US-based vegetarian cheese developer Nobell Foods emerged from stealth yesterday with $75m in series B funding from investors including media, investment and data group AgFunder.
Investment firm Breakthrough Energy Ventures led the round, which included fellow new investors Footprint Coalition, Fifty Years, Hillhouse Capital Group, New Crop Capital and Pear VC.
In addition to AgFunder, the round also featured returning backers Andreesen Horowitz, Pear VC, New Crop Capital, Germin8 Ventures, Fifty Years, Mission Bay Capital and Matt Bellamy, the frontman of rock band Muse.
Founded in 2016 as Alpine Roads, Nobell is developing cheeses made from soybean plants that mimic the taste and texture of its dairy counterparts. It intends to begin selling its products by the end of 2021.
The money will be used to increase its headcount at the company, boost production efforts and form agricultural partnerships. It said it had raised over $25m prior to the series B round, having been seeded by accelerator operator Y Combinator.
