Qualities raises $ 73 million – the capital market

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Minrav
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Announces that it has raised $ 10 million from four investors for the investee company (54%) Qualities at a value of $ 73 million “after the money”. The round is led by the PeakBridge food tech fund. In the opinion of the Qualities management, the recruitment is expected to satisfy its needs until an operational balance is reached.

The fund has committed to invest about $ 5 million, and will be joined by 3 additional investors in a total additional amount of about $ 2 million, while the remaining fund, amounting to about $ 3 million, will be invested by Minrav itself (of which about $ 1.2 million already in the quarter Current). As part of the raising, the existing owner loans in Qualities will also be converted into capital, so that Minrav’s holding in Qualites will increase to approximately 58% with full dilution.

The raising reflects Qualities’ value of $ 45 million “before the money”, which according to the company corresponds approximately to the balance sheet value in the library. Qualities has developed patented technology for the production of sustainable plant foods extracted from algae. The company currently produces omega 3, mainly under the IWI brand, and is working on the development of vegetable protein products such as energy bars, protein supplements for athletes, snacks and smoothies. Qualities is sold in the U.S. both directly and through U.S. food and retail chains. The amount currently raised is intended to expand marketing activities to increase the customer base, as well as to expand the company’s product line, deepen research and infiltrate additional territories.

The Pickbridge Venture Capital Fund is currently the sole partner of EIT Food and is managed by experts in the food industry, investment management and venture capital. Manrav Holdings, was founded in 1969 by Avraham Kuznicki, who serves as chairman, and is managed by CEO Pini Dekel. US Real Estate, Rental and Management of Income Property.

“Our investment in Qualities represents all the values ​​of our investment strategy – strong intellectual property, proven capabilities, significant value potential of algae-based protein, excellent compliance with sustainability values ​​and a strong management team.” Said Nadav Berger, founding partner at the Pickbridge Foundation.

Minrav Holdings reported: “The current recruitment led by the global food-tech fund Pickbridge is a stone A very important way for Qualities. The Pickbridge Fund has chosen to invest in Qualities after lengthy and in-depth tests conducted by the fund’s staff, and we see this as an expression of trust in the company and its great potential, and accordingly Minrav is also participating in the current round of funding.

We see the Pickbridge Fund as a strategic investor, who can make a significant contribution to the development and improvement of Qualities. The fund will join the Qualities Board of Directors, and will be involved in the management of the company while bringing the unique added value as part of the continuation of the company’s development process. In addition, the current recruitment is expected, according to Qualities’ management, to satisfy the company’s needs until it reaches an operational balance, so that Manrav will not have to make additional investments in the company. ”