Eat Beyond Portfolio Company TurtleTree Secures $30 Million in Series A Financing
VANCOUVER, BC, Nov. 8, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative protein sector, announced that its portfolio company TurtleTree, has secured US$30 million in Series A financing. VERSO Capital served as the lead investor on the deal. TurtleTree has raised more than US$40 million to date.
TurtleTree is a Singapore-headquartered biotech company that is using cell-based technologies to create sustainable food and dairy. It is pioneering the production of cell-based milk to replace traditional synthetic infant formulas and is also developing precision fermentation technology for the production of the highly functional ingredients found in human milk such as lactoferrin.
"This financing will enable TurtleTree to continue its U.S. expansion plans, increase R&D capacity and help it to drive forward the development and manufacture of its first consumer-ready products," said Eat Beyond CEO Michael Aucoin. "Eat Beyond will continue to support TurtleTree as it grows within the United States and beyond. We are very excited about the tremendous potential for this industry and are pleased to be working closely with TurtleTree as it stakes its place as a true leader in the space."
TurtleTree recently added a 24,000 sq foot R&D facility in Sacramento to enhance its precision fermentation technology.
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About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
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The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described in the risk factors in the Prospectus, and the schedules attached thereto, that are available on the Company's profile on SEDAR at www.sedar.com.
Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
SOURCE Eat Beyond Global Holdings Inc.
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