Renewal Mill secures funding to expand product line, distribution
Summary
OAKLAND, CALIF. Upcycled food company Renewal Mill has closed the first part of its Series A funding round, led by Beyond Impact Advisors with participation by ICA Fund.Founded in 2016, Renewal Mill transforms the leftover pulp from the production of soy, oat or almond milk into climate-friendly flours, baking mixes and cookies. A year ago, the brand launched three baking mixes and three flours into Whole Foods Market stores nationwide. Renewal Mill also has developed a number of partnerships with companies across the Bay Area.With a firm footing in both the upcycled ingredients and the plant-based products space, Renewal Mill not only continues to bring its own innovations to market but also helps its customers do the same, said Claire Smith, chief executive officer of Beyond Impact Advisors. Through it all, the company remains singularly focused on ensuring its mission that food be put to its best and highest use feeding people, a mission weve supported them on since 2018 and are proud to continue championing.The ICA Growth Fund makes equity investments of $100,000 to $750,000 with 85% of its investment dollars to date supporting businesses owned by women or people of color. Capital will be used to expand retail distribution, introduce new products and identify new opportunities to build a more sustainable food system, according to the company.Enjoying this content?