HG Ventures Leads $8.3 Million Investment in Epogee
Investment will be used to scale production and expand food application capabilities
INDIANAPOLIS, February 21, 2019-- HG Ventures today announced it led a $8.3 million investment in Epogee, which produces a portfolio of revolutionary fat replacement and flavor enhancement food ingredients that aim to dramatically improve nutrition and taste in food throughout global markets. Epogee will use this investment to expand current manufacturing and accelerate technical capabilities to support customers.
Epogee's extensively-patented technologies enable its products to safely and substantially reduce calories from fat by up to 92% without impacting food taste, texture, or appearance. More than 60 studies across a wide range of food applications validate Epogee's safety, efficacy, and unique value proposition. The data supporting Epogee safety has among the strongest technical record ever developed for a new food ingredient. Epogee is Kosher, gluten free, allergen free, vegan, and made from natural vegetable oils free from genetically modified materials.
"We are excited to partner with HG Ventures in our next go-to-market phase," said John Musselman, CEO of Epogee. "While it is clear HG Ventures' capital is fully behind us, we know they can bring a lot more to the table to help us expand our operations and product offerings."
Epogee has achieved FDA Generally Recognized as Safe (GRAS) status in for use in confectionery products, frying, baked goods and baking mixes, frozen desserts and mixes, nut products (including peanut butter), grain products, pasta, granola and snack bars, sauces and gravies, and soft candy.
"Epogee has developed an incredible product that has the potential to dramatically change the food industry," said Kip Frey, Managing Partner of HG Ventures and EVP of HG Ventures' parent company, The Heritage Group. "The investment in Epogee builds on our relationships in food innovation and exemplifies HG Ventures' commitment to investing in emerging companies commercializing advanced material technologies."
Epogee is an innovative food ingredients company that partners with food manufactures to improve nutrition, taste, and performance in a wide range of food applications. After completing rigorous safety and consumer tests and achieving GRAS status in multiple product categories, Epogee's patented fat replacement technology offers consumers and food companies a versatile ingredient solution with a unique combination of minimum calories and maximum taste.
About HG Ventures
HG Ventures is the corporate venture arm of The Heritage Group. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both our core and adjacent markets. We leverage the world class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners.
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