Millennium Food-Tech leads $5m investment in TripleW
TripleW has developed an industrial process for producing lactic acid from food waste.
Millennium Food-Tech R&D Partnership (TASE: MIFT) has announced that it is leading a $5 million investment round in the Israeli startup TripleW, which has developed an industrial process for producing lactic acid from food waste. Lactic acid is the basis for manufacturing the renewable bioplastic polylactic acid (PLA). Millennium will invest $3 million in TripleW and the remaining amount will be raised from existing and new investors, as part of a SAFE (simple agreement for future equity).
TripleW, which was founded in 2016, has raised $12 million to date (not including the current financing round) from investors such as Eddy Shalev (Founding Partner of the Genesis Partners venture capital fund), Israel Oil and Gas Fund (the owner of Sonol) which led the previous round, Israeli private equity fund Elah Fund and the Hutchison Kinrot incubator.
Millennium Food-Tech investments prove profitable
The R&D partnership s first financial report showed profit of NIS 28 million in 2020.
Millennium Food-Tech R&D Partnership (TASE: MIFT) has reported profits of NIS 28 million, representing NIS 0.58 profit per partnership unit. The first annual financial report of the partnership as a public company provides a detailed look into its investment portfolio and the profit it has recorded. Millennium Food-Tech has raised NIS 94 million to date.
The financial report shows that through the three investments that have been made to date, the company has appreciated to an overall fair value (as of December 2020) of NIS 58.5 million, while cash worth NIS 58.9 million remains in its coffers, which could allow it to meet the short to medium term investment target it set itself.
Compostable packaging co TIPA raises $10m
The Israeli company s breakthrough technology offers a sustainable alternative for the flexible packaging market.
Millennium Food-Tech R&D Partnership (TASE: MIFT) has notified the Tel Aviv Stock Exchange (TASE) that it has led a $10 million financing round in Israeli compostable flexible packaging company TIPA. The company has raised $53 million to date and other investors include Blue Horizon Ventures, Triodos Organic Growth Fund, Chestnut and GreenSoil Investments.
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Wize Pharma merges with Australian Bitcoin miner Cosmos
The Israeli biopharmaceutical company will spin off its drug development activity and focus on Bitcoin mining.
Israeli clinical stage biopharmaceutical company Wize Pharma Inc. (OTCQB: WIZP) will merge with privately-held Australian digital currency infrastructure provider Cosmos Capital, in an all share deal, which will ultimately leave Cosmos s shareholders owning most of Wize s shares. Wize, which is controlled by Rimon Gold, the investment arm of serial entrepreneur Yair Goldfinger, US investor Jonathan Rubini, and its CEO Noam Danenberg, will spin off its ophthalmic disorders drug development activities.
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