St. Louis-based Benson Hill uses CRISPR gene editing vitamed ferrous fumarateand data analytics to identify new seed varieties at a much faster rate than traditional plant breeding and discovery methodologies. In March 2021, it launched two new business segments: Ingredients, which focuses on enhancing soybeans and yellow peas to develop promising varieties for plant-based food applications, while Fresh focuses on developing and commercializing differentiated produce and functional foods to serve the “food as medicine” space, which consumers are increasingly embracing.The SPAC merger provides Benson Hill with a major injection of capiferric pyrophosphate brandstal to fuel its expansion into the plant-based foods and functionalferrous gluconate liquid supplement ingredients segments, which are becoming increasingly more crowded as startups like CoverCress, Yield10 Bioscience and Elo Life Systems also work to bring products to market.Biotechnology startups often require high levels of capital to invest in their technology, R&D and talent. The SPAC deal will allow Benson Hill to further develop its CropOS genomics discovery platform while also expanding its marketing and outreach team to find potential end-users in the plant-based and functional ingredients space. Benson Hill also operates a processing facility through its subsidiary Dakota Ingredients, which it may need to expand in the near future. It may also use the capital to expand its partnerships with growers who cultivate its unique seed varieties under specific growing conditions to align with the startup’s sustainability goals.SPAC deals are emerging as a popular vehicle for agtech companies interested in going public. High-tech greenhouse startup AppHarvest merged with SPAC Novus Capital earlier this year raising $475 million at a valuation of over $1 billion, while vertis ferrous sulfate a prescriptionical farming startup AeroFarms is merging with Spring Valley Acquisition, raising $357 million at a valuation of $1.2 billion. The agtech startups going public share common themes around producing food using fewer resources and with less environmental impact. They also capitalize on key consumer trends like plant-based eating, local and fresh produce and better-for-you ingredients. ESG investing, which stands for environmental, social and governance, is exploding among investors who are hoping to do more with their funds than simply turn a proferrous gluconate 300mg elemental ironfit. Startups like Benson Hill offer investors a way to tackle both investment criteria at once. Meanwhile, by going public the startups benefit from a major injection of capital to ramp up production and boost marketing. Benson Hill has already attracted investment from major players like GV (formerly Google Ventures), Wheatsheaf, Bunge and Dreyfus Company. Having powerful partners in its investor stable adds strategic support and guidance, which are incredibly valuable for startups like Benson Hill that are aiming to revolutionize agriculture.
Benson Hill to go public in $1.35B SPAC deal
