A Pittsburgh-based startup with a patented biodegradable and edible film product that can be used for various packaging applications has announced plans to be acquired.
Generation Food Rural Partners (GFRP), a New York-located venture fund managed by Miami-based Big Idea Ventures, has reached an agreement to acquire DisSolves Inc., a startup headquartered in East Liberty.
Jared Raszewski, founder of DisSolves, will swap his CEO title for a chief product officer role following the deal. He declined to disclose the financial terms of the deal but expressed an interest to keep the startup in Pittsburgh.
"To me, this [company] has been a win for the Pittsburgh startup ecosystem and the many people and resources here that have helped me grow as a founder," Raszewski said in an email statement. "While we have not made a decision on relocating the company at this time, we plan on growing the team with the new investment from the Generation Food Rural Partners fund."
DisSolves, one of Pittsburgh Inno's 10 Startups to Watch in 2023, was a bit of a local favorite among the Pittsburgh startup scene.
It won Duquesne University’s 2022 New Venture Challenge and received funding from the Richard King Mellon Foundation’s inaugural Social-Impact Pitch Competition for startup companies in 2022. Innovation Works Inc., a North Side-based seed-stage investment firm, also backed the company financially and will see an exit from the deal as a result.
"Having worked closely with Jared since he first joined our AlphaLab Gear cohort, I’ve seen his entrepreneurial journey build and grow," Afshan Khan, portfolio executive of the hardware sector at Innovation Works, said in a prepared statement. "His relentless determination to develop a product that makes a meaningful difference for customers and the planet is paying off. Jared exemplifies the grit and innovation that we aim to foster in all of our startups."
