Nature’s Fynd, a food company growing sustainable protein from a microbe with origins in the geothermal springs of Yellowstone National Park, has raised US$350 million in a Series C financing – bringing the company’s total financing to over US$500 million.
This latest round of funding will help accelerate Nature’s Fynd growth – including expanding its production capacity, delivering exciting partnerships, laying the foundation for global reach and extending its product portfolio – will deliver on its strategy of creating foods that nourish people while nurturing the planet.
The round was led by SoftBank’s Vision Fund 2* and joined by new investors including Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment, EDBI, SK Inc. and Hongkou with continued support from existing investors.
Revolutionary fermentation technology
The company is a pioneer in the development and production of Fy, its highly versatile nutritional fungi protein that is grown by a revolutionary fermentation technology using just a fraction of the land, water and energy required by traditional agriculture.
“We know consumers today expect great tasting meat and dairy alternatives without compromising on health or sustainability. And Fy – our natural, complete vegan protein delivers on all fronts: amazing taste and texture while being healthier for people and gentler on the planet than traditional proteins,” says Thomas Jonas, CEO and co-founder of Nature’s Fynd.
The launch of its Fy Breakfast Bundle with Original Meatless Breakfast Patties and Dairy-free Cream Cheese earlier this year demonstrated how the company can meet its consumers’ expectations for meat and dairy alternatives with “no tradeoffs.”
“In the past year, we also showed that we can grow Fy at commercial scale leveraging robotics and automation in our new state-of-the-art facility in Chicago’s historic Union Stockyards,” adds Jonas.
Expanding to new geographies
In 2022, Nature’s Fynd will bring its 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 (QSR) and emerging high growth channels.
“Nature’s Fynd is combining its unique fermentation technology with robotics to develop protein-rich foods that are significantly more sustainable to create, and produced in a fraction of the time as animal- and soy-based proteins,” adds Angela Du, investment director at SoftBank Investment Advisers.
Breakthrough Energy Ventures, Generation Investment Management and 1955 Capital ,who led previous rounds of funding, have returned to support the company’s growth goals, alongside early investors including Danone Manifesto Ventures and ADM.
