Food-tech company Nature’s Fynd, formerly known as Sustainable Bioproducts, has secured $80 million in a Series B funding round, supporting the commercialisation of food and beverage products made with its microbe-grown protein.
The Chicago-based firm specialises in the production of a protein from a microbe originally discovered in the geothermal springs of Yellowstone’s ancient volcano, which can be used to make alternative meat and dairy products, as well as protein drinks and powders.
The funding round was co-led by Generation Investment Management LLP, a sustainable investment firm, and Breakthrough Energy Ventures, a $1 billion fund that invests in companies combating climate change.
Other investors in the round include 1955 Capital, ADM Ventures and Danone Manifesto Ventures, the venture capital arms of ADM and Danone – all previous participants in a Series A Financing round last year which saw the company raise $33 million – and Mousse Partners.
According to Nature’s Fynd, its fermentation technology grows protein using a fraction of the land and water resources required by traditional agriculture and aims to provide a solution to meet consumers’ nutritional needs without damaging the environment.
The resulting products produced by the process reportedly contains all 9 essential amino acids, “making it one of the rare non-animal sources of complete protein” and also includes dietary fibre, calcium, and vitamins.
With its funding, the company will commercialise its protein into food and beverage products across breakfast, lunch, dinner, and snack occasions.
Production of its alternative protein began this month at Nature’s Fynd’s new 35,000-square-foot manufacturing facility in Chicago’s South Side.
“In these challenging times, securing food for our growing population under the immense pressure of climate change becomes even more urgent,” said CEO and co-founder Thomas Jonas.
Jonas added: “We must find new solutions that can both nourish people and nurture the planet. Our innovative technology was developed by studying nature’s own solutions for adapting — and ultimately thriving — in environments with limited resources.”
Lila Preston, co-head of the Growth Equity strategy at Generation Investment Management, said: “Nature’s Fynd has a highly efficient solution to help address the climate crisis. We have tracked the team and technology for several years and believe this is one of the most scalable platforms to drive true food system sustainability.”
© FoodBev Media Ltd 2019