US animal-free cheese company New Culture has raised $25 million in a recent oversubscribed Series A round, led by Ahren Innovation Capital and CPT Capital.
Other new investors included ADM Ventures and Be8 Ventures, ADM, Dr. Oetker, S2G Ventures and Future Ventures.
Existing investors participating in the round were Evolv Ventures (a subsidiary of Kraft Heinz), SOSV’s IndieBio, Bee Partners, Mayfield, Alumni Ventures Group and Bluestein Ventures.
New Culture produces animal-free casein and animal-free mozzarella and, according to the brand, combines “traditional cheesemaking, fermentation and food science to bring about a sustainable, new culture for the world of dairy”.
The company’s cheese is also said to mimic the nutritional content of conventional dairy and provides essential protein and nutrients.
Matt Gibson and Inja Radman, New Culture’s co-founders, commented: “We’re thrilled to close our Series A with an incredible syndicate of existing and new investors. The progress we have made with our science and our cheese is a testament to the world-class team we have been fortunate enough to build and work alongside.”
They added: “We can’t wait to dive into this next phase of scale-up and production to offer our delicious, melty, animal-free cheese to pizza lovers all across the country”.
The company will use the investment to transition to a commercial entity by making key hires and scaling up its production capacity.
In 2019, New Culture raised $3.5 million in a seed funding round led by Kraft Heinz.
© FoodBev Media Ltd 2022
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