Gözde Tech Ventures Joins Forces with Paragon Pure in $3.9 Million Seed Funding Round
Gözde Tech Ventures, the next-generation technology investment arm of Gözde Private Equity, is pleased to announce its participation in a successful $3.9 million seed funding round for Paragon Pure, a US-based natural food ingredients producer specializing in sustainable and healthy fat/flavor systems derived from upcycled rice bran for use in alternative protein products.
Established in 2022, Gözde Tech Ventures is the new generation technology investment arm of Gözde Private Equity aiming to escalate Gözde Private Equity's exposure to technology investments in Turkey and abroad. Gözde Tech Ventures funds innovative start-ups with high-growth potential and demonstrated traction that have proprietary technology, agility, and capability to assess new business models and opportunities leading the global technological transformation.
Yahya Ülker, Board Member of Yıldız Holding and Chairman of Gözde Tech Ventures, stated, "We believe that our investment in Paragon Pure will pave the way for significant achievements in the realm of food technology. With this belief, we emphasize our commitment not only to this sector but also to investing in technology-focused ventures across various industries. By supporting innovative projects like Paragon Pure, we reiterate our dedication to promoting sustainability and providing solutions for the future of nutrition."
Christopher Gregson, CEO of Paragon Pure Inc., remarked, "We are thrilled to conclude our $3.9 million seed funding round led by Unovis Asset Management. As Paragon Pure, we take immense pride in taking a revolutionary step forward in the realm of plant-based meat products. Our technology, named OléPBM, harnesses the power of rice-derived alternative fats to outperform palm and coconut oils, pushing the boundaries of taste and cost-effectiveness in plant-based protein products. Paragon Pure aims to overcome the two major hurdles facing the plant-based meat sector - taste and cost. Through the OléPBM technology, we not only deliver animal-like flavors to satisfy consumers but also optimize production costs, supporting growth in this field."
Gregson continued, "With this significant stride in plant-based food technology, Paragon Pure is poised to grow and develop further, bolstered by the trust of our investors. We are committed to continuing our contribution to the food industry through sustainable and innovative solutions."