Nourish Ingredients, a food tech company making animal-free fats for alternative meats, raised $28.6 million to get its product to market.
Why it matters: Demand will continue to grow as alternative proteins evolve to taste better and become more authentic, CEO James Petrie tells Axios.
What’s happening: The Series A round was led by Horizons Ventures with Main Sequence Ventures and Hostplus participating in the tranche.
What’s next: The Australian company hopes to bring to market its first product in 2023.
How it works: Nourish uses precision fermentation to emulate the animal fats that make the alt proteins sizzle, smell and taste similar to their animal counterparts, Petrie says.
State of play: Alternative proteins — made from plants or completely cultivated in a lab — have won the hearts of investors who see the next wave of consumer trends centered on healthy eating and eco-conscious.
While industry names like Beyond Meat have struggled to maintain growth, meat alternatives continue to attract venture dollars.
© Nourish Ingredients Pty Ltd. 2023