The Every Company raises US$175M to expand portfolio of animal-free protein products
USA – The Every Company has raised US$175 million in a series C funding round to scale production, commercialize a strong pipeline of animal-free protein products and expand into new applications.
The round co-led by new investor McWin Food Ecosystem Fund and existing investor Rage Capital bringing the animal-free egg protein company’s lifetime funding to US$233 million.
Other investors in this round include Temasek, Grosvenor’s Wheatsheaf Group, TO Ventures, and Prosus Ventures.
In the statement, McGovern said that McWin is “uniquely equipped to support Every’s ambitious plans to bring its products to menus worldwide.”
Foodservice is a good testing ground for this type of new-to-the-world product. And The Every Company wouldn’t be the only precision fermentation company meeting consumers there.
Apart from scaling up production, the company also plans to expand its portfolio by producing more proteins naturally found in the egg.
This funding round also gives The Every Company an easy in at thousands of restaurants as McWin its lead investor invests in the food service and food tech sector.
It will also benefit from the partnership with global foodservice giant AmRest which operates more than 2,300 restaurants globally.
The recent funding round is a crown jewel in a successful year for the Every Company, formerly known as Clara Foods.
In 2021, the company, which produces protein ingredients through precision fermentation, launched animal-free pepsin and ClearEgg, a protein found in chicken eggs.
Last month, the company partnered with upscale smoothie maker Pressed for a bottled drink made with ClearEgg.
This round more than triples the amount that The Every Company has raised since its 2014 founding, and gives the company fuel toward the future.
It is also timely as it comes to The Every company when the possibilities of animal-free protein are starting to become more evident.
“The global demand for alternative proteins has grown substantially, but the infrastructure needed to produce the necessary ingredients has yet to catch up. Every’s platform is a big step towards filling that gap,” Katrin Burt, managing partner of Grosvenor’s Wheatsheaf Group, said in a written statement.
So far, The Every Company has gone a step farther with its products and co-founder and CEO Arturo Elizondo previously said the company is also working on other egg white protein ingredients.
According to Elizondo, the new ingredients can perform the more conventional functions of eggs, including gelling, whipping and binding.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE
