Raleigh, NC, March 04, 2014 --(PR.com
)-- Lookout Capital, a Raleigh, NC-based provider of growth capital and services, announces it has invested nearly $8 million in the Series C preferred stock financing of Aseptia, Inc., the parent company of Wright Foods, Inc., a Troy, NC-based food processing company that utilizes state-of-the-art technology developed at North Carolina State University to package its products. Aseptia represents Lookout’s 6th investment since opening its doors in 2011, the firm’s fourth investment in the past 12 months, and is six times larger than the largest prior Lookout placement.
“We are grateful for the opportunity to invest in Aseptia and look forward to working with the company’s team,” commented Merrette Moore, Founder and Managing Director of Lookout Capital, “We believe the company’s technology and process has revolutionary implications for the food industry.”
Aseptia has a novel, patented technology enabling the production of shelf-stable food products that maintain the flavors and nutrients of fresh food without the use of preservatives or refrigeration. The process also saves energy, packaging material and distribution costs while maintaining over 12 month shelf life, enhancing food safety, and improving product quality and nutritional value. The company opened its Troy, NC based food manufacturing facility in August 2012. Aseptia produces a wide range of premium food products including fruit sauces, tomato products, vegetables, soups and beverages. Several major food companies are customers.
“Our management team and company are excited to have Lookout Capital invest in and partner with us,” said Michael Drozd, CEO of Aseptia. “The experience and capabilities of the Lookout team and network will be valuable to us as we grow our business.”
As part of Lookout Capital's investment, Merrette Moore has joined the Aseptia Board of Directors. Sam Drew, Director of Investment Management at Lookout, will participate as a Board Observer.
“We welcome Lookout Capital’s participation on our Board of Directors,” said Sasa Zorovic, Chairman and CFO of Aseptia. “Lookout’s investment approach of close collaboration with their portfolio companies will be of significant benefit to our organization.”
Proceeds from the financing will be used primarily to fund Aseptia's operations and to allow the company to execute its growth plan. The company will continue to build out its experienced management team and look to leverage its unique platform in the food processing market.
“Aseptia has already achieved a number of significant milestones since it’s inception,” observed Merrette Moore, “We are confident that we are investing in the company at a desirable point in its life cycle and feel that Aseptia will accomplish a great deal in the future.”