SPUD, North America's largest organic Internet grocer, joins the Renewal2 portfolio
Submitted by Renewal2 Investment Fund
Renewal2 announced today an investment in Small Potatoes Urban Delivery (SPUD), North America's largest Internet grocer of organic and natural foods, to its portfolio of companies seeking to deliver superior financial, social and environmental returns.
Paul Richardson, President of Renewal2, says, "We are excited to invest in a Vancouver-based company that offers the rare opportunity to have a scalable business and support local, organic food producers."
Founded in 1998 and based in Vancouver, B.C., SPUD has grown significantly with operations in Vancouver, Victoria, Calgary, Seattle, Portland, San Francisco and Los Angeles. The company's operations greatly reduce the carbon footprint associated with grocery shopping by replacing hundreds of individual trips that consumers take each week driving to the grocery store with one trip by a truck using optimized delivery routes. The company also has a goal of sourcing 60% of its products from local producers in each of its locations.
As a part of a new round of financing, SPUD has also taken on new management including Peter Van Stolk, former CEO and Founder of Jones Soda Company.
The addition of SPUD brings the Renewal2 portfolio to seven investments in early growth stage companies. They are: Alter Eco Americas, Better Energy Systems, Blue Horizon Foods, Horizon Distributors, Rustic Crust and Seventh Generation.
About Renewal2 Investment Fund
Based in Vancouver, BC, Renewal2 (www.renewal2.ca) is a social venture fund that builds upon 15 years' experience in successful high-impact investing.
Disclaimer: This is not an offer or solicitation to sell securities of, or financial interests in, the Fund. Investment in the Fund is limited to a restricted pool of investors, namely "Accredited Investors" and others not requiring disclosure by prospectus as defined under applicable securities laws.
Renewal2 is a social venture fund that builds upon 15 years of experience in successful high-impact investing. We are raising capital for the development of underfunded sectors that are critical to a sustainable economy. We support scalable businesses that can generate attractive profits.
Our goal is a portfolio of 15-20 deals split between the U.S. and Canada. Our team will manage investments in our region and close networks. We intend to co-invest with leading colleague funds in other regions. Renewal2 sector focus is on businesses that produce everyday products and services in new and innovative ways. We believe that great strides towards a Solutions Economy will be made as we collectively change the way we live our lives, the food we eat and how we build.
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