Monday, 23 August 2021 11:07

SinnovaTek closes $5M preferred equity investment from Lewis & Clark AgriFood

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$5 million investment will help SinnovaTek meet the processing and packaging needs of emerging food and beverage brands

Lewis & Clark AgriFood has announced its $5 million investment in SinnovaTek from the Lewis & Clark Rural Business Investment Company (RBIC) Fund II.

Founded in 2015 and based in Raleigh, North Carolina, SinnovaTek provides a variety of B2B services to the consumer packaged goods industry. Over the past year, the company has seen significant growth in their aseptic co-packing business, which offers ingredient sourcing, product development and processing, as well as end packaging, to a variety of small and emerging brands as well as large national brands.

2021 08 23 110403“SinnovaTek is a key player in the next generation of CPG food and beverage brands,” said Dave Taiclet, General Partner and Managing Director, Lewis & Clark AgriFood. “As consumers continue to demand healthier foods produced with sustainable practices throughout the supply chain, processing and packaging will play a huge role in delivering on those brand promises.”

As a Certified B Corp, SinnovaTek’s mission is to promote worldwide health and wellness by fostering the delivery of high quality, healthy foods through sustainable methods. The company has several partnerships through which they are combatting hunger and malnourishment in developing regions.

“The investment from Lewis & Clark AgriFood has us well-positioned to grow along with our partners in the CPG space as they provide nutritious foods with longer shelf-lives,” said Michael Druga, Co-founder, President and CEO, SinnovaTek. “Drawing on the industry leadership and connections from the Lewis & Clark AgriFood team will be key drivers for this growth.”

Underpinning SinnovaTek’s capabilities is proprietary technology that improves quality and sustainability in shelf-stable foods. SinnovaTek’s scalable, regional, “quality-first” offerings positions them as a unique service partner increasing accessibility to high-quality processing for the food and beverage industry.

The SinnovaTek family of companies provides several pathways to service its customers' needs:

  • SinnovaTek: Provides high-quality continuous flow microwave processing systems and pumps to food manufacturers along with the engineering and R&D support to make them successful.
  • SinnoVita: Provides science-backed VITERO ingredient technologies to reduce food waste and increase nutrient delivery.
  • FirstWave: Provides a platform for companies to launch and test new products in a high-quality aseptic format without the minimum order quantities that are normally required for a launch, enabling SinnovaTek to service customer production needs before they are ready to move to a larger scale.

As part of the investment, Tim Hassler, Managing Director of Lewis & Clark AgriFood, received a seat on the board, and Matt Plummer, Senior Associate of Lewis & Clark AgriFood, received a board observership. 

“I am excited to work closely with SinnovaTek as it scales up its offerings, bringing its technology to new and emerging brands,” said Hassler. “As the food and beverage space undergoes a transformation, SinnovaTek can help these brands capitalize on new opportunities.”

About SinnovaTek

SinnovaTek is a leading developer and integrator of advanced food processing equipment and technology through its family of companies including SinnoVita and FirstWave. As a certified B corporation, SinnovaTek’s mission is to promote worldwide health and wellness by fostering the delivery of high quality, healthy foods through sustainable methods. SinnovaTek is passionate about finding the best solution for its customers. Learn more at sinnovatek.com

About Lewis & Clark AgriFood

Lewis & Clark AgriFood is a St. Louis-based group of experienced investment professionals who are passionate about investing in companies at the forefront of food and agriculture innovation. We look for companies that deliver benefits to the stakeholders in the food and agriculture sector from the producer to the supply chain, all the way to the consumer. We invest in companies at the growth stage of their evolution, poised to scale their technology to a national or global scale. As founders, operators, investors and scientists, our seasoned investment team brings a breadth of quality sector experience to every investment. For more information, visit lewisandclarkagrifood.com

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