The capital injection will be used to support entry into new markets, expand the product portfolio, scale production, and accelerate R&D.
Berlin-based fermentation startup Formo has raised a $61 million Series B round and launched cheeses featuring koji protein at 2,000+ REWE, BILLA, and Metro stores across Germany and Austria.
“If you even mention the word algae, some investors start running for the exits, so we have to prove we’ve cracked it and that we can own it,” says founder and CEO Nick Hazell.
The firm, which raised a $226m series B round in 2021 when money was cheap and interest in alt proteins was sky-high, has since struggled to navigate a more challenging environment, with investor sentiment souring on meat alternatives amid declining retail sales.
“The product is fantastic,” says Phil Graves, who took the helm in February. “But it was clear when I joined that the business needed to make some strategic shifts and needed to make them quickly.”
Asked whether he would remain in the CEO role, founder Dr. Oliver Zahn said: “TBD. In line with the commercial trajectory, we will be on the lookout for a strong commercial lead at the exec level, so I can focus on science and vision.”
The warring foodtech firms have agreed to dismiss the case with “each party to bear its own costs, expenses, and attorneys’ fees.”
New School Foods has also unveiled a pilot facility that will enable commercial-scale production of its whole-cut plant-based salmon.
Existing single-cell suspension stir tank bioreactors “can’t be used to effectively produce non-GM, cultivated muscle and fat,” claims Mission Barns.
The only subsegment delivering meaningful growth in unit sales was coconut milk, with dollar sales up 12.6% and units up 13.9% in the year to July 14, albeit off a small base.
The pair are also exploring using lactose permeate, a byproduct of milk protein production, as a feedstock for Superbrewed Food’s microorganisms, creating a circular solution.
A new player has emerged on the alt dairy scene with an aged plant-based cheddar launching at select restaurants in New York City and the San Francisco Bay Area under the Plonts brand.
“We are trying to drive this business to cashflow positive operations as quickly as possible,” says CFO Lubi Kutua. “We have not said that that will occur this year.”
“We have very low capex, which allows us to to sell at parity, or even in some instances, to undercut traditional seafood,” says CEO Brittany Chibe.
The legal dispute between the animal-free dairy pioneer and co-manufacturer Olon is turning increasingly ugly, with Olon arguing that Perfect Day is presenting “a false narrative” of their deteriorating relationship.
São Paulo-based startup Typcal is seeking to blaze a trail in the Latin American market with mycoprotein which it claims grows more rapidly, on a broader range of feedstocks, than competitive fungi strains.
The tiny larvae are put in a state of suspended animation for up to 10 days without refrigeration, enabling insect protein producers to focus on rearing and processing.
Potato protein is highly soluble and has gelling, foaming, emulsification, binding, texturizing and stabilizing properties. It is also non-allergenic, which makes it attractive to formulators if the availability is there and the price is right, says ReaGenics.
“Cultivated meat can address the issues that consumers care about and have already shown they will pay extra for, so if we can do it efficiently, why wouldn’t they buy it?” asks Jeff ‘Trip’ Tripician.
The firm will use the funds to scale up its production process, which it claims uses a fraction of the water and energy used by brands such as Quorn, with lower capital expenditure.
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