Nature’s Fynd raises $350m in Series C for nutritional fungi protein

Nature’s Fynd, a Chicago-based developer of microbe-based proteins for meat substitutes and dairy substitutes, has raised $350 million in a Series C funding round led by SoftBank’s Vision Fund 2.

The food industry disruptor is engaged in growing protein from a microbe that originated in the geothermal springs of Yellowstone National Park.

Nature’s Fynd is focusing on developing and producing Fy, a nutritional fungi protein that is produced by a fermentation technology, which is said to use only a fraction of the land, water, and energy needed by conventional agriculture.

Its latest funding round drew new investors in the form of Blackstone Strategic Partners, Hillhouse Investment, Balyasny Asset Management, EDBI, Hongkou, and SK Inc.

Nature’s Fynd said that its existing investors also backed the funding round.

To date, Nature’s Fynd has raised more than $500 million.

Angela Du – Investment Director at SoftBank Investment Advisers said: “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.”

Nature’s Fynd raises $350m in Series C for nutritional fungi protein. Photo courtesy of Nature’s Fynd.

The food industry disruptor will use the proceeds from the Series C round to fast track its growth. This includes boosting its production capacity, delivering partnerships, building the foundation for global reach, and expanding its product portfolio from breakfast to dinner and everything in between.

Thomas Jonas – CEO and Co-founder of Nature’s Fynd said: “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.

“The successful launch of our Fy Breakfast Bundle with Original Meatless Breakfast Patties and Dairy-free Cream Cheese earlier this year—which sold out in 24 hours—clearly showed that we can meet our consumers’ expectations for delicious 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.”

Thomas Jonas said that the company plans to introduce its branded Fy-based foods to US consumers next year. Additionally, Nature’s Fynd will look to foray into new regions with a particular focus on Asia.