CSIRO-backed non-animal based foods business Nourish Ingredients has raised $14.5 million (US$11 million) in seed funding to accelerate commercialsation of its animal-free fermented fats and oils.
CEO James Petrie said the company has secured an initial funding round co-led by leading venture capitalists Horizons Ventures and Main Sequence Ventures.
Main Sequence is the venture arm of CSIRO and Hong Kong-based Horizons Ventures is also an investor in plant-based burger group Impossible Foods.
Petrie said: “It is a huge step toward the realisation of our biggest goal – to bring to the world tastier, more sustainable fats and oils that don’t necessitate the use of animal products.
“This sizable funding allows us to add more brilliant, world-class talent to our team, expand our product range, and bring our fats and oils to even more customers across the globe.”
Nourish has pioneered a yeast fermentation process that allows it to mimic the molecular structure of animal fats.
Using sugar-based feedstocks, the yeasts can be modified to produce the gamut of flavour profiles and mouthfeel properties from butter to bacon, fish and beef.
Petrie thanked CSIRO for backing the development of alternate proteins at an early stage.
“We believe we are only in the infancy of how big the plant-based and alternative proteins market can really become.
“Nourish’s fats and oils will change the way the planet looks at this market by making their products taste just as good as the original, but better.”
© Nourish Ingredients Pty Ltd. 2023