Venture fund to support plant-centric businesses5 Aug 2016
Powerplant Ventures has announced the closing of a $42 million fund aimed at contributing to improving the global food system by investing in emerging plant-centric companies.
Powerplant Ventures has announced the closing of a $42 million fund aimed at contributing to improving the global food system by investing in emerging plant-centric companies. The fund’s goal is to leverage the power of plants to support the next wave of better-for-you food companies and brands.“We’re reforming the multi-trillion-dollar global food industry by funding the plant-based food companies that are changing the world by providing better nutrition delivered in more sustainable and ethical ways,” said Mark Rampolla, Co-Founder of Powerplant Ventures. “We will impact the future by deploying capital in meaningful opportunities with new category leaders and food disruptors.”The founding partners of Powerplant Ventures combine more than 80 years of experience in venture capital, CPG, and plant-based foods. The team includes Mark Rampolla, Founder of ZICO Coconut Water, which changed the better-for-you beverage industry and was acquired by The Coca-Cola Company in 2013; Kevin Boylan and T.K. Pillan, Co-Founders of Veggie Grill, the largest vegetarian restaurant chain in the United States; and Dan Beldy, former Managing Director of Steamboat Ventures, Disney’s venture capital arm. These combined networks and operating experiences in plant-based innovation, natural foods distribution and venture funding provide Powerplant Ventures with the unique ability to identify, attract, and advance a portfolio of emerging companies across the intersection of both food and technology.The company says that the new fund will capitalize on the massive shift in the way the planet grows, processes, distributes, and consumes food. Thinking beyond the bottom line, Powerplant Ventures says it aims to partner with entrepreneurs who use their business to make a positive impact and make plant-based products more convenient and enjoyable for consumers. With the fund closing, the team will play an integral role in the strategy, branding, team building, and operations for tomorrow’s leaders in the food and beverage industry. Powerplant Ventures’ current portfolio includes innovative better-for-you brands such as Hail Merry, REBBL, Thrive Market, Terravia, Hampton Creek, Treasure8, and Juicero.
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