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Millennium Food-Tech leads $5m investment in TripleW


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 ....

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