Plant-based ingredient producer Nutriati has received $12.7 million in a Series C Funding round led by private equity firm Manna Tree and Open Prairie, an existing investor in Nutriati.
Nutriati produces a range of plant-based ingredients made from pulses, including chickpea flour, chickpea protein and oils.
Nutriati’s ingredients can be used as a replacement for eggs, offer oil and water binding capabilities and can stabilise liquid suspensions.
Applications catered for by the company’s ingredients portfolio include plant-based meats, dairy alternatives, gluten-free pasta, bread, tortillas and more.
Nutriati said it will use the investment to increase production capacity and explore the development of new ingredients.
Michael Todd, CEO of Nutriati, said, “Manna Tree’s investment, alongside the recent funding from Open Prairie, will accelerate our growth, enable us to develop more innovative ingredients, increase production and reach new customers.
“Brent and the Manna Tree team share our commitment to improving the quality of the food supply with healthier, better-tasting options for consumers. In addition to capital, our strong investor base brings expertise and a deep network that will fuel our responsible growth.”
Manna Tree Partners COO Brent Drever added: “Nutriati uses science and technology to produce healthier ingredients, with an emphasis on taste, texture and nutrition.
“We are proud to partner with Michael Todd and his team, which is committed to the research, development and commercialisation of innovative and sustainable ingredients.
“As demand rises for healthier eating, Nutriati is well-positioned to grow for years to come.”
© FoodBev Media Ltd 2019