New Roots, Same Vision: S2G Backs Confluence Genetics to Scale Nutrient-Dense, Output-Driven Soybean Traits

In May 2025, Benson Hill’s core assets were acquired by Confluence Genetics, a new entity backed by S2G and Expedition Ag Partners, concluding the Chapter 11 process initiated by Benson in March 2025. This transaction reflects the culmination of a year-long effort to reset the business around an asset-light strategy and strong market demand signals in key end markets.

Over the past several years, the journey of Benson Hill – now Confluence Genetics – has mirrored both the opportunities and challenges inherent in transforming our agrifood systems. At S2G, our Food & Agriculture strategy is grounded in a belief that we need to do more with less: produce more nutrient-dense calories, reduce environmental impacts, and build systems that reward efficiency, resilience, and quality. 

Background of S2G’s Investment in Benson Hill

At the time of S2G’s initial investment in 2017, Benson Hill’s core mission was to combine data, AI/ML, and advanced breeding to produce output-oriented genetics in plants that would enable increased crop resiliency, sustainability, and nutrient-density. To date, greater than 90% of the ag industry’s breeding efforts have focused on creating varieties that affect the farm only, by increasing pest resistance, improving yield, or allowing for the application of new crop protection products. Additionally, traditional breeding methods hadn’t caught up to advancements in data analytics and were restricted by lengthy timelines (e.g., it can take over eight years to commercialize a new variety). With its combination of proprietary genomic data on commodity crops, a state-of-the-art breeding facility, and computational platform, Benson Hill could commercialize new varieties in five years. 

Our initial investments in Benson Hill were rooted in our conviction that specialty output traits will drive the next wave of value creation in commodity agriculture. Benson Hill had developed a differentiated platform that delivers more protein, oil, and energy per acre, creating value from farmer to processor to manufacturer. Its flagship product, Ultra-High Protein, Low-Oligosaccharide (UHP-LO) soybeans, has been demonstrated to lower costs and increase yield for poultry producers by improving feed conversion and animal health. UHP-LO soybeans can increase protein output per acre while reducing reliance on supplemental feed inputs, aligning directly with S2G’s goals to improve land productivity, supply chain efficiency, and sustainability outcomes. This innovation is highly relevant in today’s market, where consumers are increasing animal protein intake, despite negative impacts on planetary health. We believe that the company’s focus on nutrient-density will be critical to create an agrifood system that can support over 8 billion people without further straining our planet’s carrying capacity. 

During the post-COVID, low-interest rate period, Benson Hill raised capital to accelerate growth and establish a vertically integrated supply chain. In 2021, the company went public through a de-SPAC transaction and pursued a capital-intensive model aimed at achieving end-to-end quality control and commercial autonomy. At the time, this integration was thought to be a necessary step given the novelty of its genetics and differentiated value proposition within the existing commodity system.

Until late 2023, Benson Hill targeted the plant-based end market via a non-GMO, high-protein soybean product, still used today in meat alternatives and traditional soy products. Between 2019 and 2021, investments in alternative protein were at an all-time high, and the industry seemed positioned to overtake animal-based protein in certain categories. 

A Shift in Market Conditions

Beginning in late 2021 and continuing through 2023, shifting consumer patterns and evolving investor expectations prompted many companies across ag, foodtech, and climate sectors to reevaluate their go-to-market strategies. In alt protein, cost curves failed to decline at expected rates, there was a plateau in consumer demand, product performance was lacking, and high repeat purchase rates did not materialize. In the macro environment, capital markets began to contract as Fed rate hikes attempted to cool inflation. Companies that had previously benefited from ​“growth at all costs” funding environments were now expected to demonstrate clear commercial traction, profitability pathways, and tighter cost discipline.

As the cost of capital rose and market expectations tightened, Benson Hill’s vertically integrated model became increasingly difficult to sustain. Benson Hill leadership made the strategic decision to pivot to an asset-light licensing and direct sales model to support more localized, processor-aligned supply chains, reducing transportation emissions and supporting regional sourcing. The company concurrently diversified its portfolio to serve other markets, including animal feed and biofuels. The company’s go-to-market shift, which in our view positioned it well for the bankruptcy restructuring that occurred, aligned closely with S2G’s focus on creating system change by engaging with existing systems and incumbents. 

To support its focus on feed end markets, the company conducted university trials and animal feeding studies that confirmed significant value creation opportunities in poultry, dairy, and aquaculture. Trials with partners including Perdue and Tyson showed that its UHP-LO soybean meal consistently improves poultry performance – delivering up to 5% higher bird weights and 3% better feed conversion. The meal also provides higher metabolizable energy and fewer antinutrients, improving bird health compared with conventional soybean meal. 

Partnership With Confluence Genetics 

Despite this traction, it was clear that continued investment with a long-term focus was needed, a patience that the public markets are ill-suited to provide. Even with its breeding innovations, full commercialization of its pipeline would take years and substantial supply chain coordination to achieve. S2G reengaged with the company, looking to support them during the business model transition. We were committed to identifying like-minded syndicate partners who shared our long-term view and were willing to roll up their sleeves to support what we believed would be a complex but high-potential transition.

We were familiar with Mike DeCamp, co-founder of Expedition Ag Partners (EAP) alongside the family office of Robert R. Herrmann, Jr., through his leadership roles at CoverCress and Teays River, and introduced him and EAP to the company. DeCamp’s experience – most recently as CEO of CoverCress (sold to Bayer, Bunge, and Chevron) – speaks for itself. He recognized the opportunity to unlock value through output-driven traits in commodity crops and saw the long-term potential embedded in the business. He, alongside his colleague Mark Holekamp, has deep roots in ag, finance, and the St. Louis ecosystem, making EAP, in our view, the ideal partner to help Confluence succeed. As the company entered Chapter 11, S2G partnered with EAP to support a full recapitalization and operational reset. Today, we believe Confluence is emerging as a leaner, more focused business – with a product that resonates across the supply chain, a path to profitability, and a renewed mandate. The company is led by an experienced team, including CEO Kim Hurst and Vice President of Product Aaron Robinson.

Creating systems change often follows a nonlinear path, one that requires patience and frequent reassessments of strategy and orientation. Though there is still significant work to be done, we believe that Confluence’s proprietary soybean genetics and distinct breeding program position it to serve animal feed and food-grade end markets with more nutritious products while creating value for farmers and processors. As demand grows for sustainable protein and bio-based inputs, Confluence can offer a scalable solution to improve both environmental outcomes and system productivity. We remain confident that specialty crops will increasingly displace existing commodity options, and we believe Confluence is well-positioned to lead this transition.