Daily News: January 4, 2019

Trend Discovery Provides $10MM Revolver to AgTech Firm Ecoark


Trend Discovery SPV I established a revolving credit facility for up to $10 million for Ecoark Holdings, an AgTech company focused on modernizing the post-harvest fresh food supply chain and planning to rename itself Zest Technologies.

Ecoark’s wholly-owned subsidiary, Zest Labs, continues to see a high-level of interest in its freshness management and operational efficiency solutions from national growers and leading retailers across North America.

The company has stabilized its operating expenses now that Zest Labs has commercialized its software, reduced its development costs and increased spending in sales and marketing. Ecoark Holdings also expects to sell or close the rest of its subsidiaries in 2019, allowing management to focus and invest in Zest Labs moving forward.

Ecoark plans to use the Trend funds to support the company’s continued growth and market development.

“Zest Labs will enter 2019 with industry-leading clients and customer prospects that can lead to significant revenue growth,” said Randy May, CEO of Ecoark. “This credit facility will help ensure that we can fund the investment necessary to execute against those opportunities, meeting the pace of interest we see in the market with commercial borrowings without diluting our shareholders equity. It is great to work with Trend Discovery Capital Management and align with their successful strategy of funding strong management teams with emerging technologies.”

Trend Discovery invests in a select number of early stage startups each year as part of its venture capital strategy.