PowerPlant Partners Closes Fund III at $330M, Expands into Consumer Tech
Venture capital firm PowerPlant Partners announced today the close of its Fund III at $330 million. Double the size of its 2019 predecessor, Fund III will focus its investments solely in growth stage companies and consumer-facing brands “that are better for the people and planet,” according to a press release.
“With this additional capital, we’re expanding our team and building an even stronger bench of industry-leading operating advisors and partners,” said PowerPlant Partners co-founder and co-managing partner, Mark Rampolla, in the release.
The firm’s portfolio includes Vive Organic, Your Super, Thistle, Bon Devil (formerly The Coconut Collaborative) and Apeel Sciences.
The firm plans to invest $15 to $40 million in target companies and has already made four investments from fund III, including Miyoko’s Creamery, Liquid Death and Partake Brewing. Most recently, PowerPlant announced an investment in and partnership with holding company SYSTM Brands to launch SYSTM Foods, a platform focused on acquiring sustainable and socially conscious food and beverage brands; the company has already added Chameleon Cold Brew and REBBL to the SYSTM portfolio.
In conjunction with the Fund III announcement, PowerPlant Partners today revealed plans to expand beyond investing in food and beverage plant-centric products, as it has focused on with fund I and II, to include consumer technology, service and enablement companies focused on improving “human and planetary life.” According to PowerPlant, this shift will enable the firm to grow its platform in the consumer-wellness space and offer a more integrated network portfolio.
“We are thrilled to receive such strong support and commitment from our limited partners, especially during a period of increased market volatility,” said Dan Gluck, co-managing partner of PowerPlant Partners, in a press release. “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.”
