DLA Piper represented food technology company Pairwise in its recent US$90 Series B financing. The round was led by Pontifax Global Food and Agriculture Technology Fund and existing investor Deerfield Management Company, and included new investor Temasek and existing investor Leaps by Bayer.
Pairwise is using cutting-edge technology to build a healthier world by introducing better fruits and vegetables with improved taste, enhanced convenience, increased shelf life, improved yield, simplified harvesting or lengthened season availability. To address challenges with inconsistent flavor, seeds, shelf life, year-round availability and snackability, Pairwise will bring to the produce aisle new varieties of nutritious fruits and vegetables, and is currently developing new types of leafy greens, berries and cherries. Its first product is expected in 2022.
“We were thrilled to partner with Pairwise to complete this financing, which will enable Pairwise to continue developing advancements that address important challenges in food and agriculture,” said Randy Socol, the DLA Piper partner who led the firm’s deal team. “This is an extremely talented management team, and together with a strategic set of investors and experienced and thoughtful board, Pairwise is well positioned to continue its efforts to bring healthy, sustainable foods to market. We are excited about our partnership with the Pairwise team and look forward to providing additional support as they continue to build a great company.”
“As a rapidly scaling startup, it is essential that the Pairwise team has the right partners in place,” said Ian Miller, EVP of Business Operations for Pairwise. “The DLA Piper team brought expert domain knowledge and strategic counsel to the closing of our US$90 million Series B round.”
In addition to Socol (San Diego), the DLA Piper team representing Pairwise included associates Shehzad Huda and Leon Johnson (both of San Diego).
DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including healthcare, insurance, biotech, manufacturing, communications, software and semiconductors. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.
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