Nature’s Fynd, the US start-up that uses microbial fermentation to create alternatives to meat and dairy products, has attracted more investors.
The Chicago-based company announced today (July 19) that it has completed a $ 350 million Series C financing round.
In a statement, Nature’s Fynd said the new funds had raised more than $ 500 million from investors.
The Series C round was led by SoftBank and also saw new investors such as Blackstone, Asian investor EDBI and South Korean conglomerate SK Inc.
Nature’s Fynd said the new funds would help “accelerate” its growth, including efforts to expand its manufacturing capacity and expand its product portfolio.
The company makes foods that contain a fungal protein called Fy. Nature’s Fynd says Fy came from a microbe originally discovered in Yellowstone’s geothermal springs. The company claims that fermentation technology uses a fraction of the amount of land and water used in traditional agriculture.
“The successful launch of our Fy breakfast package with original meatless breakfast patties and non-dairy cream cheese earlier this year – which sold out within 24 hours – clearly demonstrated that we can meet our consumers’ expectations for delicious meat and milk alternatives without trade -offs” said Thomas Jonas, CEO and co-founder of Nature’s Fynd. “Last year we also demonstrated that we can use robotics and automation to grow Fy on a commercial scale at our new state-of-the-art facility in Chicago’s historic Union Stockyards.”
Nature’s Fynd expects to launch its meat-free and dairy-free products containing the Fy ingredient at select retailers later this year.
Jonas said the company aims to “create multiple branded partnerships for retail, fast food and emerging high-growth channels.”
He added, “In 2022, we will bring our branded foods on a Fy basis to consumers in the US and expand into new regions, with a particular focus on Asia, where there is significant demand and need for sustainable protein.”
Early investors in Nature’s Fynd included Danone and the US agri-food company ADM.
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