DAVIS, CALIF. — Joywell Foods, a food technology and consumer products startup, has closed an oversubscribed $25 million Series B funding round led by Piva Capital.
Joywell Foods uses a proprietary microbial fermentation process to produce sweet proteins that mimic the taste of sugar but do not impact blood sugar levels or gut microbiomes. The sweet proteins are identical to those naturally found in exotic fruits and berries and are 2,000 to 5,500 times sweeter than sugar on a weight basis, according to the company.
“Worldwide, consumers love their sweets; we want people everywhere to have their cake and eat it, too,” said Ali Wing, chief executive officer of Joywell Foods. “Novel proteins that are sweet change the game for consumers — great-tasting, healthy and good for the climate all in one. In partnership with our top-tier group of global investors, we’re excited to bring sweet proteins to market.”
Over the past year, the startup has scaled its sweet protein platform and developed consumer products that are set to launch soon. With the new funding, Joywell said it will continue accelerating research and development and commercialization of its sweet proteins.
Additional investors include B37 Ventures, Global Brain Corp., Khosla Ventures, Evolv Ventures, SOSV’s IndieBio and Alumni Ventures. Adzmel Adznan, partner and co-founder of Piva Capital, will join Joywell Foods’ board.“Traditional sugar is not only the chief culprit in our battle with obesity and diabetes, but it also requires millions of acres of land impacting precious ecosystems,” Mr. Adznan said. “Joywell Foods’ sweet proteins are a genuine breakthrough in addressing both of these critical issues. We look forward to supporting Ali and the team as they accelerate from R&D to commercial success.”