Companies · Manufacturing

S & P Ingredient Development, LLC

ST. LOUIS PARK · Manufacturing

Diligence memoA one-page analyst read on S & P Ingredient Development, LLC — recommendation, valuation, rhythm, risks.
$93.6M
Total raised · real
7
Rounds
0.4×
Latest step-up
Top 5%
Sector rank · raised
Series B
Latest stage · inferred · Thu Oct 13 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

S & P Ingredient Development, LLC looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the manufacturing sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.39× the median modeled value of Series B Manufacturing companies in 2022–2024 (44 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.7 yr ago; this sector typically re-raises about every 12 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

S & P Ingredient Development, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
12.5 yr record
Peak capital year was 2016 with $55.0M across 2 filings.
Market position
ahead of 96% of Manufacturing peers
Capital scale is ahead of 96% of Manufacturing peers; modeled value is above 77% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2016: $55.0M across 2 filings.
  • Largest single filing was $35.0M on 2016-07-01.
  • Filing rows sum to $109.6M, while canonical raised total is $93.6M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
  • Canonical filtering should be tightened before using row-level totals for diligence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Manufacturing

S & P Ingredient Development, LLC is one of 3256 Manufacturing companies tracked from ST. LOUIS PARK. By capital raised it ranks among the largest (ahead of 96% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries A · 2014-01-03 Raised $13M (real) Modeled valuation $126M (est)Series A2014Series A · 2014-07-01 Raised $4.1M (real) Modeled valuation $41M (est)Series A2014Series A · 2014-12-19 Raised $995K (real) Modeled valuation $9.9M (est)Series A2014Pre-Seed · 2014-12-19 Raised $995K (real) Modeled valuation $15M (est)Pre-Seed2014Series B · 2016-07-01 Raised $20M (real) Modeled valuation $219M (est)Series B2016Series B · 2016-07-01 Raised $35M (real) Modeled valuation $384M (est)Series B2016Series B · 2021-12-29 Raised $15M (real) Modeled valuation $127M (est)Series B2021Series B · 2021-12-29 Raised $15M (real) Modeled valuation $127M (est)Series B2021Series B · 2022-10-13 Raised $5.9M (real) Modeled valuation $43M (est)Series B2022+$4.1M+$995K+$995K+$20M+$35M+$15M+$15M+$5.9MCumulative $110M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$12.7M · 2014
Series A extension$4.1M · 2014
Series A extension$995K · 2014
Bridge · Series A-stage$995K · 2014smaller follow-on
Series B$20.0M · 2016
Series B extension$35.0M · 2016
Series B extension$15.0M · 2021
Series B extension$15.0M · 2021
Series B extension$5.9M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 75%.

Modeled valuation trajectory
$43.3M
Base estimate est.
$15.0M
Conservative case
$107.7M
Upside case
$32.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the manufacturing sector profile. Directional, not a quoted figure.

Series A · modeled $126.3M · 2014-01-032014Series A · modeled $40.9M · 2014-07-01Series A · modeled $9.9M · 2014-12-19Pre-Seed · modeled $15.2M · 2014-12-19Series B · modeled $219.3M · 2016-07-01Series B · modeled $383.8M · 2016-07-01Series B · modeled $126.7M · 2021-12-29Series B · modeled $126.7M · 2021-12-29Series B · modeled $43.3M · 2022-10-132022
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
69%
Survival probability
46% low · 85% high
1.19×/yr
Annual markup
1.44×/yr upside case
3.7 yr
Elapsed time used
3.7 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$10.7M/yr
Capital velocity
12.5 yr
On record since
2014
First round
9
Rounds on file
How it compares to the market

Benchmarked against 3256 companies in Manufacturing. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 46× above median
This company$93.6M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.3× of median
This company$5.9M
Sector median$18.5M
Modeled value — vs sector median (estimate, all stages) 3.6× above median
This company$43.3M
Sector median$12.0M

Raised more than 96% of sector peers (real $). Modeled value above 77% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #36 of 44.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Stryve Foods, Inc. · Series B Raised $35.0M · modeled $294.5M (est)JW Rutledge Distillery, LLC · Series B Raised $34.0M · modeled $276.2M (est)Orange EV LLC · Series B Raised $35.0M · modeled $267.7M (est)Brondell Inc. · Series B Raised $28.6M · modeled $229.9M (est)Advantest Corp · Series B Raised $26.1M · modeled $204.7M (est)Endera Corp · Series B Raised $55.9M · modeled $200.8M (est)Goldback Inc. · Series B Raised $35.0M · modeled $197.3M (est)Trade Secret Chocolates, LLC · Series B Raised $32.1M · modeled $177.1M (est)VGI Plastics Sub Acquisition Company, LLC · Series B Raised $22.3M · modeled $163.9M (est)Lemurian, Inc. · Series B Raised $33.0M · modeled $158.1M (est)Selkirk Pharma, Inc. · Series B Raised $82.1M · modeled $152.6M (est)Xos, Inc. · Series B Raised $20.0M · modeled $151.9M (est)S & P Ingredient Development, LLC (this company) Raised $93.6M · modeled $43.3M (est)S & P Ingredient Development, LLC
CompanyStageRaised · realValue · estvs peer med.
Stryve Foods, Inc.Series B$35.0M$294.5M2.64×
JW Rutledge Distillery, LLCSeries B$34.0M$276.2M2.47×
Orange EV LLCSeries B$35.0M$267.7M2.40×
Brondell Inc.Series B$28.6M$229.9M2.06×
Advantest CorpSeries B$26.1M$204.7M1.83×
Endera CorpSeries B$55.9M$200.8M1.80×
Goldback Inc.Series B$35.0M$197.3M1.77×
Trade Secret Chocolates, LLCSeries B$32.1M$177.1M1.58×
VGI Plastics Sub Acquisition Company, LLCSeries B$22.3M$163.9M1.47×
Lemurian, Inc.Series B$33.0M$158.1M1.41×
Selkirk Pharma, Inc.Series B$82.1M$152.6M1.37×
Xos, Inc.Series B$20.0M$151.9M1.36×
S & P Ingredient Development, LLC this companySeries B$93.6M$43.3M0.39×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$12.7M2014-01-03$57.5M$126.3M85%
Series A$4.1M2014-07-01$18.6M$40.9M85%
Series A$995K2014-12-19$4.5M$9.9M85%
Pre-Seed$995K2014-12-19$5.5M$15.2M85%
Series B$20.0M2016-07-01$111.1M$219.3M85%
Series B$35.0M2016-07-01$194.4M$383.8M90%
Series B$15.0M2021-12-29$83.3M$126.7M90%
Series B$15.0M2021-12-29$83.3M$126.7M90%
Series B$5.9M2022-10-13$32.7M$43.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$12.7M2014-01-03
    • First recorded raise — entered as Series A.
    • 18 investors on this round.
  2. Series A$4.1M2014-07-01
    • Came back fast: 6 mo vs the ~12 mo sector norm.
    • Round 3.1× smaller than the prior — bridge or down round.
  3. Series A$995K2014-12-19
    • Came back fast: 6 mo vs the ~12 mo sector norm.
    • Round 4.1× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  4. Pre-Seed$995K2014-12-19
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  5. Series B$20.0M2016-07-01
    • Raised again after 18 mo — slower than the ~12 mo sector norm.
    • Round 20.1× larger than the prior — scaling up.
  6. Series B$35.0M2016-07-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.8× larger than the prior — scaling up.
  7. Series B$15.0M2021-12-29
    • Raised again after 66 mo — slower than the ~12 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
  8. Series B$15.0M2021-12-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  9. Series B$5.9M2022-10-13
    • Raised 9 mo later, in step with the ~12 mo sector norm.
    • Round 2.5× smaller than the prior — bridge or down round.
Intelligence
2023 ~Q4
Modeled next raise · ~13mo cadence
$5.9M
Modeled next size est.range $5.9M$9.4M
0.4×
Last step-up
$10.7M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Samir Kaul31 other2014-01
Tjerk De Ruiter2 other2014-01
ARMANDO REQUEJO2021-12
Arthur Stickley2014-01
BARRY KNUDSON2021-12
BRIAN BOOR2014-07
EDWARD MIKOLAY2021-12
GEORGE LYALL2016-07
Raymond DeRiggi2014-01
Stephen Key2014-01
Thomas Manuel2014-01
Registry & provenance

S & P Ingredient Development, LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1542080
SEC CIK
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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
S&H Acquisition, LLCManufacturingSeries A$42.0M87%
A&P Beverage Company, LLCManufacturingSeed$24.5M85%
S2A Investments, LLCManufacturingSeed$24.9M83%
P&THE Manufacturing Acquisition LLCManufacturingPre-Seed$4.4M83%
Culinary Sciences, Inc.ManufacturingSeed$7.4M83%
S2A Investments 2, LLCManufacturingPre-Seed$6.3M83%
Food & Beverage Innovations, LlcManufacturingSeries A$49.9M83%
S2A Investments 5, LLCManufacturingPre-Seed$2.0M82%
Frequently asked
How much funding has S & P Ingredient Development, LLC raised?
S & P Ingredient Development, LLC has raised approximately $93.6M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is S & P Ingredient Development, LLC's estimated valuation?
Provath's modeled valuation for S & P Ingredient Development, LLC is approximately $43.3M (modeled range $15.0M–$107.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is S & P Ingredient Development, LLC at?
S & P Ingredient Development, LLC's latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Oct 13.
What does S & P Ingredient Development, LLC do and where is it based?
S & P Ingredient Development, LLC operates in the Manufacturing sector, based in ST. LOUIS PARK.
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