Food ingredients company receives $2.5 million investment
Renewal Mill, a food ingredients company committed to tackling food waste by transforming byproducts into nutritious and functional ingredients, has received a $2.5 million investment from HG Ventures.
Renewal Mill upcycles the byproducts of food manufacturing into premium ingredients and products. For example, the company produces okara flour, a versatile, high-fiber, gluten-free flour harvested from the pulp left over from soy milk processing. Renewal Mill recently showcased the flour at the Winter Fancy Food Show, held Jan. 13-15 in San Francisco.
“We created Renewal Mill to provide large-scale food manufacturers a sustainable, scalable and reliable solution for their production waste,” said Claire Schlemme, founder and chief executive officer of Renewal Mill. “Renewal Mill is proud to partner with HG Ventures as they have the expertise and experience to help us expand our current operations and product offerings.”
Renewal Mill plans to use this seed round of funding to scale its current production and expand into new market opportunities, the company said. Additionally, as part of the investment, Kip Frey, managing director of HG Ventures, will join Renewal Mill’s board of directors.
“Renewal Mill is at the forefront of providing innovative and widely available enhancements to the food production value chain,” Mr. Frey said. “We look forward to supporting the company’s efforts in pursuit of a more sustainable and healthful food production ecosystem.”
HG Ventures’ investment in Renewal Mill marks the first for the company, which was launched as the corporate venture arm of The Heritage Group in August 2018. The investment is also the second for Renewal Mill in the past year, following an equity investment from Techstars Farm to Fork Accelerator in July 2018.