HG Ventures has recently announced a new $2.5 million seed investment in the U.S. company Renewal Mill. Renewal Mill is a producer of environmentally friendly, next-generation food ingredients, and provides sustainable waste solutions to the food industry.
Renewal Mill will use this financing round to scale ongoing production and open up new market opportunities. As part of the investment, Kip Frey, Managing Director of HG Ventures, will join the Renewal Mill Board of Directors.
Renewal Mill specializes in turning food by-products and waste into high-quality ingredients and products. Renewal Mill not only provides manufacturers with a comprehensive solution for their waste, but also a technology that returns valuable nutrients to the supply chain and recovers a variety of nutritionally significant by-products. With these novel ingredients, food companies can respond to increasing consumer demand for healthier foods, clean labels and greater transparency.
“We founded Renewal Mill to provide major food manufacturers with a sustainable, scalable and reliable solution for their production waste,” said Claire Schlemme, CEO of Renewal Mill. “Renewal Mill is proud to work with HG Ventures because they have the expertise and experience to help us expand our current operations and product range.”
“Renewal Mill leads the way in delivering innovative and widely available value chain improvements for food production,” said Kip Frey, who also serves as EVP of HG Ventures’ parent company The Heritage Group. “We look forward to supporting the company’s efforts to create a more sustainable and healthy ecosystem for food production.”
