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Nourish Ingredients Raise $28.6M to Make Animal-Free Fats For The Next Generation Of Tastier Alternative Proteins
CANBERRA, AUSTRALIA —WED OCT 12, 2022 — Nourish Ingredients, a food tech company creating animal-free specialty fats using synthetic biology, has raised a $28.6M USD Series A funding round.
Through science and their process of precision fermentation, Nourish has made a significant breakthrough in the taste and experience of alternative proteins. Nourish builds real animal fats that make alternative proteins cook, smell and taste as delicious as the real thing, but animal free. Their fats are set to make a transformative impact and are key to creating a smarter, more sustainable, more diverse food system. The funding round was led by Horizons Ventures and supported by Main Sequence Ventures and Hostplus.*
Nourish zeroed in on the differences between plant and animal foods to identify the most potent fats and oils missing in the alternative protein space; the ingredients that make Wagyu steak so special, and ice-cream so irresistible. The team at Nourish then engineered proprietary precision fermentation strains that can manufacture these potent fat molecules at scale and give alternative proteins a true animal-like taste and experience.
“The first generation of alternative proteins made waves, mostly with vegans and vegetarians, but they didn’t convert carnivores into return customers. By overlooking fats, the market has missed the most essential element to the taste experience. That’s where Nourish comes in. We’re not just mimicking meat – we’re creating animal ingredients but from an animal-free source. This creates an experience that can compare to the deliciousness of the real thing, and even go way beyond it.”, says James Petrie, Co-founder and CEO at Nourish Ingredients.
Nourish was founded by scientists and entrepreneurs, Dr. James Petrie and Dr. Benjamin Leita in Canberra, Australia, who have the shared belief that taste is the most critical challenge for the alternative protein sector, and alt-protein foods must win the hearts and taste-buds of even the most devout lovers of meat and dairy for the sector to truly tap into the mainstream. Imagine the texture of a juicy roast chicken or the aroma of a succulent beef burger but from plant-based meat. Nourish fats make a transformative impact on alternative proteins.
“The perfecting of alternative animal fats will deliver a quantum leap in the taste and experience of alternative protein products. Nourish, with their science-led approach, are able to produce at scale, tailor made non animal derived fats and oils that can match our expectations in taste and mouth feel.”, says Chris Liu of Horizons Ventures.
Nourish will use the funding round to scale production and extend product development. “Feedback from our alt-protein food partners has been very positive. Nourish’s products have a transformative impact on their products – they haven’t tasted anything like it before. Our main challenge is to scale fast enough to meet their expectations but we are also deeply invested in pushing the boundaries of alt-protein taste and experience into new spaces”, says Petrie.
As part of scaling and expanding R&D, Nourish has alliances with a number of leading universities from across the globe who are world-class in the fields of synthetic biology and precision fermentation. These world class institutions include The University of California Riverside (UCR), Australia’s national science agency, CSIRO, University of Nottingham UK, and Deakin University. Nourish is also partnering with The University of Queensland to accelerate the production of next generation foods in Australia. Partnerships like this build on the continued internal expansion of Nourish’s R&D capabilities, further strengthens their IP position, and fast-tracks their product development of unique fat solutions for the alternative protein space.
Nourish aims to take its first product, fats that provide a meaty aroma and taste, to market in 2023 through deep partnerships with global food companies. Expect to see Nourish Ingredients in alternative protein product lines and specialty foods.
About Nourish Ingredients:
Nourish is a food tech company using synthetic biology to create animal-free fats for the next generation of alternative proteins. Nourish fats transform alternative proteins to cook, smell and taste like the real thing. Backed by top tier investors including Horizons Ventures and Main Sequence Ventures, Nourish Ingredients’ fats are key to creating a smarter, more sustainable, and more diverse food system. https://nourishing.io/
Horizons Ventures was co-founded by Solina Chau and Debbie Chang in 2005. It is known for backing era-defining companies making lasting and positive impact in the world. Amongst its string of notable early stage investments are Zoom, Impossible Foods, Perfect Day, Spotify, Siri and DeepMind, reflecting Horizons Ventures’ methodical long-term investment approach.
Main Sequence Ventures
Main Sequence is tackling the world’s biggest challenges by turning today’s scientific discoveries into tomorrow’s industries. It works closely with scientists, researchers and industry collaborators to create, fund and accelerate new companies and industries across health, food, space, transport, security and deep tech to accelerate humanity for a more prosperous future.
Founded in Australia in 2017, Main Sequence manages the CSIRO Innovation Fund, founded by the Australian Government and the national science agency to reinvest its historic contributions into the successes of the future. Main Sequence’s Fund I and Fund II have invested in 42 companies that are changing the way healthcare is delivered, food is produced, spaces are connected and more.
Hostplus has grown to be one of the largest industry super funds in Australia. With 1.6 million members, more than 275,000 employers and $88 billion in funds under management, our scale and ongoing growth allows for low member costs and a broad range of investment opportunities.
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