Participated · Seed · Jan 2022

Black Sheep Foods develops plant-based meats by isolating flavor molecules from animal meat, finding those molecules in plants, and reconstructing meat-like flavor, mouthfeel and richness using patent-pending technology. The company has focused on a lamb-flavored product and has grown distribution from initial restaurant trials to 44 restaurants across San Francisco and Los Angeles. It reported month-over-month sales growth of 22% and saw notable early adoption at partners such as Souvla. Black Sheep has been production-constrained at a facility able to produce 5,000 pounds per month and plans to move to a site capable of 16 million pounds per year, likely starting in Q1 2023. The company will deploy new capital into product and R&D teams as well as sales and marketing to accelerate growth. Black Sheep Foods develops plant-based versions of heritage meats and wild game, focusing on patent-pending flavor compounds that are detected in the nose rather than relying solely on mouth taste. The company has been working in R&D since 2019 to create compounds composed of pea protein and fatty acids and to optimize delivery. It launched a plant-based lamb last year through restaurant partnerships, including Souvla, and is expanding to additional Bay Area restaurants and into airline service via Souvla’s Delta first- and business-class offerings. Black Sheep says it has sold out through existing chef partners and is outperforming comparable plant-based sales metrics. The new funding is intended to help propel these products to a more mainstream audience and to support continued R&D into synthetic-biology flavors such as wild boar. Management plans to use the capital to both validate market size for lamb and further develop its flavor technology.

Participated · Seed · Nov 2020

Atlast produces fungi-based whole-cut meat analogs using mycelium, positioning itself to substitute muscle cuts like bacon, steaks, and chicken breast rather than ground formats. The company was spun out from Ecovative Design in September 2019 and is based in Green Island, New York. It launched MyBacon in November 2020 under its direct-to-consumer MyEats label. Atlast is focusing on scaling production capacity and R&D to close the whole-cut gap in alt-protein. Planned uses of new capital include hiring additional staff and completing construction of an "aerial mycelium farm," which the company says will be the largest mycelium production facility in the U.S. The startup contrasts its mycelium approach with cell-cultured and plant-based alternatives and highlights mycelium's versatility and scalability. Atlast is developing a mycelium super ingredient designed to enable whole cuts of plant-based meat such as bacon. The company says its ingredient allows creation of mushroom meat that mimics the craveable flavor and sizzle of pork bacon. Atlast plans to launch a consumer brand and its first product—a new take on plant-based bacon—in 2021. It also intends to work in partnership with other CPG companies and to introduce its own product in retail. The company is Troy, NY–based and completed a seed financing to support these plans. The seed proceeds will be used to launch the consumer brand and first product.

Led · Series A · Feb 2020

Founded in 2018, San Diego-based BlueNalu produces premium seafood directly from fish cells, eliminating the need to harvest wild fish. Its first commercial product is cell-cultivated bluefin tuna toro, which the company aims to launch through premium food-service partners once regulatory approvals are secured. The firm collaborates closely with regulators, chefs, distributors and strategic partners worldwide to build a scalable, responsible cultivated-seafood supply chain. Proceeds from the latest financing will fund U.S. and international regulatory engagement, initial commercial-launch activities and manufacturing-process optimization. BlueNalu also plans to deepen strategic partnerships across the value chain to support disciplined commercialization. Agronomics’ investment lifts its fully diluted ownership to 12.96%, giving BlueNalu a committed long-term backer with deep cellular-agriculture expertise. Although revenue figures are not yet disclosed, management positions the company as a leader in the emerging cultivated-seafood category.

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 B · Jan 2020

Gathered Foods is an Austin, Texas–based maker of plant-based seafood products under the Good Catch brand. Its portfolio includes single-serve ready-to-eat pouches of Plant-Based Tuna and frozen products such as Plant-Based Fish Burgers, Plant-Based Crab Cakes, and Plant-Based Fish Cakes. Products are available across the U.S., in the U.K. through a partnership with Tesco, in Canada via Loblaws and Sobeys, and in Europe through retailers in the Netherlands and Spain. The company is working with key European distributors and pursuing strategic retail and foodservice partnerships to expand availability globally. Gathered Foods intends to use the funds from its latest bridge round to ramp up product innovation and increase the number of products on the market. The company plans to extend its international retail footprint beginning in Europe, with further expansion planned for later in 2021. Gathered Foods is a NYC-based food tech company that makes Good Catch® plant-based seafood products. Its inaugural offerings use a proprietary six-legume blend (peas, chickpeas, lentils, soy, fava beans and navy beans) developed by founding chef partners Chad and Derek Sarno. All Good Catch products are free of dairy, GMOs, mercury, toxins, microplastics and microfibers and are safe for those with shellfish allergies. The company currently sells Plant Based Fish-Free Tuna in three flavor offerings and its products are available in over 4,500 U.S. retail outlets, with a UK launch planned. Gathered Foods plans to use recent funding to expand distribution across North America, Europe and into Asia, to open a manufacturing facility, and to introduce new products and foodservice channels in early 2020. The company is led by CEO and co-founder Chris Kerr. Gathered Foods makes Good Catch plant-based seafood products, chiefly a tuna alternative. Its Good Catch tuna is sold in 3.3-ounce pouches in three flavors, contains 14 grams of protein, and has an RRP of $4.99. The company is developing a $20 million manufacturing facility in Ohio to scale production of plant-based proteins and meet predicted demand, with completion targeted by the end of this year. The Ohio plant will support production of its plant-based tuna and additional seafood innovations, including vegan “crab” cakes and fish-free “whitefish” burgers planned for spring next year. To fund the new production plant, Gathered Foods closed a $10 million convertible note round co-led by New Crop Capital and Stray Dog Capital. CEO Chris Kerr said the company and its partners are confident about the future of plant-based protein.