Renewal Mill, a next-gen food ingredient business hellbent on disrupting the food tech industry with sustainable solutions, has secured $2.5 million from an investment round led by HG Ventures.
The funding will be used to scale current production and expand into new market opportunities.
As part of the investment, HG Ventures’ MD Kip Frey will join Renewal Mill’s Board of Directors.
Renewal Mill upcycles the by-products of food manufacturing into premium ingredients and products.
In addition to providing manufacturers with a comprehensive solution to their production waste, Renewal Mill has pioneered technology that returns valuable nutrition to the supply chain and reclaims a wide variety of nutritionally valuable by-products.
These novel ingredients allow food companies to respond to changing consumer demands for healthier food, cleaner labels, and increased transparency.
“We created Renewal Mill to provide large-scale food manufacturers a sustainable, scalable, and reliable solution for their production waste,” said CEO Claire Schlemme.
“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.”
In 2018, Renewal Mill received an equity investment from Techstars Farm to Fork Accelerator and secured a joint research and development project with Cargill. Fast Company also named Renewal Mill a ‘World Changing Idea’ in 2019.