CHICAGO — Nature’s Fynd, the manufacturer of Fy, an alternative protein sourced from fungi and produced through fermentation, has raised $350 million in series C financing. The money will be used to expand capacity, according to the company.
“(We) 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 and emerging high growth channels.”
Investors participating in the latest funding round include SoftBank’s Vision 2 Fund, Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment, EDBI, SK Inc. and Hongkou.
“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,” said Angela Du, investment director at SoftBank Investment Advisors. “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.”
The Series C funding round brings the company’s total amount of capital raised to approximately $500 million. In March 2020, Nature’s Fynd raised $80 million from Breakthrough Energy Ventures and Generation Investment Management. Other investors include ADM and Danone SA’s Manifesto Ventures.
Products currently manufactured by Nature’s Fynd include a dairy-free cream cheese and meatless breakfast patties. The company said it expects to introduce additional dairy- and meat-alternative applications later this year.