Launching today on crowd investment platform Republic, individuals (any non-accredited private investors) can own a piece of Renewal Mill for as little as $50. Should the company ever sell or file for an IPO, investors would receive a financial return. The crowdfunding campaign round will be open until November 30.
“By crowdfunding, we’re turning our customers into investors, giving them a direct hand in building a more sustainable food future for us all,” said Renewal Mill CEO Claire Schlemme.
Since its founding in 2016, Renewal Mill has raised more than $1.7m to support its dual mission of fighting food waste and keeping more affordable nutrition in the supply chain.
Last year, the emerging company raised seed funding through HG Ventures to scale and commercialize its first ingredient, organic okara flour, a high fiber, high protein, gluten-free flour made from the soybean pulp leftover when soymilk is made.
The sustainable, gluten-free flour can be used as a 1-to-1 replacement for conventional baking flour in a variety of recipes. The company’s flagship product has been used as an ingredient in a number of branded products including Pulp Pantry's line of ‘Pulp Chips’, Square Baby, and Tia Lupita Foods’ grain-free cactus tortilla line.
Up next: Oats
The money raised through Republic will help Renewal Mill accelerate the commercialization of its oat okara flour, which can be used in higher percentages in finished products compared to its soy okara flour, while still maintaining a neutral taste profile, according to Renewal Mill co-founder and chief operating officer, Caroline Cotto.
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September 02, 2020 at 11:03PM
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Renewal Mill turns customers into investors with crowdfunding campaign to scale upcycled oat flour - FoodNavigator-USA.com
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