Brief: The EVERY Company raises $175m to ferment animal-free proteins at scale

• Precision fermentation startup The EVERY Company has raised $175 million, bringing its total funding to date to $233 million.
• The Series C round was co-led by new investor McWin and existing backer Rage Capital. Other new and existing investors including Temasek, Wheatsheaf Group, TO Ventures, and Prosus Ventures participated.
• EVERY, formerly known as Clara Foods, will use the new funds to scale production of its animal-free protein ingredients. The capital will also go towards commercializing products nationwide across the US and expanding into new food applications.

Why it matters:

San Francisco, California-based EVERY currently has two products available: a pig-free version of pepsin, an ingredient used in a foods and pharmaceuticals, and ClearEgg, a colorless, animal-free egg protein meant to boost nutrition in other food and beverage products. In 2021, EVERY also struck a partnership with brewer AB InBev’s venture arm to ferment animal-free proteins at a larger scale.

EVERY founder and CEO Arturo Elizondo said his company’s “major objective is to scale the platform to make good on our promise to bring our proteins to everyone, everywhere.”

“This new injection of capital will allow us to do just that,” he said in a statement.

The company’s long-term plan is to create a portfolio of animal-free egg proteins with different functionalities.