Nature’s Fynd, a food company growing sustainable protein from a microbe with origins in the geothermal springs of Yellowstone National Park (United States), has raised US$350m in a Series C financing – bringing the company’s total financing to over US$500m. The round was led by SoftBank’s Vision Fund 2* and joined by new investors including Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment, EDBI, SK Inc. and Hongkou with continued support from existing investors.
The company is a pioneer in the development and production of Fy™, its highly versatile nutritional fungi protein that is produced by a revolutionary fermentation technology using just a fraction of the land, water and energy required by traditional agriculture.
This latest round of funding will help accelerate Nature’s Fynd growth – including expanding its production capacity, delivering exciting partnerships, laying the foundation for global reach and extending its product portfolio from breakfast to dinner and everything in between – to deliver on its mission of creating amazing foods that nourish people while nurturing the planet.
“We know consumers today expect great tasting meat and dairy alternatives without compromising on health or sustainability. And Fy – our natural, complete vegan protein delivers on all fronts: amazing taste and texture while being healthier for people and gentler on the planet than traditional proteins. The successful launch of our Fy Breakfast Bundle with Original Meatless Breakfast Patties and Dairy-free Cream Cheese earlier this year – which sold out in 24 hours – clearly showed that we can meet our consumers’ expectations for delicious meat and dairy alternatives with no tradeoffs. In the past year, we also showed that we can grow Fy at commercial scale leveraging robotics and automation in our new state-of-the-art facility in Chicago’s historic Union Stockyards,” said Thomas Jonas, chief executive officer and co-founder of Nature’s Fynd. “In 2022, we will bring our branded Fy-based foods to consumers in the US, expand to new geographies with a special focus on Asia where there is substantial demand and need for sustainable protein and create multiple brand-aligned partnerships for retail, quick-serve restaurants (QSR) and emerging high growth channels.”
Angela Du, investment director of SoftBank Investment Advisers, said: “Nature’s Fynd is combining its unique fermentation technology with robotics to develop protein-rich foods that are significantly more sustainable to create, and produced in a fraction of the time as animal- and soy-based proteins. We are excited to partner with Thomas Jonas and the Nature’s Fynd team to help them scale their business and capture the tremendous global opportunities in front of them.”
Energised by the company’s scalable manufacturing process and the successful limited-release Fy Breakfast Bundle direct-to-consumer launch, both Breakthrough Energy Ventures, Generation Investment Management and 1955 Capital – who led Nature’s Fynd’s previous rounds – have returned to support the company’s ambitious growth goals, alongside past investors including Danone Manifesto Ventures and ADM.
Nature’s Fynd expects to launch its Fy based meatless and dairy-free products in selected retailers later this year.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.