TerraSafe Materials, Inc.TM will focus on developing truly sustainable packaging solutions
Scott Bolin appointed Chief Executive Officer
NEW YORK, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Big Idea Ventures ("BIV"), the global leader in early-stage alternative protein and food technology investing, has launched its first portfolio company through its Generation Food Rural Partners Fund.
TerraSafe Materials, Inc.TM (“TerraSafe” or the “Company”) is a material science company developing new products, coatings, and applications for truly sustainable packaging. According to a report by McKinsey & Company, approximately 65% of all plastics go into incinerators and landfills1. The Company will partner with various universities to license intellectual property. TerraSafe intends to use this intellectual property to create new materials that can help decrease the amount of plastic used in a variety of applications, including food packaging.
“We are excited to share the news of our first investment by the GFRP Fund, a vehicle for rural impact that has changed the way university developed intellectual property is commercialized in the US,” said Tom Mastrobuoni, Chief Investment Officer of BIV. “This marks the beginning of our journey to enable sustainable solutions for the agriculture, food, and protein industries while driving economic growth and development in our rural communities.”
The board of directors of TerraSafe has appointed Scott Bolin as Chief Executive Officer. Mr. Bolin founded Tethis, a biomaterials company spinout from NC State University in 2012 and Next Century Spirits, a materials startup in the BevAlc space in 2018. Both companies developed innovative and sustainable technology, from the lab to commercialization. They raised over $50 million in venture capital and received recognition in Forbes, Entrepreneur, WSJ, and other publications for their innovative approaches.
“I'm thrilled for the opportunity to lead the first new company created by the GFRP Fund,” said Mr. Bolin. “It is truly an ambitious mission to reduce our dependence on plastics. Having spent the last few months getting to know the team, I believe we've put together a unique and compelling approach to this problem and I'm eager to get started by harnessing the finest minds across multiple universities.”
The GFRP Fund evaluates intellectual property focused on innovations in the agriculture, food, and protein sectors. The GFRP fund will invest to create new companies formed around research with the greatest chance for broad commercialization. These new companies will be headquartered in rural communities, creating living wage jobs to drive economic growth and development.
About TerraSafe Materials, Inc.
TerraSafe Materials, Inc.TM (“TerraSafe”' or the “Company”) is a material science business specializing in the development of biopolymer compounds to displace traditional petroleum-based packaging. The Company is the first investment by the Generation Food Rural Partners fund, a RBIC-licensed investment fund designed to drive economic growth and development in rural communities in the US. The Company will license intellectual property from universities and commercialize the technology to address challenges to the agriculture and food industries. For more information, visit terrasafematerials.com.
About Big Idea Ventures
Big Idea Ventures is the world’s most active investor in FoodTech investing in the best food technology and AgriTech companies globally. The company is focused on alternative protein and ingredients with its New Protein Fund and commercialization of university intellectual property with its Generation Food Rural Partners fund. BIV is backed by a strong network of strategic partners including AAK, Avril, Bühler, Givaudan, Temasek Holdings, and Tyson Ventures, and is partnering with governments around the world working on food security and new food ecosystems. The firm has offices in New York, Paris and Singapore and has invested in more than 110 companies across 30 countries. For more information, visit bigideaventures.com.
Media Contact
TerraSafe Materials, Inc. | Scott Bolin | info@terrasafematerials.com
Big Idea Ventures | Olivia Chavassieu | olivia.chavassieu@bigideaventures.com | +33 7 49 63 40 80
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