Ramen, GLP-1 and hormone bundles |
| Channel | DTC, wholesale, Amazon, league surfaces (UFL apparel partner, NHL, LIV Golf) | DTC only on kromawellness.com, plus a companion iOS app for the Reset |
| Customer | Trainers and athletes; broadening through Brady, Livvy Dunne, Matthew Schaefer | Women 35–60 buying for health and longevity; celebrity word of mouth over paid ads |
| Stated ambition | Mainstream wellness platform; self-care products and a media arm next; Repole has floated an IPO | Human-identical nutrition; science-first launches; nourishment over deprivation |
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Three people, three roles.
Three people matter, and each plays a different role in how a Kroma conversation would run.
Mike Repole
The majority owner and the decision-maker. He co-founded Vitaminwater (sold to Coca-Cola for $4.1B) and BodyArmor (sold for $5.6B), bought NOBULL at its low point in July 2023, and says he plans a ten-year brand build.
He has said in public that NOBULL should be a brand "you can play golf in, lift weights in, walk, run," with nutrition, self-care and motivational media as the next layers. He moves fast, backs founders he believes in, and keeps them as owners rather than paying them out.
Matt Dzamba and Impact Capital
They run the private equity arm of Repole's family office, Driven Capital. Impact Capital holds the NOBULL stake and made the Junkless Foods investment; it is the desk where a Kroma partnership, round, or combination would be structured and diligenced.
Anderson has an existing lane into Impact Capital, which is how this conversation would open.
Tom Brady
NOBULL's second-largest shareholder after merging TB12 and Brady Brand into it in January 2024. TB12 brought a clean, minimal-ingredient nutrition philosophy that now shapes NOBULL Nutrition, and the TB12 name is winding down as a standalone brand.
His role in a Kroma conversation is as a reference case: the founder-in, brand-later pattern Kroma would be stepping into.
What NOBULL has announced and not yet shipped is Kroma's shelf.
Repole said in January that after protein and electrolytes the company would move into self-care and "how people are protecting their bodies internally." Resets, broths, colostrum, and GLP-1 support are that shelf: already formulated, already reviewed, already sold at a premium.
Kroma also brings the audience NOBULL is explicitly reaching for and does not yet own: women over 35 who buy for health and longevity, not for the gym. Brady and Livvy Dunne widen NOBULL's reach, but neither carries a nourishment-and-ritual customer the way Kroma's investor and community base does.
The distribution gap runs the other way. Kroma is DTC-only and has said paid acquisition does not pay back for it. NOBULL's wholesale, Amazon, and league surfaces close that gap in a single season.
Kroma sits inside Repole's price band: it is a tuck-in next to a $1B platform, which is the size at which he has moved quickly before (Junkless, TB12).
Scale for Kroma; a second tier and a new customer for NOBULL.
- Distribution: Amazon, wholesale, UFL and NHL surfaces, and NOBULL's own DTC traffic, with no paid-acquisition spend.
- Capital and working-capital relief without another 100-person round.
- A larger canvas for Lisa: nutrition and wellness lead at a billion-dollar platform, with Kroma kept as a named premium line the way TB12's philosophy was kept.
- A liquidity path for a long cap table of small investors, at NOBULL's mark rather than Kroma's.
- A second nutrition tier above commodity protein: ritual products with $120–$450 tickets and a subscription rhythm.
- A women's wellness beachhead with celebrity credibility Brady and Dunne do not reach on their own.
- A category-building founder for the nutrition division.
- Content and community for the planned media arm: a founder story, a reset program with an app, and a cohort that already documents its resets.
- A material widening of the platform story at a tuck-in price.
Each shape stands on its own.
Each shape stands on its own, and the lighter ones leave every door open.
| Shape | What it is | What Lisa keeps | Sizing frame (placeholder until Kroma shares current numbers) |
|---|---|---|---|
| A · Commercial partnership | Kroma carried on nobullproject.com and Amazon under a "NOBULL Nutrition × Kroma" banner; a co-branded Reset bundle (Reset + electrolytes + shaker); Kroma formulations into future NOBULL products (broth, greens, sleep). Revenue share or wholesale margin, 12-month term, no equity. | Full independence; a live read on channel fit before any equity talk | No valuation event |
| B · Strategic minority | Impact Capital leads Kroma's next round, takes a board seat and a right of first refusal on a sale, with Shape A bundled in as a condition. | Control, with a strategic on the cap table that narrows future exit options to that strategic | Last reported mark ~$14M post (Feb 2024). A $5–10M strategic round at a $20–35M pre-money would be consistent with two years of growth plus the value of NOBULL's channel |
| C · Combination (the TB12 pattern) | NOBULL acquires Kroma for cash plus NOBULL equity; Lisa joins as a shareholder and runs nutrition and wellness; the Kroma name continues as the premium wellness line or transitions after a year. | NOBULL equity at the $1B mark and an operating role; autonomy traded for scale and tempo | Premium consumer wellness brands with strong repeat have traded in a wide band around 1–4× revenue depending on growth and margin |
| D · Founder in, brand later | Lisa builds NOBULL's wellness and self-care line while Kroma continues independently under its existing team, with an option for NOBULL to acquire Kroma at a pre-agreed formula. | Maximum autonomy for Kroma; Lisa's time split | Option formula agreed up front; hardest to price |
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The sequence that fits best is A, then B, then C or D if Lisa wants it. Shape A is the proof point for every later step and for any other buyer.
Five questions to answer before the first meeting.
Five questions are better answered before the first meeting than during diligence.
- Brand register. NOBULL's voice is hard, monochrome, and athlete-coded; Kroma's is warm, ritual-led, and built for women. The TB12 merge worked because Brady's brand was performance-coded too. Kroma inside NOBULL works as a distinct premium wellness line, carried on its own voice, which is the structure to ask for.
- Price architecture. $60 protein next to a $385 Reset invites the question of who the customer is. The Shape A bundle answers it before anyone at NOBULL asks.
- Build versus buy. NOBULL Nutrition launched on a contract-manufactured, minimal-ingredient thesis, and its team may argue it can source broths and greens itself. The answer is time, formulation IP, the Reset's clinical beta history, and the audience Kroma already holds.
- Cap table and PBC status. Roughly 106 seed investors plus a Series A syndicate means a longer signature round on any transaction, and Kroma's public-benefit charter is a diligence item. Both are mappable now.
- Tempo. Every Repole story features a founder who stayed. The question for Lisa is whether she wants to operate inside his pace for three to five years, and Shape D exists for the case where she does not.
NOBULL is the warm path, not the only one.
NOBULL is the warm path; two other apparel-to-wellness platforms are following the same logic and define the market Lisa is choosing from.
| Counterparty | Why Kroma fits | Likely shape | Read |
|---|---|---|---|
| NOBULL / Impact Capital | Announced self-care and internal-wellness shelf it has not built; founder-in playbook; warm introduction available | Partnership, then strategic round, then combination | Warmest path |
| Alo | Founder-owned (Danny Harris, Marco DeGeorge), LA-based, explored outside capital at a ~$10B mark in 2023; entered beauty and wellness in 2020 with topical skincare and has no ingestible line; sold Bella+Canvas in May 2026, which analysts read as priming an IPO or sale | Retail and co-branded placement first (Alo stores and app), with a wellness-line acquisition possible as Alo builds its pre-IPO story | Closest brand register to Kroma: women-led, ritual, LA wellness culture |
| Vuori | Founder-led (Joe Kudla), Carlsbad-based, $5.5B valuation after General Atlantic and Stripes' $825M investment (Nov 2024); 100+ stores targeted by 2026, Europe and Asia next; apparel only today | Store and DTC placement, then a nutrition line built or bought as the brand widens beyond apparel | Same North County San Diego home as Kroma; coastal, calm register fits Kroma's voice |
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Alo and Vuori are at the same point NOBULL reached in 2024: a large apparel base and a stated intent to own more of the customer's day. Neither has a nutrition shelf. Either could run the NOBULL play with Kroma, and both are a natural fit for Kroma's voice. NOBULL's advantage is that Repole has already committed to nutrition in public and in product, and the introduction is available now.
Every platform on this list values two things Kroma builds next: retail presence and a documented run rate. The NOBULL bundle supplies both within two quarters, which raises Kroma's value to everyone, NOBULL included.
No step commits Lisa to the next.
- Lisa sets the frame. Partner, capital, or exit, and on what horizon. Anderson gets her explicit yes before any introduction, and Kroma's current revenue, repeat rate, and gross margin under NDA so the sizing frames above become real.
- Anderson opens with Impact Capital. Kroma positioned as the product layer NOBULL Nutrition's roadmap already promised: resets, broths, self-care. Audience and channel follow.
- Shape A for one quarter. A co-branded Reset bundle on nobullproject.com, read on sell-through and repeat.
- Results pull Shape B. If the bundle sells, Impact Capital leading Kroma's next round is the natural follow-on.
- Lisa chooses the destination. C or D, or neither, on the strength of a year of working together.
What Lisa decides now is step 1. Everything after it is sequenced so that no step commits her to the next.
- Front Office Sports — NoBull $1B valuation, $50M raise, nutrition launch (Jan 2026)
- Yahoo Sports / Boardroom — Repole on nutrition, self-care and media (Jan 2026)
- SGB Online — Dynasty Financial ~3% stake (Aug 2026)
- Sportico — TB12 and Brady Brand merger; Impact Capital and Junkless
- Boardroom — "$250M startup" framing at the merger
- CNBC — Repole majority stake and IPO ambition (Jul 2023)
- Wellworthy — NOBULL Nutrition lineup
- WWD — Kroma $5.5M seed and investors (2021)
- Modern Retail — Kroma $7M first-year gross, 106 micro-investors
- Silverwood Partners — Kroma $5.2M Series A at $9M pre-money (Feb 2024)
- Fashionista — Kroma price range and hero product (Oct 2025)
- Kroma — New products
- Global Banking & Finance — Alo ownership, $10B mark, Bella+Canvas sale, IPO/sale read (2026)
- Alo — Wellness System (topical skincare)
- Retail Dive — Vuori $825M investment at $5.5B (Nov 2024)