Agtech company Supplant, supported by Y-Combinator, faces liquidation following financial distress
Cambridge-Based Agritech Firm Supplant Up for Sale
Supplant, a Cambridge-based agritech company specializing in the production of fiber-derived sugars for use in confectionery items and flour for pasta, has entered administration and is now up for sale. The company, founded by Dr. Tom Simmons in 2017, has raised over £25m in funding since its launch.
Supplant's fiber-derived sugars behave physiologically differently in the body, leading to a lower impact on blood-sugar levels. The company's products are made from the fibre-rich, structural elements of crops such as corn cobs, oat hulls, and wheat stalks, which are often discarded.
The company's biggest funding round was in 2021, when it raised $24m. Supplant's valuation after this funding round was thought to be north of $100m. Notably, the company has an expansive intellectual property portfolio, including 20 granted patents and 40 patent pending applications.
Supplant's investors include Manta Ray, Khosla, Felicis, EQT, Coatue, and Y-Combinator, which previously provided a $5M seed round investment. The company also has an outstanding $3.6m loan with California-based venture lender Western Technology Investment.
The firm had an outpost in the US and employed around three dozen staff at its peak. It has been producing its products via a deal with a contract manufacturer in Asia.
Despite requests for comment, Supplant did not respond. The company's revenues were around $1m, and it is now searching for a rescue buyer and will accept offers over £2.5m.
Supplant's products have gained attention for their potential to reduce calories and increase fibre content in popular foods like cookies, cakes, and chocolates, as well as in pasta. The company's flour claims to have fewer calories and as much as three times as much fibre as traditional flour.
As Supplant enters a new phase, it continues to push the boundaries of agritech and sustainability, transforming agricultural waste into valuable resources for the food industry.
