Raleigh-based Lookout Capital is betting big time that Wright Foods can deliver “green” produce that consumers really want.
The firm is investing nearly $8 million in Aseptia, which operates as Wright Foods.
Aseptia raised a total of $28 million in its latest round of fund-raising, the company announced Tuesday.
The deal is huge for Lookout, which acknowledges its investment is “six times larger” than any previous deal.
Lookout launched in 2011 and has made six deals in all. The firm announced a new fund of some $20 million last September.
“We are grateful for the opportunity to invest in Wright Foods and look forward to working with the company’s team,” said Merrette Moore, Lookout’s founder and managing director. “We believe the company’s technology and process has revolutionary implications for the food industry.”
As part of the deal, Moore joins the Wright Foods board.
“Wright Foods has already achieved a number of significant milestones since it’s inception,” Moore explained. “We are confident that we are investing in the company at a desirable
point in its life cycle and feel that Wright Foods will accomplish a great deal in the future.”
Sam Drew, director of investment management at Lookout, will serve as a board observer at Wright Foods.
“Our management team and company are excited to have Lookout Capital invest in and partner with us,” said Michael Drozd, CEO of Wright Foods. “The experience and capabilities of the
Lookout team and network will be valuable to us as we grow our business.”
Aseptia is a fruit and vegetable processor company built around patented technology developed at North Carolina State University. It recently closed on $16.4 million in venture funding, based on an SEC filing made in December.
Aseptia has a processing plant in the town of Troy in Montgomery County.
“We welcome Lookout Capital’s participation on our Board of Directors,” said Sasa Zorovic, chairman and CFO of Wright Foods. “Lookout’s investment approach of close collaboration
with their portfolio companies will be of significant benefit to our organization.”
Proceeds from the financing will be used primarily to fund Wright Foods’ operations and to allow the company to execute its growth plan. The company will continue to build out its experienced management team and look to leverage its unique platform in the food processing market.