Unitē Foods (pronounced “Unity Foods”) is a social business tackling food insecurity and increasing access to culturally relevant, nutritious foods for all. Venn’s PRI will help the company launch its first initiative, bringing to food banks the same “It’s Fresh!” filter product that has been used by Walmart, Albertson’s, and many others to extend the shelf life of their fresh produce. This should result in significantly less produce being wasted and landfilled by food banks, food shelves, and their patrons…thereby providing people in need more healthier fresh foods to eat.
Recipient Name: Unitē Foods, LLC
Corporate Form: Minnesota Limited Liability Company
Ownership: Currently Unitē Foods, LLC is a wholly-owned subsidiary of The Humanity Alliance, a nonprofit 501(c)(3) public charity.
Entrepreneur: Greg Pavett, CEO. Greg is a former executive of “It’s Fresh!,” with deep experience and a passion for seeing this product commercialized in underserved markets.
Investment Sought: $45k - $200k
Overview of Preliminary Investment Terms:
Years 1-4: Annual interest-only payments, simple interest at 2%, 2%, 3%, 4% in Years 1-4 respectively.
Principal to be repaid in two payments at end of Year 4.
10-year warrant for 20% of PRI principal
Ethylene is a natural gas emitted and re-absorbed by fruit, speeding up the ripening process and shortening its life. It’s Fresh! filter products remove ethylene slowing down the ripening process and extending the life of fruit.