The Venture Codex

Participated · Equity · Apr 2023

Fork & Good grows primary (already differentiated) muscle cells that have been gene‑edited and immortalized to proliferate more efficiently and use far less growth medium and growth factors. The company uses proprietary, small‑scale bioreactors with agitation “without moving parts,” an exclusive agreement with a bioreactor firm, and a continuous‑harvesting approach to increase yields and reduce contamination risk. It plans to produce hybrid ground products (at least 50% cell‑cultured muscle) combined with plant‑based fats and proteins initially, and may explore cell‑cultured fat later. The first launch is targeted at hybrid applications such as dumplings and sausages rather than whole‑cut steaks. Fork & Good opened a pilot facility in New Jersey and says its process can beat the feed‑conversion of a Berkshire pig raised without antibiotics. To date the company has raised $22 million to fund progress toward regulatory approval and a small‑scale restaurant launch.

Participated · Series A · Apr 2021

Mission Barns develops cultivated animal fat by growing pork, poultry, or beef cells in a plant-based feedstock inside a cultivator to create real, pure animal fat. The process is designed to deliver the mouthfeel and flavor of meat while using a fraction of the carbon, water, and land of conventional animal agriculture. Its first commercial application is in plant-based meat, and the company has developed products and formulations for categories including bacon, breakfast patties, burgers, nuggets, dumplings, hot dogs, poultry sausages, and meatballs. Mission Barns has worked both independently and through collaborations with leading meat companies and plant protein partners. The company announced a $24M Series A to scale and commercialize its Mission Fat technology and to build a pilot manufacturing plant in the Bay Area. Its team includes senior biotechnology experts from Genentech and Sigma-Aldrich, culinary leaders from Michelin-starred The French Laundry and Thomas Keller Restaurant Group, and veterans from cellular agriculture companies including JUST and Memphis Meats.

Participated · Series A · Dec 2020

TurtleTree leverages proprietary cell-based technology to produce milk ingredients with demonstrated benefits for immune function, gut health and cognitive development. Led by CEO Fengru Lin and Chief Strategy Officer Max Rye, the company is focused on scaling research and production. It plans to launch lactoferrin, a bioactive protein, as its first commercial product. TurtleTree intends to expand its portfolio of food items and continue technology development. The company also plans to grow its R&D team to support commercialization. TurtleTree recently raised funding to advance these efforts. TurtleTree Labs is a Singaporean foodtech startup that cultures milk in the lab using mammalian cells, initially targeting a human-free version of breastmilk and animal-free growing-up milk for toddlers. The company pursues a B2B model and reported working with four or five of the world’s largest infant milk companies. By June it had reduced the price of its cultured milk to $30 per liter from around $180 per liter at the end of 2019. The latest funding will support R&D into milk component compounds, including functional bioactive proteins and complex sugars with potential gut and brain health benefits, and development of high-value nutraceutical products for adults and the elderly. TurtleTree says it received government permission to continue R&D during Singapore’s Covid-19 circuit breaker and is working closely with regulatory agencies as it seeks approvals similar to the recent clearance for a cultured protein product in Singapore. Co-founders Fengru Lin and Max Rye frame the company’s vision as creating a sustainable, cruelty-free food system and expanding beyond infant nutrition into broader human nutrition and the dairy industry. TurtleTree Labs develops real milk produced from mammalian cells rather than from animals, focusing on cell‑based dairy products. The company is co‑founded by Max Rye and Fengru Lin and is based in Singapore. It has a team of more than 20 full‑time scientists and engineers working on product development. TurtleTree intends to use the new funds to continue to expand its development efforts. Financially, the company completed a $3.2M seed funding round in 2020 and previously raised an initial investment in 2019 led by Lever VC. The funds are intended to support ongoing R&D and scaling of its cell‑based milk technology. TurtleTree Labs develops real milk grown from animal cells using stem cell technology, aiming to recreate milk inside the lab. The company describes itself as the world’s first cell-based milk company. Its core product is lab-grown milk intended to replicate dairy composition and quality while avoiding animal agriculture. TurtleTree says the recent pre-seed funding will be used to hire additional scientists and build more prototypes. The team positions the technology to disrupt a multi-billion dollar dairy industry, reduce carbon footprint, and provide safer, more reliable dairy products. The company was co-founded by CEO Fengru Lin, CSO Rabail Toor, and Chief Strategist Max Rye and is based in Singapore.

Participated · Series A · Feb 2020

Alpha Foods produces a portfolio of vegetarian prepared foods including burritos, tamales, nuggets, pizzas, burgers, patties and sausages. The company was founded in 2015 by Loren Wallis (founder of Good Karma Foods) and Cole Orobetz (former director at Avrio Capital). Its products are sold in well over 9,000 stores, including Wegmans, Walmart, Kroger and Publix. Alpha plans to use new funding to launch additional products, make new hires, and expand distribution nationally and internationally. The company competes with large CPG brands such as Kellogg’s Morningstar Farms and Nestlé’s Sweet Earth while benefiting from renewed market interest driven by brands like Beyond Meat and Impossible Foods. The article cites pre-prepared plant-based meal sales of $387 million in 2019 (up 6% year-over-year) as market context for Alpha's growth. Alpha Foods develops plant-based, non-GMO versions of classic comfort foods—burritos, pot pies, chik'n nuggets, tamales and more—designed for meat-eaters, vegetarians and vegans. The company offers a portfolio of 20 products and is available in over 6,000 stores nationwide, including Walmart, Kroger, Publix, Sprouts and Wegmans. Founded in 2015 and based in California, Alpha aims to make meatless options convenient, familiar and broadly appealing. Management says the brand will focus on bolstering innovation and distribution to expand reach and become a household name in plant-based eating. The company emphasizes sustainability, animal welfare and non-GMO ingredients as core parts of its product positioning. Alpha highlights mass-market appeal through easy preparation and on-the-go convenience.

Participated · Series D · Jan 2020

Califia Farms produces a range of oat and almond milk products in addition to coffees, juices and non-dairy snacks. The company is positioned in the dairy-replacement market alongside startups using plant-based ingredients and other novel production methods. It plans to expand its oat-based product suite and launch additional new product lines. Califia also intends to increase production capacity, boost research and development, and pursue geographic expansion with the new funding. The company was founded in 2010. Management frames the opportunity as part of disruption in the more than $1 trillion global dairy and ready-to-drink coffee industry. Califia Farms is a Los Angeles–based plant-powered food and beverage company known for its distinctive curvy bottles and refrigerated nutmilks, non-dairy creamers and ready-to-drink coffees. The company markets products primarily in the Natural and Specialty channels and emphasizes sustainability, health and plant-based innovation. Califia recently launched a line of dairy-free probiotic yogurt drinks and says it will commercialize recent innovations across plant-based milks, non-dairy creamers and cold brew coffees. To support growth it plans to expand company-owned manufacturing capacity in Bakersfield, California and further develop go-to-market capabilities. The company is led by CEO and co-founder Greg Steltenpohl and presents itself as a fast-growing brand on a mission to promote plant-based consumption. Califia Farms is a Los Angeles, CA–based natural beverage and food company co-founded in 2010 by Sun Pacific and Greg Steltenpohl. The company produces plant-based beverages using a Bakersfield, California manufacturing plant that employs artisanal processes. Its product expansion includes Almondmilk Coffee Creamers and Agua Frescas, and it has added flavors such as Vanilla Coconut Almondmilk Horchata and Pumpkin Spice Latte. Califia leverages its manufacturing and distribution footprint to grow its categories and product lines. The company received a $50M minority investment to support deeper production and distribution capabilities, research and development, new hires, and sales and marketing.