Food tech firm Joywell Foods has raised $6.9 million in a Series A funding round, led by Kraft Heinz-backed venture fund, Evolv Ventures.
Joywell Foods, previously known as Miraculex, has a proprietary technology platform which produces naturally sweet proteins, derived from exotic fruits. The company says that these proteins are ‘exponentially sweeter’ than sugar and not associated with the same long-term negative health implications.
In addition to Evolv Ventures, Joywell Foods’ Series A push was backed by Khosla Ventures and SOSV – which also participated in its Seed round – alongside Alumni Ventures Group and more.
Combined with Joywell Foods’ seed round, this latest investment brings the company’s total funding to $13.2 million.
Joywell Foods says that the new capital will enable the build-out of its technology platform, and the expansion of its sweet protein portfolio and R&D operations. The company also plans to test a number of consumer offerings through limited retail and direct-to-consumer channels.
“Our team is excited to bring sweet proteins to commercial scale with the support of our newest investor, Evolv Ventures,” said Karen Huh, CEO of Joywell Foods.
“These funds bring us one step closer to our vision of eliminating the prevalence of sugar in our diet. Sweet proteins – many of which are over 1000 times sweeter than sugar – can reduce how much sugar we consume in our daily lifestyle.”
Steve Sanger, founder and partner of Evolv Ventures, and newly-appointed board member at Joywell Foods, added: “We believe in the sweet protein space and its application in consumer products.
“Joywell Foods is a thought leader in this area and is pioneering solutions that enable great taste and reduce mainstream sugar consumption. The company has the potential to make a big impact in the sweet protein space.”
© FoodBev Media Ltd 2020