Independent slow-growing poultry breeder to expand genetics program and infrastructure
SAN FRANCISCO, February 8, 2022 – Insured technology financing pioneer, PIUS announced today the securing of $50 million in funding for Cooks Venture, an independent poultry genetics company, emerging into a market where consumers are demanding better quality meat. Cooks Venture is also the largest pasture-raised poultry company in America committed to regenerative agricultural practices and the only poultry company integrated into their own breeding line. The facility, which was underwritten by PIUS and based on its evaluation of Cooks Venture’s intellectual property (IP), primarily the Company’s proprietary broiler breed, will enable the company to expand its genetics program and continue to build out infrastructure.
“In working with PIUS and utilizing its IP-backed financing facility, Cooks Venture has the opportunity to become the leading slow-growing broiler breeder globally and the most compelling and competitive poultry genetics company,” said Matthew Wadiak, CEO and founder of Cooks Venture. “The $50 million in funding will support Cooks Venture in dramatically increasing our genetics assets and strategic implementation, a culmination of 12 years of research and development, thus improving animal welfare and supplying more nutritious and flavorful chicken, the most consumed meat in the U.S. and the world.”
Cooks Venture combats the lack of genetic diversity, and subsequent health and welfare issues caused by the systemic inbreeding of commercial broiler chickens. The company’s proprietary pedigree line, the Pioneer, is selectively bred to grow slower with a stronger immune system than conventional birds, while prioritizing nutritional quality and flavor, and resulting in a robust broiler chicken with efficient feed conversation through better gut health.
The largest independent, scientific broiler study recently conducted by the University of Guelph includes Cooks Venture’s Pioneer broiler line and parent stock on a short list of breeds that meet the Global Animal Partnership’s new standards for animal welfare. The list includes only a small number breeds, representing less than 5% of U.S. production. The Cooks Venture Pioneer is the only commercially viable breed on the list and the only approved breed with no affiliation to the two consolidated genetics conglomerates that dominate more than 99% of the U.S. market. These new GAP standards, and the subsequent list of approved broiler breeds, are the only currently approved breeds for the Better Chicken Commitment, which over 200 major food companies have signed onto. Genetic diversity in poultry lines and funded, independent breeding are becoming increasingly important due to the over-consolidation of the poultry genetics industry.
“In PIUS’ extensive evaluation of Cooks Venture, it’s clear the company’s IP is only rivaled by its potential for long-term sustainable impact,” said Joe Agiato, CEO of PIUS. “With more than a decade of research behind the Pioneer breed, Cooks Venture proves the food we eat can – and should – nourish our bodies as well as the planet. The PIUS team is privileged to play a role in the next phase of Cooks Venture’s growth, and we are all eager to see how they will revolutionize the poultry industry.”
PIUS provides a proprietary insurance product for growth-stage technology companies to secure better, more flexible financing options without dilution by insuring the debt’s value, based on PIUS’ evaluation of the company’s intellectual property. The cost of capital is typically less than 10% overall, including the cost of insurance, with no warrants, extra fees, or prepayment penalties. Through PIUS’ CLip Notes program, PIUS provides the insurance, brings the capital source via institutional investors, and monitors the transaction, providing a complete solution.
PIUS Limited, LLC, offers a proprietary insurance product for growing technology companies, which utilizes a company’s intellectual property (IP) as collateral. By insuring the loan based on its evaluation of a company’s IP, PIUS helps facilitate greater loan amounts at better rates, while transferring the risk from the lender to the insurer. PIUS is a managing general agent (MGA) and provides more complete coverage than other policies through its residual value insurance program. For more information, visit https://piusre.com.
About Cooks Venture
Cooks Venture is a vertically integrated pedigree breeding and AgTech animal agriculture company committed to healthier animals and regenerative agriculture including a truly transparent supply chain for consumers globally. Founded by Matthew Wadiak, Cooks Venture aims to reimagine animal agriculture and poultry breeding, while promoting regenerative agriculture at all levels, providing families with healthy food choices that are exceptional in quality and taste. Cooks Venture is a Global Animal Partnership certified company, Certified Humane and verified Non-GMO. Cooks Venture works with Food ID to verify their no-antibiotics claim through science, not affidavits. For more information, visit cooksventure.com.