Benson Hill goes public accelerating plant-based ingredients technology - FoodNavigator-USA.com

The deal will accelerate Benson Hill's proprietary CropOS AI-driven plant breeding technology, strengthen partner development efforts, support product commercialization, and expand into new agri-food markets.

"As a result of this technology innovation and our go-to-market approach, we are now at the launch phase to deliver and help meet the explosive demand for plant-based ingredients that can displace processing steps, reduce additives, and serve as the ‘picks and shovels’ for the plant-based food revolution,”​ Benson Hill CEO Matt Crisp said in a statement. 

The transaction will provide approximately $625m in gross proceeds to the company as well as an oversubscribed and upsized $225m PIPE (private investment in public equity), including investments from funds and accounts managed by BlackRock, Van Eck Associates Corporation, Hedosophia, Lazard Asset Management, Post Holdings, existing Benson Hill investors and affiliates of Star Peak.

Last year, the company closed a $150m Series D funding round​​ led by Wheatshef Group and GV (formerly Google Ventures) to expand and commercialize its proprietary CropOS platform, the technology responsible for breeding highly-productive and more nutrient-dense crops such as the company’s ultra-high protein soybeans.

Following the expected Q3 2021 transaction close of the SPAC deal, the combined company will have an estimated enterprise value of  approximately $1.35bn and will be listed on the New York Stock Exchange under the new ticker symbol “BHIL."

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Benson Hill goes public accelerating plant-based ingredients technology - FoodNavigator-USA.com
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