Equinom has announced a $35 million tranche of funding – its largest to date – to bring more of its “optimised” plant protein ingredients to market.
Led by Synthesis Capital, the raise also included investment from Praesidium, Bunge Ventures, BayWa, CPT Capital and returning investors Fortissimo and Phoenix.
Equinom breeds new non-GMO varieties of crops, such as pea and soy, that are optimised for food production with desirable traits such as a mild taste, light colour or high protein content.
This ingredient development is enabled by the company’s Manna technology platform, which uses advanced algorithms to characterise the biochemical and genomic traits in an array of seed varieties.
Equinom will use the new funding to accelerate the commercialisation of its plant-based protein ingredients.
The capital will also fund investments in seed development of Equinom’s ultra-high-protein soy and pea varieties and R&D into additional protein source crops, including chickpea, fava, mung bean, and cowpea.
“Today’s food system requires significant transformation if we are to slow the effects of climate change and feed a growing population expected to reach 10 billion by 2050,” said Costa Yiannoulis, managing partner and co-founder of Synthesis Capital.
“We see alternative proteins as a critical solution and feel energised by Gil’s vision and commitment to address some of the greatest challenges facing the plant-based industry at their source, through innovating to revolutionise traditional inputs into the process. We clearly see the value Equinom ingredients can generate throughout the food supply chain – and within our portfolio.”
Equinom co-founder and CEO, Gil Shalev, added: “I’m excited to work with Synthesis and our other investors who clearly see the food revolution taking place and the huge opportunity to develop better plant protein ingredients – optimised from the ground up for the relevant food and beverage applications. Our investors share the understanding that good food must start with good ingredients.”
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