Benson Hill, a US-based food innovation technology developer backed by internet technology group Alphabet, agricultural goods processor Louis Dreyfus Company (LDC) and supermarket chain Emart, agreed to a reverse takeover yesterday.
The company is merging with Star Peak Corp II, a special purpose acquisition company that listed on the New York Stock Exchange in a $350m flotation in January this year, at a valuation of approximately $1.35bn.
Van Eck Associates Corporation, Hedosophia, Lazard Asset Management, Post Holdings and funds and accounts managed by BlackRock provided $225m in private placement financing to support the deal along with existing Benson Hill backers and affiliates of Star Peak.
Benson Hill’s technology platform combines artificial intelligence and big data technology with a range of breeding techniques, partnering corporates to develop new products. The transaction comes after approximately $244m in funding.
Alphabet subsidiary GV led the company’s $60m series C round, in 2018, which included Alexandria Venture Investments, the venture capital vehicle for life sciences real estate investment trust Alexandria Real Estate Equities.
Activant Capital, Lewis & Clark Ventures, Tao Capital Partners and existing backers Fall Line Capital, iSelect Fund, Mercury Fund, Prelude Ventures and S2G Ventures also contributed to the round.
Alexandria Venture Investments, Cultivation Capital, iSelect Fund, Missouri Technology Corporation, TechAccel and Biogenerator were also among the company’s earlier investors.
GV and Wheatsheaf Group co-led Benson Hill’s $150m series D round in October 2020, investing with LDC, Emart, Argonautic Ventures, Caisse de dépôt et placement du Québec, GS Group, iSelect Fund, Fall Line Capital, Mercury Fund, Prelude Ventures, Prolog Ventures, S2G Ventures and undisclosed others.
Benson Hill CEO Matt Crisp said: “Since our founding in 2012, we have developed our CropOS technology platform to combine data science, plant science and food science, a truly differentiating convergence of disciplines.
“As a result of this technology innovation and our go-to-market approach, we are now at the launch phase to deliver and help meet the explosive demand for plant-based ingredients that can displace processing steps, reduce additives and serve as the ‘picks and shovels’ for the plant-based food revolution.”
