FOR IMMEDIATE RELEASE

Nestlé to Purchase Sweet Earth, a Renewal Funds Portfolio Company

Vancouver, BC (September 8, 2017) –  Nestlé USA has agreed to acquire Sweet Earth Foods, a maker of plant-based meals based in Moss Landing, CA, and a portfolio company of mission venture capital firm, Renewal Funds.

Sweet Earth was co-founded by Kelly and Brian Swette who set out to create delicious products for families to adopt plant-based diets.  The team built an innovation platform of globally inspired plant-based foods across entrees, breakfast sandwiches, burgers and burritos that include meatless proteins such as “Benevolent Bacon” and “Righteous Meats”.  Sweet Earth’s award winning products are now sold in over 10,000 stores across the U.S. including Target, Whole Foods, Kroger and Walmart.

According to Nestlé, the acquisition gives them immediate entry into the plant-based foods segment, which is growing by double digits and expected to become a $5 billion market by 2020.

Vancouver based Renewal Funds invested in Sweet Earth’s Series A financing in 2014 and supported the Company’s growth through multiple rounds of funding and expansion as the only institutional investor.

“Sweet Earth is the perfect example of a sustainable company that can have a profound impact on the environment, while generating a fantastic financial return for all stakeholders,” said Paul Richardson, CEO of Renewal Funds. “A pound of feedlot-beef protein requires over 10 times more energy, water and land resources than a pound of plant protein. Kelly and Brian set out to entice people to choose plant-based foods – given the trajectory of the company and the Nestlé partnership, Sweet Earth will have a lasting impact on our collective carbon footprint.”

The Swettes and their management team will continue leading the Company. With the backing of Nestlé, Sweet Earth will have the further resources and scope, to accelerate its leadership and innovation role in the rapidly emerging consumer demand for plant based foods.

“Kelly and I are thrilled to be partnering with Nestlé. They are an outstanding partner to carry forward our mission of healthy eating and sustainable food systems. We are also thrilled that it will be a great outcome for employees and our shareholders. We’d like to thank our Board, our employees and investors for the ongoing support and especially Renewal Funds, our lead outside investor,” said Brian Swette, Co-Founder of Sweet Earth.

About Sweet Earth Foods:

Based in Monterey County, California, Sweet Earth is an award-winning health food innovator crafting a wide-range of natural products featuring deliciously nutritious Non-GMO Project verified farm-fresh ingredients, and new takes on timeless classics from cuisines around the world. For more information, please visit sweetearthfoods.com and connect with the brand on Facebook, Twitter, and Instagram.

Media Contact:
Bob Connolly
bob@sweetearthfoods.com
310-613-4751

About Renewal Funds:

Renewal Funds is a mission-based venture capital firm investing in early growth stage companies in Canada and the United States. Founded by Paul Richardson, Joel Solomon and Carol Newell in 2008, and led by Paul Richardson, Renewal Funds is a Certified B Corporation®, dedicated to supporting entrepreneurs through capital, networks and expertise. They have worked with companies such as Seventh Generation, Sweet Earth and Alter Eco, delivering above market returns for their partners, while catalyzing positive social and environmental change.

For more information, please visit www.renewalfunds.com.

Media Contact:

Elyse Crowston

elyse@renewalfunds.com

604-424-9930