US-based edible protein developer Nature’s Fynd raised $80m in series B funding yesterday from a consortium including agribusiness Archer Daniels Midland and food producer Danone.
Generation Investment Management and Breakthrough Energy Ventures co-led the round, which also featured 1955 Capital and Mousse Partners. The corporates invested through subsidiaries Danone Manifesto Ventures and ADM Ventures respectively.
Founded in 2012 as Sustainable Bioproducts, Nature’s Fynd has developed fermentation technology to grow protein using a fraction of the land and water resources required by traditional farming. It is based on research conducted at government agency Nasa.
Earlier this month, the company initiated production of a range of food and beverage products that contain calcium, fibre, vitamins and all essential amino acids without relying on animal sources. It plans to use the funding to double its headcount to 100 by the end of the year.
Thomas Jonas, co-founder and chief executive of Nature’s Fynd, said: “In these challenging times, securing food for our growing population under the immense pressure of climate change becomes even more urgent.
“We must find new solutions that can both nourish people and nurture the planet. Our innovative technology was developed by studying nature’s own solutions for adapting – and ultimately thriving – in environments with limited resources.”
Nature’s Fynd picked up $33m in a February 2019 series A round led by 1955 Capital and backed by Danone Manifesto Ventures, ADM Ventures, Breakthrough Energy Ventures, Lauder Partners and the Liebelson family office.
The company’s early backers include Nasa, National Science Foundation, National Park Service, US Environmental Protection Agency, US Department of Agriculture, State of Montana and Montana State University, it said.
