Puris Funding, Investors & Competitors

Puris has raised $138M across 4 funding rounds, most recently a $25M undisclosed-stage round in February 2020.

See full Puris profile

Last Puris funding round

$25M

Undisclosed stage · Feb 2020

Cumulative funding Puris raised

$138M

across 4 funding rounds

Key investors in Puris

  • Cargill
  • Lyra Growth Partners

Puris Overview

About Puris

Puris is a Minneapolis-headquartered producer of plant-based protein ingredients from non-GMO peas, soy, lentils, and corn. The company supplies pea protein isolates, starches, and fibers to food manufacturers for meat alternatives, bakery, and beverages. With peas grown by Midwest farmer partners and processing in Iowa facilities established since 1985, Puris serves brands like Beyond Meat and Tattooed Chef.


Founded

1985

HQ

United StatesMinneapolis, MN

Website

puris.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Puris Funding History

Puris has raised a total of $138M across 4 funding rounds.

Puris' first fundraising round was a $25M undisclosed-stage round in January 2018. The most recent completed round was a $25M undisclosed-stage round in February 2020.

Puris funding rounds

Puris funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2020Undisclosed stage-$25M-
Aug 2019Undisclosed stageCargill (lead); Lyra Growth Partners$75MPuris is the largest North American producer of pea protein and a supplier to Beyond Meat. The company operates a vertically integrated and transparent supply chain producing non-GMO and organic pea protein, starches, and fibers for plant-based food and beverage manufacturers. In August 2019, Cargill invested an additional $75 million in Puris to expand pea protein production capacity. This followed a January 2018 joint venture agreement between Cargill and Puris with an initial $25 million investment. The $75 million investment funded retrofitting and expansion of a 200,000-square-foot production facility in Dawson, Minnesota, enabling Puris to more than double its pea protein production capacity. The expansion was designed to support growing global demand for plant-based proteins and create approximately 90 new jobs in the region while providing new revenue opportunities for Midwest farmers. According to industry data cited in the sources, pea-protein-based food and beverage product launches were growing at a 19 percent compound annual growth rate globally from January 2016 to December 2018, reflecting strong market momentum for the category.
Jun 2018Series DCargill (lead)$13MPuris Proteins raised $12.5 million in a Series D funding round on June 14, 2018, from a single investor, according to an SEC filing. The Minneapolis-based company specializes in non-GMO pea proteins, starches, and fibers, along with products like protein bars, beverages, and baked goods. This round followed a $25 million investment and a joint venture partnership with Cargill announced in January 2018 to expand pea protein production. Puris, founded in 1985 in Iowa as a family-owned business, sources peas from U.S. farmers using proprietary non-GMO seeds. The company planned to use prior funding from Cargill and the $25 million round to enhance existing production facilities, with announcements on additional facilities expected later. Cargill's involvement highlighted Puris as a game-changer in pea protein due to its taste and vertical integration. The $12.5 million investment came shortly before larger Cargill commitments, including a $75 million infusion in 2019 to more than double pea protein production at a Dawson, Minnesota facility, adding 90 jobs and supporting U.S. farmers.
Jan 2018Undisclosed stageCargill (lead)$25MPuris Proteins LLC is the largest North American producer of pea protein, operating through a unique vertically integrated supply chain. The company begins with proprietary, non-GMO pea seeds and utilizes a network of over 400 U.S. farmers to grow peas, which the company then processes into pea protein, pea starch, and pea fiber products. Cargill announced a joint venture with Puris in January 2018, making an initial investment of $25 million to accelerate pea protein production for North American and global markets. This investment was used to add substantial capacity at production facilities in Turtle Lake, Wisconsin and elsewhere. In August 2019, Cargill invested an additional $75 million in Puris to more than double the company's pea protein production using an existing 200,000-square-foot facility in Dawson, Minnesota, demonstrating strong confidence in the company's growth trajectory. The 2019 follow-on investment was driven by surging consumer demand for plant-based proteins, with new pea-protein-based food products growing at 19 percent CAGR globally from January 2016 to December 2018. Puris positions its products as great-tasting, sustainable, and label-friendly alternatives that support soil health and provide economic benefits to Midwest farmers.

Who has invested in Puris?

2 investors have backed Puris across its funding rounds, including Cargill and Lyra Growth Partners.

Lead investors include Cargill.


Puris Investors

Investors in Puris by funding rounds participated
InvestorHQRoundsRoleFirst check

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Puris Competitors

Puris competitors include listed companies like Hebei Yangyuan Zhihui and Mowi, and private ones like Impossible Foods, Believer Meats, Eat Just and Oatside.

Public and private companies comparable to Puris
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hebei Yangyuan ZhihuiChinaChinaPublicly listed$796M$254M$8.1B8.4x
Impossible FoodsUnited StatesSan Francisco, CAPrivate$460M-$7B15.2x
Believer MeatsIsraelJerusalemPrivate--$900M-
Eat JustUnited StatesSan Francisco, CAPrivate--$750M-
OatsideSingaporeSingaporePrivate$37M-$705M-
MowiNorwayNorwayPublicly listed$6.6B$1.6B$11B2.2x

Puris Public Comps

Puris is still privately-owned, but its public comps include Coca-Cola, Nestlé, PepsiCo, AB InBev, Unilever, Monster Beverage, Mondelez, Nongfu Spring, Corteva and BASF.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Coca-Cola$48B$18B8.5x8.3x22.8x24.1x
Nestlé$109B$19B2.9x2.8x16.2x14.4x
PepsiCo$94B$16B2.4x2.3x14.5x11.8x
AB InBev$59B$20B3.9x3.6x11.7x10.0x
Unilever$58B$12B2.9x2.8x13.6x12.4x
Monster Beverage$8.3B$2.5B10.1x9.0x33.3x28.9x
Mondelez$39B$4.7B2.6x2.5x21.4x14.9x
Nongfu Spring$7.8B$3.5B6.9x6.3x15.2x14.0x

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Common questions about Puris

When was Puris founded?Puris was founded in 1985.
Where is Puris headquartered?Puris is headquartered in Minneapolis, MN, United States.
Is Puris publicly listed?No, Puris is a private, VC-backed company.
How much funding has Puris raised?Puris has raised $138M across 4 funding rounds.
What was Puris' last funding round?Puris' last funding round was a $25M undisclosed-stage round in February 2020.
Who are Puris' investors?Puris' investors include Cargill and Lyra Growth Partners.
Which companies are comparable to Puris?Companies comparable to Puris include Hebei Yangyuan Zhihui, Impossible Foods, Believer Meats, Eat Just, Oatside and Mowi.

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