4.3 C
Sunday, April 14, 2024

Swedish foodtech-focused VC firm invested in Canadian and US-based startups

- Advertisement -

Stockholm-based venture capital firm Gullspång Re:food joins the $7 million Series A round of Canadian biotechnology startup Genecis Bioindustries Inc making compostable plastics from waste materials. The round was led by Khosla Ventures and BDC Capital‘s Cleantech Practice with the participation of returning investors such as AME Cloud Ventures, IT Farm, and Heinz Group along with the Swedish VC firm. Genecis has also secured a US$3 million credit facility from Silicon Valley Bank, subject to customary closing conditions.

The funding will provide a boost for the launch of the startup’s first set of products onto the market with their partners while completing the 1st integration of their technology with the StormFisher biogas plant in London, Canada, and give access Genecis to secure key market vantage points in the sustainable materials market.

Genecis develops microbes and a fermentation process to upcycle waste into high-value materials, such as bioplastics. Acting with the mission of reducing the amount of plastic waste, Genecis transforms food waste and carbon resources sent to landfills into valuable materials in order to contribute to the PHA plastic-friendly circular economy.

Gullspång Re:food invests in solutions addressing the underlying problems of the food system as opposed to its symptoms like healthy dietsregenerative farmingsustainable supply chains, and alternative proteins & fats.

Not long ago, Gullspång Re:food also invested in Los Angeles-based foodtech company Everytable. It raised $55 million in its latest round of Series C funding co-led by Creadev, Desert Bloom Food Ventures, and Gullspång Re:food. The funding will be a helping hand for the further expansion of the company.

Gullspång Re:food, Gustaf Brandberg“Everytable is addressing challenges in our food system on multiple fronts. Their growth incentivizes a healthier and more nutritious food supply chain, while the combination of commissaries, meal delivery and streamlined ready-to-eat storefronts challenge the traditionally high costs of operating in the restaurant industry,” said Gustaf Brandberg, general partner at Gullspång Re:food.

Before Everytable became a thing, the idea emerged as a nonprofit organization named Feast founded by Sam Polk in 2013. The aim was to help family food providers make healthy choices through nutrition education, cooking classes, free produce, and support groups. Then after hearing the participants’ needs, Sam founded another company to make fresh, nutritious meals affordable for everyone.

Gullspång Re:food, Everytable, Sam Polk“We believe access to affordable and nutritious food is a human right,” said Sam Polk, CEO, and founder of Everytable, in a statement. “With the support of new and existing investors, we can continue transforming America’s food system and creating a more just and equitable society by providing access to fresh food to everyone.”

Click to read more investor news.

Click to read more funding news.

Click here to read more VC news.

- Advertisement -
Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

Related News

Stay Connected


Latest News