Cooks Venture, a new company that specializes in producing and processing pasture-raised, slow-growth chickens, secured $12 million in secured financing to help the new company, among other things, expand its processing capabilities.
According to a press release from Cooks Venture, this round of funding enabled the company to open completely renovated, start-of-the art, air-chilled processing facility, officially allowing Cooks Venture to be able to produce up to 700,000 slow-growth, heirloom chickens per week.
The funding was provided by AMERRA Capital Management, which on its website describes itself as “a private, alternative asset management firm providing strategic equity and debt capital to upstream and midstream agribusiness and aquaculture operating companies in the Americas and Western Europe.”
Cooks Venture announced its formation in March, as well as its acquisition of an 800-acre farm in Arkansas and two processing facilities in Oklahoma. The company was founded by Matthew Wadiak, former chief operating officer of Blue Apron.
Cooks Venture, in the press release, stated it is establishing regenerative agriculture systems through crop science and genetic IP to build a superior, transparent food system for the future as well as redefining Ag Tech for monogastric animals. The company's first offerings are pasture-raised, slow-growth, heirloom chickens, the result of a nine-figure investment which has taken over a decade to come to fruition. In order to increase the use of regenerative farming and further develop crop science.
"Our goal is to use crop science and state-of-the-art technology to build regenerative processes and change our current food system while mitigating climate change. We're starting with the most impactful and prolifically eaten food in the world – poultry," Wadiak said. "AMERRA was an ideal partner for us and their provided financing will help us achieve our near-term growth objectives and allow us to expand our capacity to serve B2B and direct consumers nationally. Our financial adviser, Ivan Saval, also played an important role in sourcing and structuring this financing transaction."
"We strongly support Cooks Venture and its dedication to improving the agriculture ecosystem through scientifically proven regenerative practices and innovation," added Chris Chapman, managing director at AMERRA. "Matthew's impressive background in the food and technology industries, combined with his drive to create lasting change in the agriculture space, will surely solidify Cooks Venture as a household name."
The newly obtained funds will also be utilized to lead farmers in the transition to regenerative processes, and work with leading agroecologists to improve and innovate industry practices.
