Horizon Technology Finance Leads $15 Million Venture Loan to MyForest Foods
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced a $15 million venture loan facility to MyForest Foods Co., funding $7.5 million each from Horizon and a managed private investment vehicle. MyForest Foods specializes in sustainable, whole-cut meat alternatives using mycelium, with the flagship product being MyBacon. The funding aims to support MyForest Foods' growth and working capital, as the company seeks to innovate in the alternative foods market. Horizon's President expressed confidence in MyForest Foods' market potential, highlighting the significance of their unique offerings.
- Closed a $15 million venture loan facility to MyForest Foods, with $7.5 million funded by Horizon.
- MyForest Foods is positioned uniquely in the plant-based market with its whole-cut alternatives using mycelium.
- Potential for substantial market growth due to innovative products like MyBacon.
- None.
FARMINGTON, Conn., April 5, 2022 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it closed a
MyForest Foods produces sustainable, meat alternative products using mycelium, or the roots of mushrooms, which allows for foods to be whole-cut – a distinct advantage when creating alternative foods. The first product from MyForest Foods is a bacon alternative, MyBacon, that offers all the taste, crunch and sizzle of pork bacon, but made from just six ingredients. MyForest Foods is backed by prominent firms such as Viking Global Investors and AiiM Partners, and will use the loan proceeds for growth and working capital purposes.
"MyForest Foods is changing the game for alternative foods," said Gerald A. Michaud, President of Horizon. "We believe the success of MyBacon is just the beginning for MyForest Foods, as offering a true alternative to whole cuts of meat will open up an entirely new and massive market opportunity to provide consumers with healthier and tastier plant-based food options. We are excited to partner with and support MyForest Foods' growth plans."
"We are only scratching the surface of the mycelium process with MyBacon," said Eben Bayer, founder and Chief Executive Officer of MyForest Foods. "We have successfully recreated the multi-sensory experience of eating a whole cut of meat with MyBacon, unlike other plant-based alternatives that are forced to process and shape their meat. The difference is truly striking, and consumers have overwhelmingly responded positively to MyBacon. Horizon's support will enable us to further develop additional products and create an entire new category of whole-cut plant-based foods."
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit horizontechfinance.com.
MyForest Foods is an American food technology company and an affiliate of Ecovative. MyForest Foods' proprietary platform uses a natural super-ingredient called mycelium to grow nutrient-rich fibers that replicate the textures and mouthfeel of meat. MyForest Foods is a direct-to-consumer food brand currently selling MyBacon(R) Strips at the Honest Weight Food Co-Op in Albany, NY, with more widespread availability expected in 2022. To learn more, visit myforestfoods.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation
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