BERKELEY, CALIF. — ReGrained, Inc. has announced a strategic partnership with Tokyo-based Future Food Fund LLP, a leading Japanese food technology corporate venture capital arm operating under online grocery and meal kit delivery company Oisix ra daichi Inc. The investment will support efforts to commercialize new upcycled ingredients in the ReGrained portfolio. Financial terms were not disclosed.
Berkeley-based ReGrained developed patented technology to transform leftover malt from the brewing industry into a versatile and environmentally friendly flour that is rich in protein, dietary fiber and prebiotics. The ingredient, SuperGrain+, has 75% fewer net carbohydrates than conventional flour, according to the company, and may be used in a variety of sweet and savory applications.
“Oisix, The Future Food Fund, and the fund’s partners represent an exciting new frontier for ReGrained as we scale our upcycled ingredient business,” said Daniel Kurzrock, co-founder of ReGrained. “In 2021 and beyond we are pursuing an exciting breadth of opportunities across food industry verticals. Our strategic and mission-aligned partnerships will be key to executing our vision in Japan and beyond.”
ReGrained offers a line of consumer packaged goods to build demand for its ingredient business. Products include nutrition bars and savory puffed snacks that are distributed nationwide. Under terms of the partnership, Oisix will introduce ReGrained puffed snacks to the Japanese market. The companies also are partnering to expand its commercial ingredient in Japan.
“The Future Food Fund is excited to welcome ReGrained into our portfolio,” said Kohei Matsumoto, CEO of Future Food Fund. “The global consumer trend toward foods that are better for you and for the environment continues to accelerate, and we feel ReGrained is positioned to develop the category both in their local market (the US), but also internationally."
Previously, ReGrained raised $2.5 million in a Series Seed financing led by Griffith Foods with additional participation from Barilla Group’s BLU1877 and Telluric Foods. Last year, the company launched a crowdfunding campaign and raised more than $744,000 from 810 investors. The capital infusion from Future Food Fund is part of a $1.5 million equity financing, Mr. Kurzrock said.