|FOR IMMEDIATE RELEASE||Source:|
Iowa Capital Investment Corporation (ICIC) - www.investiowa.com
Dennis Murdock, ICIC - 515-229-4548
Dan Broderick, Prolog Ventures - 314.743.2412
Greg Keely, Asoyia - 319.339.4645
Chip Cooper, Cimarron Capital - 319.621.2066
ICIC-backed Prolog Ventures Leads $4M Investment in Asoyia
Innovative Iowa City Soybean Seed and Oil Company Will Have Resources to Grow
May 13, 2008 | Des Moines, IA — Dennis Murdock, Chairman of the Iowa Capital Investment Corporation, the State’s venture capital development agency, announced today that St. Louis venture capital fund Prolog Ventures has led an investment of $4 million in Asoyia. Boston venture capital firm Life Sciences Partners (LSP) serves as a co-investor.
Iowa City-based Asoyia develops and provides the first and only commercially available soybean oils with the highest level of stability and zero trans fats per serving for the food industry. The Prolog-led investment will allow the company to expand marketing, research and development of its ULTRA low linolenic soybean products.
“ICIC invested in Prolog Ventures in exchange for their promise to work hard to find and support the growth of world-class Iowa companies,” said Mr. Murdock. “We’re very pleased with this result. Innovative local companies like Asoyia must have access to the national venture capital network to fulfill their potential. ICIC is dedicated to creating that access.”
“The new partnership between Asoyia, Prolog and LSP is going to propel us from a growing entrepreneurial business into a major marketer of ULTRA low lin oil,” said Greg Keeley, Asoyia CEO. “We have an incredibly good product and a demand that’s been extremely strong due to the emphasis on health and wellness, the FDA’s new labeling legislation, and the banning of trans fat containing oils in some communities like New York City.”
According to Dan Broderick, Prolog Managing Director and new borad member of Asoyia, "Asoyia's ULTRA low linolenic soybean products meet a critical need in the marketplace for trans-fat-free alternatives. Their proven products, combined with its seasoned management team, create a strong competitive edge for Asoyia."
Formed in 2004 by 25 Iowa farmers, Asoyia grows and processes 1% ULTRA low linolenic soybeans to produce specialty trans fat-free oils. The research, testing and expansion of Asoyia’s soybean genetics dates back to the 1960s at Iowa State University, where Dr. Walt Fehr and his team developed the specialty soybean. www.asoyia.com
About Prolog Ventures
Prolog Ventures is a St. Louis venture capital firm specializing in life science investing and recruited to work in Iowa by the Iowa Capital Investment Corporation’s Fund of Fund program. Prolog focuses on traditional healthcare opportunities as well as emerging areas - such as nutrition, wellness and plant science. www.prologventures.com
About Life Sciences Partners
LSP is a venture capital firm investing in early- to mid-stage life-science companies. LSP has more than $500 million under management and offices in Amsterdam, Munich and Boston. www.lspvc.com
About the Iowa Fund of Funds
The Iowa Fund of Funds is a $100 million program organized by the Iowa Capital Investment Corporation (ICIC) and professionally managed by Cimarron Capital Partners LLC. The Iowa Fund of Funds is designed to help build a professional venture capital industry to serve Iowa entrepreneurs. www.investiowa.com
About Iowa Capital Investment Corporation (ICIC)
ICIC is the private non-profit organization authorized by Iowa statute to serve as General Partner of the Iowa Fund of Funds and provide oversight and guidance to the Fund Manager. www.investiowa.com
About Cimarron Capital Partners LLC
Cimarron is a leading national investment management firm specializing in regional private equity. The firm serves as Fund Manager of the Iowa Fund of Funds. www.cimarroncapital.com