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VentureSouth Announces Successful Exit From Portfolio Company Atlas Organics

Devon Smith
Devon Smith
Last updated: June 3, 2024

VentureSouth is pleased to announce that it has successfully exited one of its portfolio company investments following the acquisition of Atlas Organics by Generate Capital

Atlas Organics is a developer and operator of commercial composting solutions based in Spartanburg, SC. Atlas Organics recently completed a transformational transaction aimed at expanding its operations nationwide in partnership with Generate Capital, a leading owner and operator of organic waste processing solutions and sustainable infrastructure in North America. 

VentureSouth first invested in Atlas Organics by leading the company’s seed round in late 2015, when Atlas was an early-stage startup with a team of fewer than five people. Including four additional funding rounds over the next six years, approximately 200 VentureSouth members invested nearly $2 million in Atlas Organics as the company grew to over 135 people across five states. Three VentureSouth sidecar funds (VentureSouth Angel Funds I, II, and III) also invested in Atlas. 

Terms of the partnership remain undisclosed, but all of the VentureSouth investors and funds realized significant investment returns across each of the investment rounds. VentureSouth Managing Director Paul Clark commented: “It has been a pleasure and privilege to invest in Joseph McMillin, Gary Nihart, and the Atlas Organics team; to watch them mature and grow as entrepreneurs and leaders; and to generate positive returns for VentureSouth members from investing in local companies. We’re grateful for the partnership, proud of the part VentureSouth and its members have played in its growth, and excited to see how Atlas continues to grow its business nationwide with the new capital from Generate Capital.” 

CEO of Atlas Organics, Joseph McMillin, added, “Thanks to the VentureSouth team and members who have provided invaluable capital, advice, board contributions, and support over several years to help Atlas grow to where we are today. In the next four years, we will continue to grow Atlas, from our home in Spartanburg, SC, to the premier organics recycling company in the nation.” 

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