HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both their core and adjacent markets. They leverage the world class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners.HG Ventures invests in early stage and growth stage companies developing advanced materials and systems for transportation infrastructure, environmental services and specialty chemicals.

HG Ventures

Techstars is a global platform that provides investment and innovation. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate, and connect entrepreneurs. Techstars Venture Capital Fund invests in innovative and disruptive companies. Techstars Corporate Innovation Partnerships help brands create products and services. Techstars' accelerator portfolio includes more than 1,000 companies with a market cap of $8.1 billion.

Techstars

Bread and Butter Ventures is an early-stage venture capital firm based in Minnesota, the Bread and Butter State, investing globally while leveraging our state and region’s unparalleled access to strong corporate connections, commercial opportunities, and industry expertise for the benefit of our teams. Led by Brett Brohl and Mary Grove, we invest in founders at the seed stage across foodtech, digital health and enterprise saas.

Bread and Butter Ventures

Purple Sage Ventures invests in early stage startups founded by diverse teams building products/services that innovate supply chains, reimagine wellness and increase business and personal productivity.

Purple Sage Ventures

Beyond Impact Advisors is created to facilitate investment in products and services that are either inherently vegan in nature or are cruelty-free and remove mankind’s reliance on the raising of animals for slaughter. Beyond Impact’s core investment thesis centers on sustainability as a pillar of risk management and economic valuation. Due to the heavy environmental impact, the use of animals is inherently unsustainable and alternatives need to be found and funded. Coinciding with this we are seeing an accelerating societal shift in favour of vegan, cruelty-free and plant-based alternatives, based on the environmental imperative, health concerns and compassion for animals. As such, Beyond Impact targets significantly impactful companies which have positioned their products and services to meet this growing demand, favouring those with clear technological advantages and whose products outstrip the qualities of the animal-derived material they replace.

Beyond Impact

ICA provides coaching, connections, and capital to grow Bay Area businesses and close the gender and racial wealth gap.

ICA.fund

Puget Sound Venture club is to provide a forum to review venture opportunities. It is a focused community of accredited investors who represent themselves or their organizations while providing access to the experience and insight of other investor members.

Puget Sound Venture Club

Renewal Mill

Renewal Mill is a next generation ingredient company that upcycles fiber and protein produced during large-scale food manufacturing into high-quality ingredients and products. In doing so, Renewal Mill, the recent winner of IFT's Food Disruption Challenge, is reducing waste and improving nutrition. Partnering with its first pilot facility in Oakland, CA, Renewal Mill uses its proprietary technology to upcycle the byproduct of soymilk manufacturing, called okara, into a high protein, high fiber, gluten free flour. The company uses that flour to create baked good products that are currently sold at convenience stores in the Bay Area and can be found at tech company offices. Renewal Mill will soon be in nationwide distribution and has already started work on additional byproduct sources from other nuts and legumes.

Renewal Mill is a producer of upcycled food ingredients using the by-products of plant-based milk.

Tech solutions for achieving global anti-wastage targets

Food Waste

Renewal Mill adds third upcycled flour ingredient to portfolio

Renewal Mill is a producer of upcycled food ingredients using the by-products of plant-based milk.It’s product mix includes Upcycled Dark Chocolate Brownie Mix, Upcycled Sugar Cookie Mix, Upcycled Oat Chocolate Chip Cookie Mix, and an Upcycled High Protein Oat Milk Flour. They also participated in Techstars Farm to Fork Accelerator in March 2021.The company had primarily focused on producing upcycled baking mixes and launched only <a href="https://sp-edge.com/companies/453579">one baked product </a>for final consumption. However, the company gradually expanded its upcycle product line. In March 2022, the company launched a new co-branded cookie product with American dairy-free food producer <a href="https://sp-edge.com/companies/453579">Miyoko’s Creamery </a>. The two companies have planned to add new cookie flavors, including Chocolate Chip and Snickerdoodle. As of June 2023, the company had also launched a 100% upcycled flour blend, <a href="https://sp-edge.com/updates/20343">RenewALL </a>, further expanding its product portfolio.As of March 2021, Renewal Mill’s baking mixes are reported to be used by Fortune 500 food companies that sell the products in over 150 stores. These products are also available for purchase on Amazon and the Imperfect Foods and Misfits Markets food waste redistribution startups.The company’s recent round of funding was in January 2019 when it raised USD 2.5 million to scale production and expand into new markets.

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 Apeel Sciences produces edible coatings made of plant materials that extend the lifetime of fruits by 2-3x with the goal of preventing food wastages in regions where there is a lack of refrigeration. According to the company, US retailers that use Apeel experience a 50% reduction in waste alongside a 5%-10% growth in sales on average. As of July 2021, Apeel Sciences reported to have saved around 69 million pieces of produce from going to waste at retail stores by partnering with small family-owned farmers, local organic growers, grocery stores, and large food brands. As of August 2021, the company was offering its solution to a network of 30 suppliers and 40 retailers across eight countries, including the US, UK, Spain, Netherlands, and Kenya. The company focuses on expanding its market presence across North America and the EU. 
 
 
 The company&rsquo;s early years were supported by a Bill and Melinda Gates Foundation grant of USD 100,000 in 2012 and Andreessen Horowitz, which led the company&rsquo;s 2016 Series B funding round. Celebrities such as Oprah Winfrey and Katy Perry have also invested in Apeel.
 
 
 In May 2020, Apeel announced plans to expand to Sub-Saharan Africa, Central, and South America&mdash;all regions where food wastage is increasing. In May 2021, Apeel Sciences acquired startup Impact Vision for an undisclosed amount. Impact vision&rsquo;s technology allows suppliers to see inside their fresh produce and ultimately reduce post-harvest loss, optimize distribution, while continuing to extend shelf-life. 
 
 
 In August 2021, the company raised USD 250 million in a Series E funding round led by Temasek at USD 2 billion valuation. The company expects to use the funds to expand its product distribution across the US, UK, and Europe by accelerating deployment of its product across its existing supplier network and by partnering with 10 new suppliers by the end of 2021. The company also plans to use the funds to strengthen its data and insights offering and support its future acquisition plans.
 
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Apeel Sciences

Shelf Engine provides demand forecasting tools for perishable food items to reduce inefficiencies in the ordering system and minimize overall costs. According to Shelf Engine, more than 30% of highly perishable foods in grocery stores such as meat and vegetables expire before the sell-by date. Shelf Engine’s scan-based trade (SBT) technology guarantees sales and pays for any items that remain unsold. Via the SBT, Shelf Engine manages orders, pays vendors, and only charges the retailer for what sells while still paying suppliers for their full order and increasing its accuracy over time. Shelf generates revenue by charging a mark-up on the product from the vendor to the retailer.The pandemic benefited Shelf Engine as grocers found it difficult to manage orders during lockdown. In March 2021, Shelf Engine raised USD 41 million in a Series B funding round led by General Catalyst to further invest in its growing team of engineers, data scientists, and supply chain automation experts. As of March 2021, Shelf Engine operated in more than 2,000 grocery stores and claimed to increase profit margins by more than 50% by reducing food waste by as much as 32%.

Shelf Engine

Afresh began as a research project in 2017 to develop AI-powered software that optimizes the entire food supply chain. Specifically, the company offers an in-store solution for grocery stores that applies artificial intelligence to manage the freshness of food. According to the company, implementation of its technology has led to a 25%–45% reduction of in-store food waste and increased gross margin of fresh produce sales by 4 percentage points. The company generates revenue under a SaaS model. I n <a href="https://sp-edge.com/updates/16835">March 2023, </a>the company expanded into fresh departments, including meat, seafood, deli, and food service.Some of Afresh's key customers include Fresh Thyme Market, WinCo Foods, and Heinen’s. In 2019, the company also reported that it had established partnerships with three US grocery chains, each with more than 100 stores in operation. The company also collaborated with Bashas’ Supermarkets Inc. (a chain of grocery stores based in North America with over 100 stores) in September 2021 and New Season Market (a chain of 19 privately owned grocery stores) in October 2021 to pilot the “Afresh AI-driven software solution” at selected stores. In <a href="https://sp-edge.com/updates/15786">January 2023 </a>, Afresh and Albertsons Companies announced the completion of an enterprise rollout of the Afresh predictive ordering and inventory management platform. As of January 2023, the company’s technology was deployed across 3,000 stores in 40 states in the US, and it also reported that it was able to triple its customer base in 2021. Afresh notes that it is on track to help retailers save 34 million pounds of food waste by the end of 2022.In August 2022, AFresh raised USD 115 million in a <a href="https://sp-edge.com/updates/12187">Series B </a>funding round led by Spark Capital. Following the USD 13 million funding round in November 2020, the company was valued at USD 100 million.

AFresh

UK-based Winnow Solutions identifies and measures waste in commercial kitchens. The company records the reason for the waste, calculates the value of the wasted food, and keeps track of this data in the cloud. The company’s self-titled product shares technology with autonomous vehicles, using cameras to record and learn about food being wasted and calculate the financial and environmental cost of this discarded food. Winnow Vision also provides a Waste Monitor solution to help kitchen staff track how and what food is wasted to adjust their spending on food ingredients and eliminate overproduction.Key customers and partnershipsWinnow’s customers include the catering company <a href="https://sp-edge.com/updates/5386">ISS</a> and hotels such as Accor, Fairmont, The Westin, Four Seasons, and Hilton Tokyo Bay. As of June 2023, Winnow claims that its AI solution has so far saved customers USD 174 million and cut 217,000 tons of CO2 emissions worldwide, equivalent to taking nearly 50,000 cars off the road for a year.Funding and financials<a href="https://sp-edge.com/updates/27315">In March 2024</a>, the company raised an undisclosed amount from ABC Impact to accelerate its expansion into the Asian market. Previously, In June 2023, the company raised USD 10 million in a Series C funding round led by ArcTern Ventures.

Winnow Solutions

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 Hazel Technologies is a United States Department of Agriculture (USDA)-funded technology company that develops a packaging which releases vapors that slow the aging process and prevent fungus or decay. Its solution is claimed to double the shelf-life of produce. Hazel operates a B2B business that targets large enterprises. The company has reported treating 700 million pounds of produce as of 2019, saving about 60 million pounds from going bad in 2019 alone. The company has a target to save one billion pounds of produce from going to waste by the end of 2021. Hazel operates in 12 countries including the US and Chile (entered in October 2020). 
 
 
 Hazel works with around 250 foodservice providers and produce companies including the likes of Sysco, Mission Produce, Zespri, Calavo, and Oppy. The company reported in 2019 that it plans to develop new products such as antimicrobial packaging for berries, grapes, and other fruit, and also expects to launch its shelf-life extension technology for meat products.
 
 
 Since 2016, the company has received a total of USD 1.5 million from the USDA to develop its technology. Hazel received the USDA funding in December 2020 for solving the problem of unwanted sprouting in potatoes. In April 2021, the company announced that it had closed a USD 70 million Series C financing round led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), and Temasek, to expand operations across Southeast Asia, Africa, and the EU. 
 
 
 
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Hazel technologies

Startups that prevent food wastage by prolonging the lifetime of food or better managing food production through the supply chain. Companies that develop products such as sanitizers, containers, and machines that allow food to stay fresh longer are included here. Startups that develop algorithms to determine food preservation strategies are also included.

These startups ensure work to reroute surplus food to different sets of end-users including charity organizations and consumers seeking discounted items. This segment mainly consists of on-demand online platforms that connect producers, retailers, and restaurants with consumers via mobile app.

Startups that recycle food waste for industrial uses such as soil enrichment.

Startups that recycle food waste into edible food and beverages.

Solutions that keep food waste out of landfills

Recycling and upcycling food waste to keep them out of landfills

IoT-enabled waste prevention techniques for purposes such as longer shelf-life and inventory management

Waste prevention analysis platforms use AI/ML

Renewal Mill

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