Nature’s Fynd, producers of microbe-based proteins, raised $45 million this week (h/t FoodDive) to support its go-to-market strategy and launch in 2021. This most recent funding round was led by Oxford Finance and Trinity Capital, and this brings the company’s total funding to $113M.
The company’s fermented protein is called Fy Protein, which is formulated through the fermentation of a specific fungi protein. The particular protein is derived from a microbe, called Fusarium strain flavolapis, which is found in the geothermal hot springs of Yellowstone National Park. The finished product is a complete protein with 9 essential amino acids, and can be used to create meat and dairy alternative products.
Fermented protein is certainly having a breakthrough year; according to the Good Food Institute, fermented protein companies raised $435 million in the first seven months of 2020. In addition to Nature Fynd’s hefty funding round, several other fermented protein companies have also received a nice chunk of capital this year. Remilk, an Israeli-based start-up, raised $11.3 million this week for its fermented microbe, animal-free milk. Change Foods raised $875,000 for its cheese made from fermented microbes. Last month, MycoTechnology won the first-place prize of $1 million in the Radicle Protein Challenge for its fermented mushroom protein.
Nature’s Fynd will be launching products next year, though the company has not announced which products it will bring to market. According to its website, it seems that the new products will fall into the meat or dairy alternative category.