Nature’s Fynd Gears Up For 2022 Global Fungi Protein Launch After $350M Raise

Nature’s Fynd is set to deliver its fungi protein to the world in 2022, after bagging $350 million from major names including SoftBank and Blackstone in its Series C. Dubbed Fy, the company’s sustainable flagship novel protein is developed using fermentation technology.

Nature’s Fynd, the food company behind Fy, has just secured $350 million in its latest Series C round. The round was led by SoftBank’s Vision Fund 2 and saw big-name new investors like Blackstone Strategic Partners and Balyas­ny Asset Man­age­ment join in. 

Previously, the startup has been backed by celebrity investors like Jeff Bezos, Bill Gates, Al Gore, and Jack Ma. The latest funding takes Nature’s Fynd’s total raised to date to over $500 million. 

Kickstarting commercial production

Armed with its latest capital injection, Nature’s Fynd says it’ll be starting commercial production of Fy — the company’s flagship nutritional fungi-based protein grown using its proprietary fermentation technology.

It was developed using microbial research conducted for NASA in the geothermal springs of Yellowstone National Park. According to the firm, Fy uses just a “frac­tion of the land, water and ener­gy” compared to traditional animal agriculture. 

“In the past year, we showed that we can grow Fy at com­mer­cial scale lever­ag­ing robot­ics and automa­tion in our new state-of-the-art facil­i­ty in Chicago’s his­toric Union Stock­yards,” shared Thomas Jonas, co-founder and CEO of Nature’s Fynd. 

Retail this year, global rollout in 2022

Expanding its production capacity is part of the company’s plan to deliver its products globally by 2022. It recently used Fy to create a “Breakfast Bundle” trial of vegan sausage patties and dairy-free cream cheese, which were sold out within 24 hours. The product contains all the essential amino acids. 

Having received a “no questions” letter from the FDA in response to its GRAS food safety application, Nature’s Fynd expects to begin entering retail shelves in selected stores within the U.S. this year. By next year, the startup is expected to enter international markets, but has not specified what alt-protein products it plans to introduce.

​“In 2022, we will bring our brand­ed Fy based foods to con­sumers in the U.S., expand to new geo­gra­phies with a spe­cial focus on Asia where there is sub­stan­tial demand and need for sus­tain­able pro­tein,” shared Nature’s Fynd CEO and co-founder Thomas Jonas. 

Jonas added that the firm will “cre­ate mul­ti­ple brand-aligned part­ner­ships for retail, quick-serve restau­rants (QSR) and emerg­ing high growth channels.” 

Nature’s Fynd’s global ambitions will likely be aided by its strong international cohort of investors, not least Japanese conglomerate SoftBank. Angela Du, investment director at Soft­Bank Invest­ment Advis­ers, said that the firm will “help them scale their busi­ness and cap­ture the tremen­dous glob­al oppor­tu­ni­ties in front of them.”

Last year, Nature’s Fynd revealed that it is already seeking regulatory approval in mainland China and in Hong Kong, and will be adapting its fungi-based protein into Asian dishes to gear up for expansion in the region.

Expanding Fy alt-protein portfolio

The Series C funds will additionally enable the startup to grow its alt-protein range. It says it plans to expand its portfolio to cover products “from break­fast to din­ner and every­thing in between.” 

“We know con­sumers today expect great tast­ing meat and dairy alter­na­tives with­out com­pro­mis­ing on health or sus­tain­abil­i­ty,” said Jonas. “Fy — our nat­ur­al, com­plete veg­an pro­tein deliv­ers on all fronts.” 

“We can meet our con­sumers’ expec­ta­tions for deli­cious meat and dairy alter­na­tives with no trade­offs,” the CEO continued. 

Previously, Nature’s Fynd shared that Fy is suitable for a wide range of F&B applications, including in meat and dairy alternatives, beverages, ready meals, dried pasta and noodles, baking goods and oils, and dressings. 

Lead image courtesy of Nature’s Fynd.