GroundForce Capital (formerly PowerPlant Ventures)

What does GroundForce Capital own?
GroundForce Capital holds equity stakes in 54 portfolio companies across food, beverage, health, wellness, and technology sectors. Notable investments include Beyond Meat, Liquid Death, Bobbie, Thistle, Apeel Sciences, and Ripple Foods. The firm has had 9 portfolio acquisitions and 1 IPO. It is a venture capital firm, not a consumer brand owner.

Is GroundForce Capital publicly traded?
No. GroundForce Capital is a privately held partnership owned by its four co-founders and limited partners who invest in the firm's funds. The firm is not listed on any stock exchange and does not publish public financial statements.

Who founded GroundForce Capital?
The firm was founded in 2015 by Mark Rampolla (founder of ZICO Beverages, acquired by Coca-Cola in 2013), Kevin Boylan and T.K. Pillan (co-founders of Veggie Grill), and Dan Gluck (co-founder of Health Warrior, acquired by PepsiCo in 2018). All four founders had built and sold consumer food and beverage companies before starting the firm.

Where is GroundForce Capital headquartered?
GroundForce Capital is based in Los Angeles, California, with offices in the Los Angeles area and the San Francisco Bay Area. The firm was originally based in Hermosa Beach, California, and has also been associated with Venice and Manhattan Beach.

How many brands does GroundForce Capital own?
GroundForce Capital does not own consumer brands. The firm holds minority equity stakes in 54 portfolio companies through its three investment funds. These companies span food, beverage, health, wellness, ag-tech, and decarbonization sectors.

Who owns GroundForce Capital?
GroundForce Capital is owned by its four co-founding managing partners (Mark Rampolla, Kevin Boylan, T.K. Pillan, and Dan Gluck) and the limited partners who commit capital to the firm's three funds. The firm operates as a standard venture capital partnership with general partners managing investments and limited partners providing capital.

What was the firm's name before GroundForce Capital?
The firm was originally called PowerPlant Ventures, later PowerPlant Partners. It rebranded to GroundForce Capital in August 2023 to reflect a broadened investment thesis beyond plant-based foods to include companies addressing human and planetary health more broadly.

What is GroundForce Capital's largest investment success?
Beyond Meat, which went public in May 2019, is the firm's most visible investment success. Other notable exits include OWYN, acquired by The Simply Good Foods Company for $280 million in June 2024, and Garten, acquired by HUNGRY in April 2025.

PowerPlant Ventures was founded in 2015 by Mark Rampolla, Kevin Boylan, T.K. Pillan, and Dan Gluck. The four founders had all built and sold consumer food and beverage companies. Rampolla had sold ZICO to Coca-Cola. Boylan and Pillan had built Veggie Grill into the largest plant-centric restaurant chain in the US. Gluck had co-founded Health Warrior, later acquired by PepsiCo. They started the firm to invest in the plant-based food sector at a time when most venture capital was not focused on that category.

The first fund, PowerPlant Ventures I, closed at $42 million in 2016. It was the largest dedicated animal-free food fund at the time. Early investments included Beyond Meat, Ripple Foods, Thrive Market, and REBBL. Beyond Meat became the firm's most visible success when it went public in May 2019 at $25 per share, with the stock trading above $200 at its peak. The IPO generated significant returns for the fund.

Fund II closed at $165 million in August 2019, exceeding its $100 million target. The fund had already completed investments in Vive Organic and Your Super at the time of closing. The firm continued investing in plant-based and better-for-you brands through Fund II, adding companies including Liquid Death, Miyoko's Creamery, and Partake Brewing to the portfolio.

Fund III closed at $330 million in September 2022 under the name PowerPlant Ventures III. The fund expanded the firm's thesis beyond plant-based foods to include ag-tech, decarbonization, supply chain, agriculture, and low-emission manufacturing. Early investments from Fund III included Bobbie, an infant formula brand, and KinderFarms, a family health and wellness company.

In August 2023, the firm rebranded from PowerPlant Partners to GroundForce Capital. Rampolla announced the rebrand as a broadening of the firm's focus from plant-based companies to a wider range of growth-stage companies making a positive impact on human and planetary health. The same team, same funds, and same investment thesis continued under the new name.

The firm has had 9 portfolio acquisitions and 1 IPO across 54 investments. Notable exits include Beyond Meat (IPO, 2019), OWYN (acquired by The Simply Good Foods Company for $280 million in June 2024), Garten (acquired by HUNGRY in April 2025), and Miyoko's Creamery (asset sale to MELT Organic in November 2025). The portfolio includes 2 unicorns.

Recent investments include Epicutis, a professional skincare brand, in 2025 and Rock River Laboratory in July 2026. The firm continues to invest from Fund III and has made 54 investments to date.