Terviva, a food and agriculture company, has raised $54 m in equity capital to commercialise its sustainable culinary oil and plant protein. The company expects to close an additional $24 m in equity and debt capital this quarter, for a total of $78 m in capital to drive expansion.
This latest financing round was led by several investors in the sector including Astera Institute, Evans Properties and Trustbridge Partners.
"We need environmentally friendly approaches to feed the world's rising population," said Terviva board member Brace Young. "We can work with nature to reduce carbon emissions and produce more nutritious food, and Terviva is a prime example of such an opportunity."
Using natural, proprietary food processing methods, the company says, it creates a buttery cooking oil and highly-soluble plant protein from the beans of the regenerative pongamia tree. The company works with farmers to plant pongamia trees on idle agricultural land that is often difficult to farm due to poor soil or water stress. On this type of land, Terviva says an orchard of pongamia trees captures 115 metric tons of carbon per acre over 30 years.
"Terviva's pongamia-based food ingredients broaden access to healthy and environmentally sustainable foods that directly combat climate change," says Naveen Sikka, founder and CEO of Terviva. "With our food ingredients, we can feed the planet and heal it at the same time."
The company is also entering a collaboration with Danone to develop food products using pongamia oil and plant protein. The collaboration is aimed to support regenerative farming practices that improve soil health, water quality and biodiversity, while also improving social and market outcomes.
"We believe that healthy foods need a healthy planet with thriving ecosystems and strong, resilient social structures," said Merijn Dols, Global Director of Open Innovation & Circular Economy for Food of Danone. "This is why we are excited to team up with Terviva to co-develop important ingredients – edible protein and oil -- from the pongamia tree, while also rehabilitating the soil the tree grows in."
The partnership is being supported by Mista, a San Francisco based global innovation platform.
Scott May, head of Mista, said: "We're proud to have made this collaboration possible and to satisfy consumers' appetites for plant-based foods that are nutritious and sustainable for people and the planet."
