Natureʼs Fynd Raises $350M Series C for its Microbial Protein 3/5/22, 12(08 AM

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JULY 19,
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2021

FILED

UNDER:
ALTERNATIV

E PROTEIN

BUSINESS
OF FOOD

FUNDING
Nature’s Fynd, which makes protein Sea & Believe is Making
FUTURE from microbes that originated in Plant-Based Whole Cut
FOOD ‘Cod’ That Flakes Like
geothermal springs of Yellowstone Real Fish
National Park, announced today

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Natureʼs Fynd Raises $350M Series C for its Microbial Protein 3/5/22, 12(08 AM

that it has raised a $350 million

Series C round of funding. The
round was led by SoftBank’s Vision
Fund 2, with participcation from
Could the Secret to Alt-
new investors including Blackstone Meat Success Be in
Strategic Partners, Balyasny Asset Making it Less “Meaty”?
Daily Harvest Thinks So
Management, Hillhouse
Investment, EDBI, SK Inc. and
Hongkou, as well as other existing
investors. This brings the total
amount raised by Nature’s Fynd to
more than $500 million. An Airbnb for Air Fryers?
How the Sharing
Economy is Slowly
Coming to Home
The company’s protein is called Fy, Appliances
and it’s a fermented fungi protein
derived from the Fusar​i​um strain
,avolapis microbe. Because Fy is
grown through fermentation, the
cultivation of the protein requires IndieBio Startup CellCrine
less land, water and energy than is Developing Serum-Free
Growth Media That
traditional agriculture. Fy is a Reduces Costs by 90%
complete protein with 9 essential
amino acids, and it can be used to
make alternative meat and dairy
products. In February of this year,
Nature’s Fynd announced its arst Israel’s Remilk Heads to
two Fy-based products: a dairy-free Denmark With Plans for
Precision Fermented Milk
cream cheese and a meatless Production Facility
breakfast patty. The company also

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Natureʼs Fynd Raises $350M Series C for its Microbial Protein 3/5/22, 12(08 AM

makes a dairy-free yogurt that was

eaten on camera by Bill Gates (a
Nature’s Fynd investor) and
Anderson Cooper during a segment
on 60 Minutes earlier this year.

Fermentation has been dubbed the

third pillar of alternative protein,
alongside cell-based and plant-
based protein. We have seen a
wave of startups using
fermentation technology to bring
variety of animal-free products to
market. Perfect Day and Remilk use
fermentation to create dairy
proteins. Nourish Ingredients
ferments yeast to make plant-
based fats. SuperBrewed ferments
microbes to create a vegan protein
powder than can be used in plant-
based cheese and milks. And Better
Meat Co. recently launched its own
fermentation production facility to
create its mycoprotein-based Rhiza
ingredient.

All of this activity has also helped

attract plenty of funding over the
past year and a half. According to

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Natureʼs Fynd Raises $350M Series C for its Microbial Protein 3/5/22, 12(08 AM

data from the Good Food Institute

and Pitchbook, fermentation
startups received $590 million in
funding in 2020. In addition to
Nature’s Fynd’s haul announced
today, last month Motif Foodworks,
which uses microbial engineering
and precision fermentation to
create novel food ingredients,
raised $226 million.

Nature’s Fynd said it will use its new

funding to expand its production
capacity, add new products to its
lineup, and set the stage for its
international growth.

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Natureʼs Fynd Raises $350M Series C for its Microbial Protein 3/5/22, 12(08 AM

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