Richmond, Va.-based Grenova, which helps life sciences companies manage waste and reduce carbon footprint, has raised an undisclosed amount of growth capital and named industry veteran Ted Hull to its board.
The funding was led by Greenwich, Conn.-based Peloton Equity and Philadelphia-based Hamilton Lane’s Impact Fund II, with several other existing investors participating. The company said it would use the funds to enhance Grenova’s automation portfolio, expand R&D capabilities, and expand its team.
“This investment affirms confidence in our vision and the market’s urgency to reduce plastic waste,” said Grenova CEO Katherine Marrs, a former Stryker executive. “With this capital and Ted Hull on the board, we’re positioned to accelerate our mission to scale sustainable lab practices.”
Founded in 2014, Grenova develops environmentally friendly solutions for the life sciences industry. Its technology, notably, helps manage plastic consumables, and reuse pipette tips and microwell plates.
“We are excited to continue supporting Grenova’s growth,” said Ted Lundberg, Peloton Equity’s managing partner and Grenova’s chairman. “We have worked with Ted Hull over the past 20 years and are thrilled to have him join Grenova. Ted brings a powerful blend of vision and experience that will help Grenova press its advantage as a category leader.”
Hull has over 30 years of experience in the life sciences industry, including an over 20-year stint as CEO of a clinical lab, Grenova said. “Grenova is revolutionizing the way laboratories think about and use plastics — transforming single-use mindsets into sustainable, reusable solutions. I look forward to working closely with this talented team to continue driving meaningful change,” he said.
Peloton Equity is a private equity firm focused on growth capital investments in the healthcare industry. It invests in companies with between $10 million and $200 million of revenue with strong management. So far, the firm has invested in over 36 healthcare companies, deploying over $900 million in capital.
Hamilton Lane (Nasdaq: HLNE) is billed as one of the largest private markets investment firms. With a staff of 740 globally, the firm has $956 billion in assets under management and supervision, composed of nearly $135 billion in discretionary assets and more than $821 billion in non-discretionary assets.
