AAA Corporates feed Nature’s Fynd in $350m series C

Corporates feed Nature’s Fynd in $350m series C

Telecommunications and internet group SoftBank’s Vision Fund 2 led a $350m series C round for US-based alternative protein developer Nature’s Fynd yesterday.

Food producer Danone’s corporate venturing arm, Danone Manifesto Ventures, also participated in the round, as did agribusiness Archer Daniels Midland (ADM) and conglomerate SK.

The participants were completed by Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Capital, EDBI, Hongkou Capital, Breakthrough Energy Ventures, Generation Investment Management and 1955 Capital.

Formerly known as Sustainable Bioproducts, Nature’s Fynd grows a fungi protein named Fy, which is used as the basis for meat and dairy products which do not require animals.

Fy is obtained from a microbe with origins in the geothermal springs of Yellowstone National Park and is grown with a fermentation technology that uses a fraction of the land, water and energy required by traditional agriculture.

The funding will be used to accelerate the company’s growth as it looks to boost its production capacity, expand internationally and broaden its product portfolio. It expects to launch its Fy-based meatless and dairy-free products in selected retailers later this year.

Thomas Jonas, co-founder and CEO of Nature’s Fynd, said: “In 2022, we will bring our branded Fy based foods to consumers in the US, expand to new geographies with a special focus on Asia where there is substantial demand and need for sustainable protein, and create multiple brand-aligned partnerships for retail, quick-serve restaurants and emerging high growth channels.”

The round brings the overall funding raised by Nature’s Fynd to over $500m, it said. It received $80m in a March 2020 series B round co-led by Generation Investment Management and Breakthrough Energy Ventures and backed by ADM unit ADM Ventures, Danone Manifesto Ventures, 1955 Capital and Mousse Partners.

The company had collected $33m in an early 2019 series A round led by 1955 Capital that included Danone Manifesto Ventures, ADM Ventures, Breakthrough Energy Ventures, Lauder Partners and the Liebelson family office.

Nature’s Fynd had previously received backing from Nasa, National Science Foundation, National Park Service, the US Environmental Protection Agency, the US Department of Agriculture, the State of Montana and Montana State University.