Led · Series B · Dec 2021

Future Meat Technologies develops cultivated meat products (chicken, lamb, beef and pork) using proprietary single-cell lines, serum-free media formulations and stainless-steel fermenters that continuously remove waste and recycle nutrients. The company says its rejuvenating fermenters enable cell densities greater than 100 billion cells per liter, translate to production densities 10-times higher than the industrial standard, and can recycle over 70% of nutrients. Future Meat opened the world’s first cultivated meat production line in Israel earlier in the year and is scouting locations in the United States for a large-scale production facility. Management announced the company reduced the cost of cultivated chicken to $7.70 per pound ($1.70 per 110-gram breast), down from under $18 per pound six months earlier. The company positions its product as non-GMO, antibiotic-free, and more sustainable than traditional meat, and plans to break ground on a U.S. large-scale facility in 2022. Future Meat is headquartered in Rehovot, Israel. Future Meat Technologies builds proprietary technology to produce meat directly from animal cells using rapid proliferation of connective tissue cells in stainless steel fermenters that continuously remove waste. The company says its cultured chicken breast production cost has fallen to $7.50, and a quarter-pound serving is now single-digit cost. Its products combine cultured chicken and plant proteins to replicate the texture and aroma of farm-raised chicken and the company is also developing cultured lamb kebabs and beef burgers. Future Meat highlights the ability to produce cultured fat as an advantage over plant-protein approaches. It plans to market products to consumers and restaurants within 18 months and expects a pilot facility to start production in the first half of 2021 while seeking regulatory approval in several territories. The company emphasizes a non-GMO approach and no genetic engineering in its process. Future Meat Technologies develops a distributive, GMO-free cultured-meat platform that produces meat directly from animal cells without raising or harvesting animals. Its process leverages rapid growth of connective tissue cells (fibroblasts) to reach high densities before converting them to cultured muscle and fats. The company is pursuing hybrid products that combine plant proteins for texture with cultured fats for aroma and flavor, and plans a later line of 100% cultured meat. Current small-scale production costs are reported at $150 per pound for chicken and $200 per pound for beef. Future Meat intends to expand R&D and build a pilot production facility south of Tel Aviv, estimated to begin operations in 2020, with hybrid products targeted for competitive pricing by 2021. The company aims to reach a cost below $10 per pound for 100% cultured meat by 2022. Future Meat was founded in 2018 and is led by CEO Rom Kshuk with Prof. Yaakov Nahmias as Chief Scientist. Future Meat Technologies is developing a manufacturing technology to grow animal fat and muscle cells for lab-grown meat. The technology was first developed in the laboratories of the Hebrew University of Jerusalem and the company is working to commercialize scalable production. Founder and chief scientist Yaakov Nahmias says the team reduced production cost from about $10,000 per kilogram to roughly $800 per kilogram, with a roadmap to $5–10 per kg by 2020. The company says it can produce animal fat without harvesting animals and without genetic modification, which it argues is important for flavor. One of its pilot products is lab-grown chicken that chefs have used in recipes. Future Meat is focused on scaling bioreactors and moving away from reliance on fetal bovine serum to enable mass production.

Participated · Series A · Nov 2021

New Culture uses precision fermentation to produce milk casein proteins (alpha, beta and kappa caseins) by inserting DNA sequences into microbes and harvesting the expressed proteins to make mozzarella. The collected casein is blended with water, plant-based fats, vitamins and minerals to create a cheese that investors say tastes, smells and stretches like milk cheese and is cholesterol- and lactose-free. The company plans to first distribute its mozzarella through pizzerias around the country beginning next year and sees potential to expand into yogurts, ice cream and milk in the future, while keeping the near-term focus on mozzarella. New Culture is a three-year-old, Bay Area-based startup. The fundraising is intended to commercialize its animal-free cheese and scale production. Market context in the article notes the U.S. cheese market was $34.3 billion in 2019 (projected to $45.5 billion by 2027) while vegan cheese was about $1.2 billion in 2019 (projected to $4.4 billion by 2027). New Culture develops animal-free dairy cheese by producing dairy proteins via fermentation and combining them with plant-based fats, sugars and traditional cheese-making processes. Founded in late 2018 and led by CEO Matt Gibson and CSO Inja Radman, the company aims to replicate dairy cheese without animals. It closed a $3.5M seed round to support its next phase. The funds will be used to set up an R&D and fermentation facility and to grow the team. The round was led by Evolv Ventures with participation from Bee Partners, Mayfield, CPT Capital, Boost VC and SOSV. Headquartered in San Francisco, CA, New Culture is focused on building fermentation capacity to advance its cheese production. New Culture is developing dairy cheese by producing essential dairy proteins (casein) through microbial fermentation, enabling what they call “cow cheese without the cow.” Their first product will be fresh mozzarella, created by combining microbially produced casein with plant-based lipids, sugars and minerals. The team is still in development, recreating complex casein micelles and relying on strong protein-engineering expertise. They expect to launch in select US restaurants in 18–24 months and already maintain a waiting list on their website for early tasters. Target customers are vegetarians, flexitarians and other conscious plant-based consumers, with plans to later pursue mainstream dairy consumers. Financially, the company secured $200K in pre-seed funding from IndioBio, a San Francisco–based science accelerator that specializes in biotech food firms.

Participated · Series G · Nov 2021

Farmers Business Network (FBN) is an agricultural marketplace serving a network of over 117,000 farms across 187 million acres in the U.S. and Canada. The platform offers more than 7,200 products and delivers most orders within 24 to 72 hours; 35% of farmers shop with FBN and online input purchases are up 86% year-over-year. FBN has launched "Norm," a Large Language Model focused on agronomy and crop marketing inquiries, with plans for broader personalized support. The company is expanding private-label crop protection, biologicals, and nutrition offerings and enabling third-party sellers to reach members directly. FBN opened its marketplace to third-party seed offers and is growing its livestock marketplace with new feed, fencing, and farm and ranch supplies. In Canada, FBN expanded its wheat crop protection portfolio, added bulk liquid fertilizer and equipment financing, and plans to open two new distribution centers in 2026. Management states a goal to reduce a farm’s operating costs by 20% or more compared to brick-and-mortar retail. Farmers Business Network (FBN) operates a farmer-to-farmer agtech platform that offers FBN Direct (direct-to-farm inputs), FBN Financial (fintech and lending), ecommerce purchasing, and logistics. The company serves a network of more than 33,000 farmers who farm over 80 million acres across North America and Australia and employs over 800 people. FBN emphasizes price transparency on crop protection products, biologicals, seeds, technology, and services and runs on-farm R&D through its R&D Network. The company is investing in IP and technology for seed breeding, crop protection, biologicals, and robotics, and is expanding its Gradable platform to measure and verify carbon scores for grain and other crops. FBN plans to scale its fintech offerings with new land, operating and equipment loans and insurance products and to grow its direct-to-farm agriculture logistics network. It intends to hire over 350 new team members and use proceeds for general corporate and working capital purposes. Farmer’s Business Network (FBN) operates a direct-to-farm ag‑tech platform and farmer-to-farmer network that provides ecommerce purchasing, transparent pricing on inputs, and farm-focused services. Its FBN Direct range includes seed, crop protection and biologicals designed to reduce farmers' cost of production. FBN is building out a Crop Marketing and Financial Services (CMFS) platform to help farmers manage risk and access insurance, loans, marketing tools, and sustainability-related premiums and incentives. The company also offers financing options and timely pricing data to improve decision-making and competition in the supply chain. FBN has over 12,000 members farming more than 40 million acres across the U.S. and Canada, recently launched operations in Australia following the acquisition of Farmsave, and employs over 600 people. Offices are located in San Carlos, Calif.; Chicago, Ill.; Sioux Falls, S.D.; with a Canadian headquarters in High River, Alberta and an Australian headquarters in Perth. Farmers Business Network (FBN) operates a subscription-based, members-only social network that lets farmers share seed and crop data and upload and analyze data from drones, satellites, mobile apps and on‑ground sensors. Members pay $600 per year for access to pooled data and insights that help them choose seeds, pesticides and vendors. FBN also runs an e-commerce arm, selling herbicides and fungicides it sources directly and warehouses in nine company-owned facilities. The company has developed a marketing product to connect farmers with buyers for specialty crops; its members represent just shy of 5,000 farms managing roughly 16 million acres. FBN employs about 200 people across the U.S., is three years old, and is headquartered in San Carlos, California. Management says it will use new capital to hire, accelerate the business, push more aggressively into Canada, and possibly create some of the products it currently sells, while remaining a “data network first and foremost.” Farmer's Business Network began as a professional network for farmers and agronomists to anonymously share what they pay for seeds, fertilizers and other inputs and to exchange effectiveness information. The company applies crowdsourced price transparency to help farmers negotiate fairer prices and says it can save members up to 50% on inputs purchased through its service. FBN Direct (formerly FBN Procurement) lets users buy roughly 500 farm chemicals, fertilizers, seeds and seed treatments at prices members set; FBN sources products at those prices. Members can pick up supplies at nearby warehouses or have them shipped to their farms. The company announced a $40 million Series C this round, bringing total capital raised to $88 million. Investors named in coverage include GV and DBL Partners, Bow Capital, and earlier backers Acre Venture Partners and Kleiner Perkins Caufield & Byers.

Led · Series A · Jan 2021

Air Protein makes protein-based foods from elements of the air using a proprietary probiotic production process. The company says the air-derived protein has an amino acid profile comparable to meat protein and can be produced in a matter of hours, independent of weather and seasons. Products the process can make include meatless burgers, protein-enriched pastas, cereals, beverages and more. Air Protein plans to commercialize its novel technology platform and scale it to large-scale production to provide nutritious, ultra-sustainable alternative proteins. The company says it aims to accelerate its work toward feeding the world’s growing population sustainably. Management is led by CEO Lisa Dyson, PhD, and CSO Dr. John Reed.

Participated · Series B · Mar 2020

Nature's Fynd develops Fy™, a “new-to-the-world” protein sourced from microbes originally found in Yellowstone hot springs and produced using breakthrough fermentation technology. The company makes non-GMO, animal-free meat and dairy alternatives and says its process requires a fraction of the resources of animal agriculture. Its early pre-release breakfast patties and cream cheese sold out in 24 hours, and its products are now available in a growing number of U.S. retailers, including Whole Foods Market. Nature's Fynd emphasizes impact and decentralized production as part of its mission to improve global protein access. The company has substantial capital: it has raised $500M following a $350M Series C last year. Leadership highlights the potential to deploy fermentation technology in low- and middle-income farming communities to boost income and nutrition. Nature's Fynd develops Fy, a new-to-the-world nutritional fungi protein grown using a fermentation technology that requires a fraction of the land, water and energy of traditional agriculture. The company says Fy is versatile and is being used to make meatless and dairy-free products, including a Fy Breakfast Bundle that sold out in 24 hours. Nature's Fynd has scaled production using robotics and automation in a state-of-the-art facility in Chicago’s Union Stockyards. The recent financing will be used to expand production capacity, build partnerships across retail and QSR channels, extend the product portfolio, and lay the foundation for global reach. Management has signaled a particular focus on expansion into Asia where it sees substantial demand for sustainable protein. The company expects to launch branded Fy-based foods in selected U.S. retailers later in the year. Nature’s Fynd produces Fy™, a new-to-the-world nutritional fungi protein derived from a microbe originally discovered in Yellowstone geothermal springs. Born from research conducted for NASA, the company positions Fy as a complete protein that uses a fraction of the resources of traditional agriculture and has an extremely low carbon footprint. Nature’s Fynd plans commercial product launches in 2021 and aims to introduce multiple product offerings built on Fy. To support commercialization and scale production, the company has added several food-industry veterans across food innovation, manufacturing, sales, and fermentation engineering. Financially, Nature’s Fynd secured $45 million in additional venture debt and equipment financing commitments and has raised over $150 million in equity and debt financing to date. Management says the financing and hires will accelerate the go-to-market strategy, enable more product offerings, and ensure capital efficiency for capital expenditures. Nature's Fynd produces a protein derived from a microbe originally discovered in the geothermal springs of Yellowstone's ancient volcano. Its ingredient contains all nine essential amino acids and also includes dietary fiber, calcium and vitamins. The company plans to commercialize food and beverage products across breakfast, lunch, dinner and snack occasions. Production began this month at its new 35,000-square-foot manufacturing facility on the site of the historic Union Stockyards in Chicago's South Side. Nature's Fynd employs about 50 people across its Chicago headquarters and a Bozeman, Montana R&D center. The company emerged out of NASA-supported research into organisms that thrive in Yellowstone National Park's geothermal springs and is led by CEO and co-founder Thomas Jonas. Sustainable Bioproducts develops an innovative fermentation technology to grow edible protein derived from research on extremophile organisms. The technology originated from studies of organisms in Yellowstone National Park’s volcanic springs and is intended to produce protein with high nutritional value and minimal environmental impact. The company is led by CEO and cofounder Thomas Jonas and is positioned in the food-technology/biotech space. It has received financial and in-kind support from agencies including NASA, the National Science Foundation, the National Park Service, the EPA, and the USDA, as well as support from the State of Montana and Montana State University. The company operates out of the University of Chicago’s Polsky Center for Entrepreneurship and Innovation. Financially, the company completed a $33M Series A financing to advance its technology.