Butterfly Equity and Graham Partners have agreed to invest in Custom Flavors, a San Clemente, California-based maker of liquid and powdered sweet flavors.

Custom Flavors serves the protein & nutrition, gummies & nutraceuticals, functional food & beverage, and better-for-you snack industries. The company will continue to be led by CEO Alex Wendling with support from co-founders Mike Wendling and Steve Bishop.

In connection with the investment, Butterfly and Graham have created a flavor investment platform backing Custom alongside Graham portfolio company Target Flavors, a flavor house serving the beverage, dairy, dairy alternatives, pharmaceutical and bakery industries. Custom Flavors was founded in 2000.