The Venture Codex

Participated · Equity · Nov 2024

Loki Foods is developing a whole-cut plant-based cod fillet analog with a prototype built on a protein foundation containing vitamins and polyunsaturated fatty acids. The company aims to improve taste, cookability, texture and nutrition to attract consumers away from conventional seafood and grow the alt-seafood market. Loki received funding to support development of its cod analog prototype. Sustainable Food Ventures highlighted the company’s team, technology and Iceland location as enabling production of alternative proteins using renewable energy and pristine Icelandic water. CEO and co-founder Chris McClure emphasized the nutritional composition of the prototype and the company’s mission to accelerate removal of marine life from the supply chain. The business is based in Reykjavik, Iceland.

Participated · Seed · Apr 2024

Cultimate Foods is a biotech startup based in Berlin's Biocube and Hannover that develops cell-cultivated premium fat ingredients for the alternative meat industry. Its core product is a cultivated fat ingredient designed to restore the taste and mouthfeel that plant‑based meats struggle to replicate. The company operates as a B2B supplier and has already run several commercial pilots with food‑industry leaders. The €2.3M seed financing will be used to scale up production processes and expand commercial collaborations and operations. Management frames the technology as a way to deliver meaty flavours while reducing intensive animal farming and CO2 emissions.

Participated · Equity · Mar 2024

Opalia cultivates mammary cells in bioreactors to produce complete milk—including proteins, fats, and sugars—intended as a drop-in replacement for conventional fluid or powdered milk. The company positions its approach as distinct from precision fermentation by producing whole milk rather than single milk proteins. Opalia targets the global dairy market through a B2B licensing and supply model rather than direct-to-consumer sales. It has signed paid commercial pilot agreements with established dairy players, including Hoogwegt and the Canadian division of a major dairy group, with partnerships across five countries on three continents. Opalia plans to scale a modular bioreactor system using proceeds from the CAD 3.2M seed round and aims for a commercial launch in 2028 while pursuing regulatory approvals in North America, Europe, and Asia.

Participated · Equity · Jan 2022

Omni develops a range of plant-based, vet-formulated dog foods, treats, supplements, dental sticks, shampoos and calming products using novel proteins from yeast, algae and pulses. The company sells dry foods and wet-style meals, training treats, and a portfolio of supplements addressing skin, breath, gut health and weight management. Omni is commercial and growing quickly—founders Guy Sandelowsky and Shiv Sivakumar say annualised sales rose from about £1M to close to £13M and the brand has helped more than 300,000 dogs, with a 130% sales lift and 20,000 new customers after its Dragons’ Den appearance. It is developing LeanPaws, an Ozempic-style weight-loss supplement for dogs; a placebo-controlled trial reported 77% of overweight dogs taking LeanPaws lost some weight, 63% reduced body fat composition, and 42% showed fewer begging behaviors with virtually no side effects. Omni highlights the lower carbon footprint of its recipes—about 73% fewer emissions than standard meat-based dog food—and cites avoided customer CO2e contributions over time. The company plans to use new funding to scale UK retail presence, enter the US market, continue clinical research, and expand the team.

Participated · Series A · Oct 2021

Grounded Foods produces plant-based cheeses using a fermentation process that harnesses the proteins and fats in hemp and leverages cauliflower for flavor and texture. Its product line includes a Hemp Seed Cream Cheese, a hemp seed goat-style cheese in cubes, and a squeeze-on "Cheese Free Cheese" sauce; 8-ounce packages retail for about $4–$7. The founders, Veronica Fil and chef Shaun Quade, started the company in 2019 in Australia and relocated to Los Angeles to access a larger U.S. market and entered the Big Idea Ventures accelerator. They pivoted from niche European-style cheeses to mass-market styles such as cheddar to appeal to mainstream U.S. consumers. Products are available online and at some Whole Foods Markets and Bristol Farms in Los Angeles. The company recently raised funding to cover the next six months and to act as a buffer through the holiday season. Grounded Foods creates plant-based cheeses using fermented and upcycled cauliflower and hemp seeds, positioning the products as dairy-, nut-, soy-, gluten- and GMO-free. The portfolio was developed by award-winning Australian chef Shaun Quade and the company is led by co-founder Veronica Fil. Grounded says its cheeses are low cost, scalable, nutrient-dense and can be produced at scale without the ethical or environmental concerns of nut-based cheeses. The founders originally come from Australia and now operate from Los Angeles after a spell in New York. The brand achieved rapid consumer demand during lockdown, with online pre-sales selling out within three minutes of the shop going live. The company recently closed an oversubscribed seed financing, reflecting investor interest in the plant-based cheese category.