With its recent $330 million raise, PowerPlant Partners’ third fund, the PPV Fund III, will shift to focus solely on growth-stage vegan companies.
According to PPV founders Daniel Gluck and Mark Rampolla, this is the first “true growth equity fund” for the vegan industry.
“We are thrilled to receive such strong support and commitment from our limited partners, especially during a period of increased market volatility,” Gluck said in a statement. “This new fund will allow us to deepen and grow our efforts to find, fund and scale breakthrough companies that are building a healthier, more sustainable future.”
Rampolla says the additional capital will allow PPV to expand its team and build “an even stronger” bench of industry-leading operating advisors and partners.
“This will enable us to continue to bring an unparalleled level of insight and support to companies and apply our experience to a wider range of businesses that put human and planetary life at the center of business,” Rampolla said.
PowerPlant Partners says it’s also expanding its strategic vision beyond plant-based products to include adjacent technology, service, and enablement companies “that put human and planetary life at the center of business.”
This shift, the company says, will enable the firm to grow its platform and offer a “more integrated network” for its portfolio companies and partners.
The platform has already made four investments into vegan and sustainable companies including Miyoko’s Creamery, Liquid Death, Partake Brewing, and SYSTM Foods. PPV III is aiming to invest between $15-40 million in companies with $10-75 million in annual revenue.
A changing industry
The move away from startup investing signals a shift in the increasingly crowded plant-based and sustainable consumer packaged goods industry.
“We have transitioned to focus on larger, more established growth companies, with a direct path to profitability in one to three years,” Gluck told Forbes.
“We have always invested in businesses that put human and planetary life at the center of business, and every single one of our portfolio companies is already embracing this theme,” Gluck said.
“We are taking our proven platform in the consumer-wellness space, leveraging it to tangential sectors, and offering a more integrated and synergistic network for our portfolio companies and partners. Through our expansion, we will bring our portfolio companies an unparalleled level of insight and support.”
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