The company that creates animal-free fats using synthetic biology received $28.6 million in Series A funding.
The Australian company raised $11 million. One of the few companies in the food tech sector focused on developing the fats and oils that make alternative meats have better smell, taste and cooking capabilities is it.
The co-founder and CEO of Nourish Ingredients said that the challenge of creating flavor parity has been ongoing.
The main reason we exist is because our view is that these foods can improve. Market ignition can't be seen until they improve. You are reaching through to both the vegan and vegetarian community as well as getting them to keep coming back to the food. Our goal is that.
The need to reach a wide range of customers has been the most helpful thing to Nourish. He said that people were trying to fit a square peg into a round hole. Instead, the company created strains of yeast that can make fat at scale, which can be used to make alternatives to animal meat.
The company has raised about 40 million dollars in total and increased its valuation, but no one knows the actual value. The CEO said the company wanted to get to a point where it could translate the science into products.
The company is getting cooking results from putting its product into food. The scale is being worked on. The funds will be used to continue scaling that production.
Forging alliances with universities is one of the next R&D and scale steps. Next-Generation Foods in Australia is being produced by the company in partnership with the university.
The first fats product is expected to go into specialty foods.
He said that they have a line of products. We have realistic quantities that people can actually do something meaningful with, so we need to accelerate the conversion of ourMVP.
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