Diligence memo · auto-generated · as of July 2, 2026

M2 Ingredients, Inc.

M2 Ingredients, Inc. looks fair against its niche peers and is at-risk on financing cadence.

WatchOverdue for a raise versus sector cadence — could be a bridge, a down round, or distress. Watch for the next filing.

Businessfiled

M2 Ingredients, Inc. operates in Other, based in VISTA.

Sector still resolves to a broad 'Other' bucket, so operating comparables below are weaker than for a tightly-classified peer.

No verified homepage on file yet — operating evidence is limited to the public record.

Capital & rounds (filed)filed

M2 Ingredients, Inc. has raised $33M in disclosed capital across 3 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).

Largest single filing: $26M on 2023-12-29.

Most recent recorded round closed around 2023-12-29.

Valuation (modeled)modeled

Provath models M2 Ingredients, Inc. at approximately $181M (range $64M–$357M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.

Read: Fair. Modeled value is 1.14× the median modeled value of Series B Other companies in 2022–2024 (465 peers) — value vs value, same stage and era. Within the normal band (114% of peer median) for its niche.

Financing rhythm & timingmixed

Historic cadence: a new round about every 27 months.

Last raise 2.5 yr ago; this sector typically re-raises about every 11 months.

Past due for a raise versus sector cadence — watch for distress or a bridge.

The last round stepped up 5.2× from the prior — scaling.

Comparablesmixed

Capital scale ranks ahead of 90% of Other peers (25015 compared).

Modeled value ranks above 88% of those peers.

Closest niche peers: Ever/Body, Inc., Financeware Holdings LLC, American Cricket Enterprises Inc., Xlerate Ultimate Holdings, Lp, MDME Ultimate Holdings, LP.

Peoplefiled

11 named people on file across officers, directors and signatories.

Risks & flagsmixed

Overdue for a raise versus sector norm — distress or bridge risk.

Broad sector classification weakens peer comparison.

No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.