The recently formed venture arm of The Hallstar Company has announced its minority investment in BioReNuva, a biotechnology developer based in Austin, Texas. According to Hallstar, this will enable the company to explore novel approaches in the biosynthesis space, leveraging BioReNuva's expertise and manufacturing capabilities.
According to this agreement, Hallstar will provide board-level oversight, while day-to-day operations will continue to be independently managed solely by the BioReNuva team.
Hallstar chairman and CEO John Paro says, “Our existing innovation in natural functional and active ingredients has an impressive track record, and has underscored customers’ passionate need for ingredients that are safe, biodegradable, and effective. We see a future where biotech excipients – biosurfactants, for example, where BioReNuva already excels – will be a large portion of total growth in the beauty and personal care market.”
BioReNuva founder Dennis Zlotnik agrees that biotech has a significant runway for market capture as scale and costs improve, and as consumers increasingly demand ingredients with low environmental impact. Zlotnik says, “My team and I have a strong affinity with Hallstar’s priorities, and we welcome this partnership. Strategic investors contribute to our company’s steady growth, and allow us to realize key goals when it comes to technical development, production capacity, and expansion into multiple verticals.”
“In researching the large-scale biotech landscape, we were truly impressed with BioReNuva’s vision, scientific talent, product performance and ability to execute,” observed Allan Koch, Hallstar’s chief financial officer.
Koch concludes, “Identifying these growth venture opportunities and connecting meaningfully with adjacent fields of chemistry help us create value for our customers.”
