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Thursday, Dec 8, 2022

PowerPlant Partners Closes $330M Round

The Hermosa Beach-based PowerPlant Partners recently announced the $330 million closure of its third funding round and redoubled its commitments to early-stage companies for consumer-facing brands “that are better for the people and the planet.”

The investment firm has been predominantly known for backing leading plant-based consumer and beverage brands. Earlier this month, the company said in an announcement on the fund closure that it’s maintaining that investing focus, with between $15 million and $40 million of the PowerPlant Ventures III L.P. funding round earmarked for investment in target companies as “active, primarily minority, investors.”

“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 statement accompanying the announcement. “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.”

The firm provides capital, strategic guidance and operating expertise to companies including Beyond Meat, Thrive Market, Ripple, Veggie Grill, Apeel Sciences, Liquid Death, Miyoko’s Creamery, Vive Organic, and Partake Brewing. PowerPlant Partners’ leadership team is comprised of innovators behind leading food and beverage brands such as Veggie Grill, the largest plant-centric restaurant company in the U.S.; ZICO Beverages, an early pioneer in the coconut water category that was acquired by The Coca-Cola Company in 2013; and Health Warrior, a superfood company purchased by PepsiCo in 2018.

Launched in Hermosa Beach in 2015 by co-founders Mark Rampolla, Kevin Boylan and T.K. Pillan, the firm’s operations are now split fairly evenly between its Hermosa headquarters and its operations in the San Francisco Bay area. In an email to the Business Journal provided by a PowerPlant spokesperson, the company said it’s looking to expand its operations in both areas.

“Given the size of Fund III and firm growth plans, we will be expanding our presence in SoCal as well as Northern CA,” the company wrote in the email. “We are looking for top-tier talent and operating advisors who are aligned with our mission of backing companies that put human and planetary health at the center of their businesses.”

Through the recently closed third fund, PowerPlant Partners says its already made four investments in health and sustainable consumer food and beverage companies including the Sonoma-based Miyoko’s Creamery, the Santa Monica-based Liquid Death, and the San Francisco-based SYSTM Foods, which recently acquired and combined coffee companies in the Los Angeles and San Francisco areas. PowerPlant Partners’ network and success within the consumer-facing landscape puts the firm in a unique position to capitalize on the current market dislocation while simultaneously sourcing investments that are aligned with people and planetary health megatrends.

“With this additional capital, we’re expanding our team and building an even stronger bench of industry-leading operating advisors and partners,” said Rampolla. “This will enable us to continue to bring an unparalleled level of insight and support to companies and apply our experience to a wider range of businesses that put human and planetary life at the center of business.”

Wyatt Taubman, co-founder and CEO of Vive Organic said, “PowerPlant Partners has been a fantastic partner for our team, and we are proud to be part of their growing portfolio and network. The firm provides top-tier support for entrepreneurs who are navigating the complexities of scaling a business while putting health and sustainability first.”


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