Ric Ruiz Esparza’s Post

💵📉 MYCORENA FILES FOR BANKRUPTCY DUE TO FUNDRAISING DIFFICULTIES On Saturday, Mycorena announced that it has filed for bankruptcy, citing “significant financial challenges”. The decision followed the mycoprotein producer’s unsuccessful attempts to raise capital for its Series B round, and came a month after it discontinued plans for a commercial-scale factory. Mycorena, which sells fungi-based proteins and fats to food manufacturers, has been facing financial challenges for the last two years. “Our team has explored every possible avenue to save this pioneering company,” chairman Tore Sveälv after appointing law firm Advokatfirman Lindahl KB as trustee to administer the bankruptcy process. However, all hope is not lost, as the company believes renewed investment can revive the brand. To do so, some of Mycorena’s former shareholders are now building a new consortium, and their ambition is to buy back the bankruptcy estate and reinstate the company’s operations, giving it a “fresh restart”, founder and CEO Ramkumar Nair tells Green Queen. “We are also glad to see that many new investors also see a great opportunity to join that consortium now, with the possibility of them onboarding a fresh start for Mycorena, leveraging on all the value and learnings we have had for the past years,” adds Nair, who founded the company in 2017 based on his PhD research project. To date, Mycorena has raised over €35M in equity funding, including what was at the time the largest Series A for a Nordic alternative protein startup. It currently operates a demonstration facility in Gothenburg, opened in 2021 and built on the success of Promyc, its flagship mycoprotein ingredient. Nair believes the mycoprotein segment is here to stay. Indeed, despite even Quorn Foods – the largest mycoprotein producer – facing financial challenges, it is rejigging things by entering the blended meat space. Scottish-Dutch ENOUGH recently closed a €40M Series C round, while Finland’s Enifer received €24M to open a commercial-scale facility. And in the US, The Better Meat Co. obtained a ‘no further questions’ letter from the FDA just last week. More information in the full article: https://lnkd.in/eF5jGqrs #GreenQueen #altprotein #sustainability #precisionfermentation #mycoprotein #foodsystems

💥 We are proud to announce the successful closing of the first transaction within our LEO III fund with the acquisition of Ampack GmbH and Osgood Industries, LLC from CVC-backed Syntegon.     👉 Ampack and Osgood Industries specialize in the engineering, assembly, and servicing of food liquid packaging machines, focusing on fill and seal technology for cups and bottles. Leading in the food packaging market for liquid and dairy products, especially in aseptic areas, they serve all hygienic segments. With over 290 employees in Europe (Königsbrunn, DE) and North America (Oldsmar, US), they have installed more than 1,500 machines for renowned customers. Holding over 100 active patents and focusing on sustainable solutions, their strategic approach fits perfectly with DUBAG Group's strategic vision for investing in promising ventures.   📰 Read more about the transaction on our website: https://lnkd.in/dYVF75V6   DUBAG Group Deal Team Dr. Michael Schumann, Emanuel Cattanei, Marco Thoni, Fabian Hilke   🤝🏼 Special thanks for the support of:   Dr. Andreas Lenz, Bastian Rieck, Dr. Julius Wedemeyer, LL.M. & the team of HEUKING Matthias Riemann, Barbara Siegert, Kai-Markus Hock, Cäcilie Cosima Fisseler, & the team of Munich Strategy Sandro Schwenke LL.M., Julia Loncar, Alexander Mayberry & the team of BDO Marc Bernstein, Gregor Nowak, Kristopher Lazarz & the team of Kroll Christian Wolber, Özay Süerdem, Konstantin Narykov, CEIM & the team of Gracher Kredit- und Kautionsmakler GmbH & Co. KG Alfred Garbe & the team of AB SAGAX Angelo Haplea & the team of TPSH Versicherungsmakler GmbH and to the team of Rautenberg & Company for facilitating the transaction   #PrivateEquity #Deal #Carveout #Specialsituations

Join our CFO Stephen Abraham at Benzinga's Cannabis Capital Conference for a deep dive on Portfolio Diversification where he will share strategies on Including Cannabis In Your Investment Mix - April 16th, 1:00 - 1:25 PM, use code BLINC20 for a discount on tickets at- https://buff.ly/4cURcVV We look forward to seeing you in Florida! #notjustvapor #poweredbyblinc -- #cannabiscommunity #cannabisbusiness #cannabisindustry #vape #event #tradeshow #networking #innovation #business

At Cavendish, we believe AIM is a great platform for owners of businesses as it allows them to source additional capital whilst maintaining an element of control.  It also allows the flexibility for the founders to sell down their stakes in a controlled manner.     Cavendish has been involved in managing multiple sell downs over recent years and completed two in life sciences in last month, realising £11m in aggregate, both at a discount of less than 5% to the mid price.   This is despite ongoing challenges in equity markets.  These two sell downs, in Bioventix (£2.4m) and hVIVO (£8.4m) were both oversubscribed and allowed us to introduce a number of high quality investors to the register.       Geoff Nash, Corporate Finance Director commented: “We have an ongoing desire to broaden the shareholder base of all our corporate clients and were pleased to be able to do so for both of these fantastic businesses – we brought Bioventix to AIM with a market cap of £28m (now £260m) and started working with hVIVO (then Open Orphan) in mid-2020 when the market capitalisation was £70m (£180m today). If we can help your business, please do get in touch.” #lifesciences #healthcare #growthbusiness #capitalmarkets #AIM