The Stover Ventures team continues to focus on raising capital and securing an off-take agreement for the extract. Meetings held for individual investors across Iowa and Minnesota attracted roughly 350 attendees and generated approximately $8,000,000 in investment and verbal indications. The offering is open through September 30, 2018 with a minimum of $20,000,000 needed to break escrow and begin construction. There are a few important updates to share with investors and potential investors related to the project.
Stover Ventures has reached “Phase Two” with its largest potential customer. This company has the capacity to buy 100% of production under the right circumstances. The potential customer has requested a larger sample to determine efficacy at different dosage levels. There is still more work to be done, but this is a big step toward getting to an off-take agreement for the extract.
GRAS Associates, LLC has been engaged to represent Stover Ventures for “Generally Recognized As Safe” certification for the extract. Initial work began with literature searches for other products containing similar plant extracts or polyphenols.
Capital raise efforts have shifted to focus on institutional investors going forward. These investors consist of companies that make strategic investments in new technology, venture capital firms, private equity firms, and infrastructure project equity firms.
With the majority of current investors being farmers, the Stover Ventures board has decided to delay calling for the remaining 80% of the investment until December or early January, or in other words, when harvest is complete. The company felt this is logical given the seasonal cash flow cycle for farmers.
We would like to ask supporters of this project for referrals or ideas to reach doctors and medical professionals that have an interest in investing in startups. We know this group exists but have not been able to reach them effectively yet.
We appreciate your support in building another value-added ag business in rural America!