Sandpiper Ventures Announces First Investment of Inaugural Fund in Cleantech Company, DeNova
Halifax, Nova Scotia - May 27, 2021 - Sandpiper Ventures today announced the first investment of their inaugural fund in the clean technology company DeNova, led by Founder and President Brianna Stratton. This investment represents the fund’s commitment to identifying high-growth opportunities led by women. DeNova, based in Nova Scotia, addresses two global challenges: climate change and the pending protein shortage.
DeNova is commercialising ground-breaking technology that leverages naturally-occurring bacteria to convert greenhouse gases into high-quality, affordable and sustainable proteins. Bacteria are the world's most efficient carbon recyclers and require exponentially less land and water resources per tonne of product compared to traditional agriculture. This circular economy solution is providing answers to both the global warming and protein and food security crises. DeNova aims to create change in global food supply chains beginning with a shift to more sustainable aquaculture. Aquaculture is the fastest growing food sector in the world and DeNova is uniquely positioned to supply the industry with cost-effective, nutritious and sustainable replacements for fish meal and less sustainable ingredients in their feed formulations.
“We are incredibly excited by this technology. Its massive commercial potential and the positive impact that it will have on the world are a perfect balance for Sandpiper,” says Rhiannon Davies, Co-Founder and Managing Partner of Sandpiper Ventures. “And we are equally impressed with Brianna’s leadership and the technical and business team and industry advisory group she has built around DeNova. A strong team, female-led, with the potential and global capacity to lead change in the world from the Canadian east coast, are the right ingredients for our first investment for our first fund.”
DeNova recently received a $2.55 million commitment from Canada's Ocean Supercluster innovation program contributing to the total $6 million Sustainable Protein for Aquaculture project that DeNova is leading. Other collaborators on this project along with DeNova include PEI-based Center for Aquaculture Technologies, Natural Products Canada, Dalhousie University, the National Research Council of Canada, Atlantic Canada Opportunities Agency, and Cooke Aquaculture.
Brianna Stratton comments, “DeNova is positioned to be a disruptive and massively scalable opportunity in the global protein ingredient market. The support provided by Sandpiper Ventures for our ambitious goals stretches well beyond their financial investment. The diverse and highly experienced female leaders behind Sandpiper provide invaluable mentorship and access to their extensive networks. We have already felt the accelerating effects of this relationship, and believe it is tremendous to have an organization like Sandpiper in Atlantic Canada’s entrepreneurial ecosystem.”
Sandpiper is joined in this equity round by investors including Natural Products Canada and other strategic Canadian and international venture capital and family offices who see the exponential opportunity in this technology.
DeNova is a proudly Canadian clean biotechnology company developing a suite of breakthrough technologies that convert greenhouse gases into a high quality, sustainable microbial protein product. DeNova’s mission is to create global change in the food supply chain, beginning with aquaculture, shifting manufacturing and purchasing behaviours to more environmentally responsible practices.
About Sandpiper Ventures
Sandpiper Ventures (www.sandpiper.vc) is a seed stage venture capital fund committed to investing in women and women’s innovation as a proactive and profitable business decision. Sandpiper’s management team and active advisors are proven business leaders with deep industry experience and network access, providing access to unique deal-flow and the tools and networks to support portfolio companies to reach massive proportions.
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