Joywell Foods closes US$6.9m Series A financing led by Evolv Ventures

Funding to accelerate sweet protein platform development, commercialise consumer concepts, and establish partnerships with better-for-you CPG partners to reinvent the experience and quality of everyday foods.

 

Joywell Foods, a foodtech company developing a sweet protein portfolio, has announced the closing of a US$6.9 million Series A funding round. The round was led by Evolv Ventures, a venture fund backed by Kraft Heinz. Combined with a previous seed round, this latest raise brings the company’s total funding to $13.2 million. Energised by the company’s continued progress in developing its technology platform and processes for commercial scale, both Khosla Ventures and SOSV – who participated in Joywell Foods Seed round – have returned to support the company’s growth, alongside Alumni Ventures Group and other investors.

Previously known as Miraculex, Joywell Foods will use the new capital to continue its mission to reinvent the experience of everyday foods. The funding will enable the build-out of its technology platform, broaden its sweet protein portfolio and expand R&D operations. The company also plans to test a number of consumer offerings through D2C and limited retail.

Over the last 10 months, Joywell Foods published a peer-reviewed toxicology study on the miracle berry protein commonly known as miraculin, filed three provisional patent applications, and commercialised a first-to-market protein sweetened concept – the Pop Lolly – a reduced sugar popsicle product utilising miraculin as a sweetener.

Karen Huh, CEO of Joywell Foods, commented: “Our team is excited to bring sweet proteins to commercial scale with the support of our newest investor, Evolv Ventures. These funds bring us one step closer to our vision of eliminating the prevalence of sugar in our diet.

“Sweet proteins – many of which are over 1,000 times sweeter than sugar – can reduce how much sugar we consume in our daily lifestyle.”