BOSTON, June 16, 2021 /PRNewswire/ — Motif FoodWorks, the meals know-how firm on a mission to make plant-based meals higher tasting and extra nutritious, at present introduced it has raised $226 million in Series B funding.
The spherical was collectively led by Ontario Teachers’ Pension Plan Board, by way of its Teachers’ Innovation Platform (TIP), and funds and accounts managed by BlackRock. TIP focuses on late-stage enterprise and development fairness investments in corporations growing progressive applied sciences. AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital and Rellevant Partners additionally participated alongside current buyers, together with Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company, and Viking Global Investors.
This second-round of funding will assist Motif speed up its development of the plant-based class. The firm plans to extend analysis and improvement capabilities; scale and commercialize its meals applied sciences; and broaden its folks and amenities footprint. Continued development in these areas is essential to Motif’s work to unravel key sensory and dietary challenges with current plant-based meals, together with meat and dairy options.
“Making plant-based foods taste great will increase the global appetite for this sector – and shape a better future for our planet in the process,” mentioned Olivia Steedman, senior managing director, TIP. “As people increasingly look to meat and dairy alternatives, Motif offers breakthrough solutions powered by leading technology, deep scientific expertise and a visionary management team.”
Motif’s new meals science and design strategy—together with meals applied sciences developed by way of precision fermentation and materials science breakthroughs—comes as shoppers are more and more looking for options to animal-based protein. The plant-based meals market grew 27 percent to $7B in 2020, practically double the expansion charge of general U.S. retail meals gross sales throughout the identical interval. But even with that development, current plant-based options have important expertise gaps, particularly in style and texture. In truth, two out of three Americans (67 percent) say they’d be keen to eat extra plant-based meals as an alternative of meat if plant-based meals tasted higher than they do at present.
“Plant-based foods have the potential to unlock enormous benefits for people and the planet, but that will only happen if they live up to, or even exceed, what consumers expect from animal-based counterparts,” mentioned Jonathan McIntyre, CEO of Motif FoodWorks. “With support from our investors, we’re advancing the understanding of food science and design to make plant-based foods better tasting, more nutritious and so desirable that people actually crave them.”
Originally spun out of Ginkgo Bioworks in 2019, Motif has raised a complete of $345 million thus far. The firm not too long ago opened a brand new state-of-the-art 10,600 sq. ft. office and lab space in Boston’s Seaport neighborhood. Additionally, it has secured licensing partnerships with the University of Guelph and Coasun Inc. for applied sciences that create melting and stretching traits in plant-based cheeses, and more healthy fats options that marbleize plant-based meats.
About Motif FoodWorks
Motif FoodWorks is a meals know-how firm working to make plant-based meals higher tasting, extra nutritious and so fascinating that folks really crave them. The firm’s mission is to unleash the promise of plant-based meals by taking a brand new, holistic strategy to meals know-how and ingredient improvement that mixes science and know-how — merged with sensory fundamentals — to disclose completely new solutions. By altering our understanding of plant-based meals, Motif will allow crave-worthy merchandise that exceed style and expertise expectations, unlocking advantages for folks and our planet. For extra info, go to www.madewithmotif.com.
About Ontario Teachers’
The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$221.2 billion in internet belongings (all figures at December 31, 2020). It holds a various world portfolio of belongings, roughly 80% of which is managed in-house, and has earned an annual total-fund internet return of 9.6% for the reason that plan’s founding in 1990. Ontario Teachers’ is an impartial group headquartered in Toronto. Its Asia-Pacific area places of work are positioned in Hong Kong and Singapore, and its Europe, Middle East & Africa area workplace is in London. The defined-benefit plan, which is absolutely funded, invests and administers the pensions of the province of Ontario’s 331,000 energetic and retired lecturers. For extra info, go to otpp.com and observe us on Twitter @OtppInfo.
SOURCE Motif FoodWorks