US food tech company Joywell Foods has raised $25 million in a Series B funding round to bring sweet proteins to market.
The round was led by venture capital firm Piva Capital, with participation from B37 Ventures and Global Brain Corporation as well as existing investors Khosla Ventures, Evolv Ventures, SOSV’s IndieBio and Alumni Ventures.
Joywell Foods uses a proprietary microbial fermentation process to produce sweet proteins that are almost identical to those found in exotic fruits and berries. The business says that although these sweet proteins mimic the taste of sugar – and are 2,000-5,500 times sweeter than sugar – they don’t impact blood sugar levels or gut microbiomes.
The ingredient company has created a line of plant-based flavoured beverages which contain the sweet proteins, while also including no sugar and a low-calorie count.
The company will use the funds to accelerate R&D and scale-up for commercialisation across its sweet protein platform.
Piva Capital’s partner and co-founder, Adzmel Adznan, said: “Traditional sugar is not only the chief culprit in our battle with obesity and diabetes, but it also requires millions of acres of land impacting precious ecosystems. Joywell Foods’ sweet proteins are a genuine breakthrough in addressing both of these critical issues.”
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