LOS ANGELES — Powerplant Ventures announced the closing of a $42 million fund with the goal to support emerging plant-centric companies and brands. The venture fund was established to partner with businesses that make plant-based products more accessible to consumers.
The founding partners of Powerplant Ventures include Mark Rampolla, founder of Zico Coconut Water; Kevin Boylan and T.K. Pillan, co-founders of Veggie Grill; and Dan Beldy, former managing director of Disney’s venture capital arm, Steamboat Ventures. With more than 80 years of combined experience in venture capital, consumer packaged goods and plant-based foods, the team said it plans to help food and beverage entrepreneurs with strategy, branding, team building and operations.
“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,” Mr. Rampolla said. “We will impact the future by deploying capital in meaningful opportunities with new category leaders and food disruptors.”Included in Powerplant Ventures’ current portfolio are Hail Merry, Rebbl, Thrive Market, TerraVia, Hampton Creek, Treasure8 and Juicero. Future investments will fall into one of three categories: “next-wave better-for-you food” (70% to 75% of the fund), “paradigm changers” (25%) and seed funding (5%). Paradigm changers are defined by Powerplant Ventures as businesses at the intersection of food and technology.