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. Product sales there have diverted more than 66,000 lbs of food waste, according to the company. 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 we’ve 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. Renewal Mill is one of more than 40 companies in ICA Fund’s investment portfolio.
Renewal Mill will raise the remaining amount of its Series A round over the next few months. 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.“Growing a business can be an uphill battle for female founders,” said Caroline Cotto, co-founder of Renewal Mill. “As a super small, female-founded team, having ICA on our side made the process of growing our business and trailblazing the upcycled food industry a little easier. The Accelerator at ICA was incredibly helpful. From helping us build a deck to sales pitches and opportunities to get our product in front of investors, ICA has been there for us, and has done a great job of making us as entrepreneurs feel more human and supported.”