Pluri Inc. secured a $6.5 million private investment from Alejandro Weinstein, who will join the company’s board. Simultaneously, Pluri is acquiring a 71% stake in Kokomodo Ltd., an AgTech company specializing in cacao production, for $4.5 million in Pluri common shares. These strategic moves aim to bolster Pluri’s position in sustainable food technologies.
This development is notable because it signals Pluri’s strategic expansion into the burgeoning cultivated cacao market. The global cacao market is projected to experience substantial growth, reaching $23.5 billion by 2030. Pluri’s acquisition of Kokomodo, combined with Weinstein’s investment and board membership, positions the company to capitalize on this growth and address the increasing demand for sustainable cacao production methods. This move diversifies Pluri’s portfolio beyond cultivated meat and cell-based coffee, showcasing their commitment to a broader range of sustainable food solutions.
The $6.5 million investment includes common shares, warrants, and pre-funded warrants. The Kokomodo acquisition, valued at $4.5 million, will be paid in Pluri common shares. Both transactions await shareholder and regulatory approvals. Weinstein’s prior experience as CEO of CFR Pharmaceuticals, coupled with his successful track record in mergers and acquisitions, brings significant strategic expertise to Pluri.
This combined investment and acquisition marks a pivotal moment for Pluri. It provides the company with both the financial resources and the technological expertise to become a prominent player in the cultivated cacao market. This move has the potential to reshape the cacao industry by offering a sustainable and scalable alternative to traditional farming methods, ultimately benefiting both consumers and the environment. It also solidifies Pluri’s position as a key innovator in the broader sustainable food technology landscape.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.