LOS ANGELES, United States — Powerplant Ventures, a business focused on investing in plant-related companies has closed a $42M funding round to leverage the power of plants and support the next wave of better-for-you food companies.
Committed to investing in visionary businesses that are re-architecting our food system, co-founder Mark Rampolla, who launched ZICO Coconut Water in 2004, said the fund will be used to:
“Impact the future by deploying capital in meaningful opportunities with new category leaders and food disruptors.”
Rampolla and his partners; 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, rack up more than 80 years of experience in venture capital, CPG, and plant-based foods.
Hoping to reform the multi-trillion-dollar global food industry by funding plant-based food companies that are changing the world by providing better nutrition delivered in more sustainable and ethical ways, the founders are confident their investments will yield high returns thanks to the huge shift that is taking place within the food market.
“The scientific committee that advises the FDA recently said that a diet higher in plant-based foods and lower in animal-based foods promotes better health, and that’s going to have an impact on how Americans think about food, Beldy told TechCrunch.
“But Millennials have already changed the game in food. They are checking labels and want to know what is the origin of the things they are putting into their bodies. They want to eat healthier. “Ergo, demand will drive supply.”
Having already injected $8 million into a range of innovative wellness brands including healthy food marketplace Thrive Market and home juicing company Juicero, Powerplant Ventures plans on capitalizing on the massive shift in the way the planet grows, processes, distributes, and consumes food.
Moving forward, the firm will look to partner with entrepreneurs who use their business to make a positive impact and make plant-based products more convenient and enjoyable for consumers. Working with brands to strengthen their strategy, branding, team building, and operations, in preparation for tomorrow’s leaders in the food and beverage industry.