Food-tech company Nature’s Fynd has raised $350 million in a Series C funding round, as it looks to bring its fungi protein-based products to consumers worldwide.
The Series C round brings the company’s total financing to over $500 million, following a $45 million raise last December.
Nature’s Fynd produces its nutritional fungi protein called Fy from a microbe sourced from volcanic springs, using fermentation technology that it claims uses just a fraction of the land, water and energy required by traditional agriculture.
Earlier this year, Nature’s Fynd launched its Fy Breakfast Bundle with Original Meatless Breakfast Patties and Dairy-free Cream Cheese direct-to-consumers, which it claims sold out in 24 hours.
With the capital, the company is looking to enter multiple brand-aligned partnerships with retail stores and quick-serve restaurants – expecting to further roll out its Fy based meatless and dairy-free products in the coming year.
Nature’s Fynd also intends to expand its production capacity and product portfolio and says it is preparing for a significant geographical expansion, with a particular focus on Asia.
Thomas Jonas, CEO and co-founder of Nature’s Fynd, said: “We know consumers today expect great tasting meat and dairy alternatives without compromising on health or sustainability. And Fy – our natural, complete vegan protein delivers on all fronts: amazing taste and texture while being healthier for people and gentler on the planet than traditional proteins.
“In the past year, we also showed that we can grow Fy at commercial scale leveraging robotics and automation in our new state-of-the-art facility in Chicago’s historic Union Stockyards.”
The Series C round was led by SoftBank’s Vision Fund 2 and joined by new investors such as Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment and Hongkou. Existing investors also continued to show their support including Breakthrough Energy Ventures, Generation Investment Management and 1955 Capital, Danone Manifesto Ventures and ADM.
Angela Du, investment director at SoftBank Investment Advisers, said: “We are excited to partner with Thomas Jonas and the Nature’s Fynd team to help them scale their business and capture the tremendous global opportunities in front of them.”
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