Synthesis leads a $35m financing round for Equinom, which identifies non-GMO seeds that don’t require the processing and additives that blight alternatives
Fake meat is in trouble. Sales of plant-based burgers are falling, investor largesse is waning and shares of the industry’s poster child, Beyond Meat, have slumped.
The starting point for this meat-and-potatoes approach is the humble pea or bean, but one developed using biological algorithms and precision breeding to create tasty, nutritious and high-protein products. To that end London-based Synthesis has just led a $35m financing round for Israeli start-up Equinom, which identifies non-genetically modified seed varieties that don’t require the processing and additives that have long blighted meat alternatives.
The funding round, which includes investors such as Bunge, BayWa and CPT Capital, brings Equinom’s total financing to more than $71m. The money will be used to commercialise and develop the company’s technology platform. It’s already working with multinational processing ingredient suppliers that will sell its proteins to food companies.
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