Press Release: Porifera Secures Investment from Silverstrand Capital
NEWS PROVIDED BY: PORIFERA INC
Porifera Inc.’s (Porifera) low-cost patented membrane & processing technology is set to disrupt the $100B+ food & beverage concentrate market.
Silverstrand Capital (Silverstrand), a Singapore based Single Family Office focussed on protecting nature and biodiversity, is leading the financing round along side strategic partner, Mann+Hummel, one of the leading membrane and environmental public companies.
Silverstrand’s Director, Peter Kennedy, will join Porifera’s Board.
SAN LEANDRO, CA, USA, January 31, 2024 -- Porifera Inc., a California-based water technology company, announced an investment by Silverstrand into its bridge round this year. The round will be used to accelerate its growth into new sub-sectors within the food & beverage category. Peter Kennedy will represent Silverstrand on Porifera’s Board of Directors.
“Today, an excessive volume of water is transported thousands of miles away from its source,” shared Kelvin Chiu, founder and principal of Silverstrand Capital. “Shipping fruits from drought-prone regions to make juice in areas where water is plentiful, for example, is not only ecologically damaging for already stressed water basins – it also results in huge greenhouse gas emissions from transportation and refrigeration. Porifera’s unique technology addresses these issues, and is aligned with our mission to protect nature.”
Porifera’s membrane and platform technologies, which it has developed since 2009, produces food and beverage concentrates which can be reconstituted where it will be consumed, without degradation of flavour, aroma, and nutritional value. The resulting water that is generated is clean enough for reuse at the source.
Porifera has already delivered significant distribution and warehousing savings for top global food & beverage companies through commercial pilots, with reduced environmental impact. Its technologies have potential to reduce over 2 million MT of CO2e in the orange juice segment alone, but the technology is used also in concentrating beer, coffee, tea, juice, world-class wine, and many other beverages and ingredients.
“Our customers come in as skeptics and leave as converts after tasting the samples we produce,” said Olgica Bakajin, Porifera’s founder and CEO. She added, “They are surprised that a beer reconstituted from 6x concentrate, tastes just like the brand we start from, even after being stored for more than 12 months, or when 65 Brix watermelon concentrate looks, smells and tastes like freshly cut watermelon.” Following the success of its pilots, purchase orders have been renewed from customers for the next few years to come.
Peter Kennedy commented, “I have been investing in water and sustainable technologies for over 2 decades. While some water technologies have been disruptive in water wastage & costs, we believe Porifera has the opportunity to disrupt one of the largest segments in the F&B market, allowing new product revenues along with lower costs and emission reductions.”
About Porifera
Porifera’s patented processing and concentration technology is set to disrupt the food & beverage industry. With its membrane processing equipment, Porifera enables beverage and ingredient manufacturers to efficiently remove water and retain all the components of their products, to create high-value concentrates with a smaller environmental footprint. Porifera also helps customers efficiently reuse water in their industrial processes.
About Silverstrand Capital
Silverstrand Capital is a Singapore-based investment firm with an impact investment mandate to catalyze biodiversity-positive impact. Its mission is to accelerate the widescale restoration and conservation of ecological health and biodiversity on land and sea. Its global portfolio of startups and funds spans a wide range of sectors, including regenerative agriculture, sustainable aquaculture, and nature-based solutions.
Contact Information
Olgica Bajajin, CEO, Porifera Inc.
Olgica@poriferanano.com
Visit us on social media:
https://www.linkedin.com/company/porifera/
