In an oversubscribed Series C funding round, Bay Area platform The Every Company has raised an additional $175 million for its precision fermentation egg protein, bringing its total funding to more than $230 million.
A roster of new and existing investors co-led the new Every funding, including McWin, Rage Capital, Temasek, Grosvenor’s Wheatsheaf Group, TO Ventures, and Prosus Ventures.
According to the company, the oversubscribed Series C speaks to the growing demand for animal-free protein and the interest in the precision fermentation market—an industry currently dominated by dairy maker Perfect Day.
“There has never been a better time to be a B2B ingredients platform,” Arturo Elizondo, CEO & founder of The Every Company, said in a statement. “As the world’s biggest food companies work to evolve their product offerings into the 21st century by driving for cleaner, kinder, and more sustainable labels, the options available are few and far between.”
Every, formerly known as Clara Foods, plans to use the funding to scale production and explore new applications for its vegan ClearEgg. The company says it also aims to look at more proteins in eggs to replicate through its novel fermentation process.
ClearEgg isn’t an omelet replacement like the mung-bean-based Just Egg. Instead, it’s a tasteless and odorless protein powder intended to boost the nutritional quality of foods. Currently, its main application is enhancing beverages.
Vegan egg whites
But according to Elizondo, the company’s plans include the development of egg white proteins that would function similarly to traditional eggs for applications like whipping and binding. A launch into this space is expected in early 2022.
The funding will also help Every work on reducing costs. Increasing production capacity for its fermentation process would help drop prices rapidly. The company anticipates this could happen as early as next summer.
Among its biggest plans with the new funding is a foray into food service. The new funding partner McWin invests in food service, including the global foodservice provider AmRest, which services more than 2,000 restaurants across the globe.
“The restaurant industry is one of the early adopters of new food technologies and their introduction to the consumer. Given our deep roots in restaurants and as a prolific investor in the leading alternative protein companies, McWin is uniquely equipped to support Every’s ambitious plans to bring its products to menus worldwide,” said Henry McGovern, founder of McWin Food Ecosystem Fund and AmRest. “Eggs are not only ubiquitous, but they are also incredibly difficult to replace; we see tremendous potential in Every’s revolutionary technology,” McGovern said.
Last month, Every launched its ClearEgg in a partnership with bottled smoothie maker Pressed. It’s the first time a precision fermentation egg has been marketed in a beverage, but not the first precision fermentation product in beverage form. Perfect Day’s milk was recently trialed at select Starbucks locations in the Pacific Northwest.
“We at Every are perfectly positioned to enable the world’s largest and smallest food companies to transition to an animal-free future—without compromises,” Elizondo said. “Now, our major objective is to scale the platform to make good on our promise to bring our proteins to everyone, everywhere. This new injection of capital will allow us to do just that.”
All images courtesy of The Every Company.