US – Plant-based startups Nobell Foods and Urban Remedy have raised new funds to build internal capacities, accelerate growth, and fund expansion into new markets.
Nobell Foods, a California-based Plant-based cheese startup, raised US$75 million in a Series B funding round that was led by venture capital company Andreessen Horowitz.
Investment groups Breakthrough Energy Ventures and FootPrint Coalition Ventures, as well as several other participants also participated in the round that raised Nobell Food’s total funding secured so far to over US$100 million.
Nobell plans to use the funding to increase its internal team, expand farming partnerships, scale production of its cheeses made from plant-based casein protein found in genetically modified soybean, and release its cheeses to the market by the end of 2022.
Meanwhile, Urban Remedy, another California-based plant-based food company, has raised US$18 million in a Series D fundraising round, as it looks to increase its reach nationwide.
Urban Remedy offers certified-organic food and beverage products, including ready-to-eat meals, snacks, nut milks, and cold-pressed juices.
The company’s entire portfolio – currently available in 21 states across the US – is said to be Non-GMO Project Verified, plant-based, and gluten-free.
The Series D round was led by Colorado-based investment firm Manna Tree, with participation from existing investors Builders Fund, and Obvious Ventures.
Urban Remedy will use the new funds to increase consumer awareness through digital marketing investments, make key hires and introduce new manufacturing efficiencies.
The company previously secured investment from General Mills’ venture capital arm 301 Inc, as part of a US$17 million Series B fundraising round.
Nobel Foods and Urban Remedy’s investment are a continuation of the current trend in the food industry where investors are pouring millions of dollars into the alternative protein sector, betting on its potential to be the future of food.
In 2020, US$3.1 billion was invested in alternative protein companies, according to The Good Food Institute, more than eclipsing investment that went to other food companies.
The trend is expected to continue in 2021 as demand for alternative proteins continues to soar, mainly driven by a consumer that is environmentally conscious.
Just recently, Alternative protein company Nature’s Fynd raised US$350 million in a Series C round funding led by SoftBank’s Vision Fund 2.
Nature’s Fynd said it will use the money to accelerate growth by expanding production capacity, developing partnerships, laying the foundation for global expansion, and adding new products to its portfolio.
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