Motif FoodWorks, a Boston MA-based food technology company that makes plant-based ingredients and flavourings bagged US$ 226M in Series B funding led by Ontario Teachers’ Pension Plan Board and BlackRock.
Investors: The funding round co-led by investment management company BlackRock and Ontario Teachers’ Pension Plan Board also involved strong participation from AiiM Partners, Wittington Ventures, Rethink Food. Rage Capital and Relevant Partners also contributed besides the current investors, including Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company, and Viking Global Investors.
Purpose of the Funding: Motif intends to utilize the funds from the Series B round to enhance its research and development potential, update and commercialize its food technologies, broaden its facilities and expand its team. Investments in these areas would be vital to set the pace for its vision of mitigating sensory and nutritional challenges with existing plant-based foods, including meat and dairy analogues.
About Motif Foodworks
Motif FoodWorks is a food tech company desiring to make plant-based foods delicious and nourishing. Led by Jonathan McIntyre, CEO, the company was initially spun out of Ginkgo Bioworks in 2019 and has raised a total of US$ 345M to date. The company’s innovative food science and design outlook, combined with food technologies evolved through precision fermentation and material science advancements, comes as an increased number of consumers are seeking substitutes for animal-based protein. The company collaborates with chefs, health experts, and food visionaries to create new building blocks for tomorrow’s food revolution. Furthermore, it has established licensing collaboration with the University of Guelph and Coasun Inc. for innovations that produce dissolving and stretching attributes in plant-based cheeses and fat substitutes that marbleize plant-based meats.
Scope of Plant-based food market: According to the Plant-Based Foods Association, the plant-based food market has grown 27% to reach US$ 7 billion in 2020, roughly double the growth rate of total US food retail transactions during the same period. However, there exist critical gaps in taste and texture in the current plant-based alternatives, as Mr. McIntyre stated. A new study from Yale University has cited that nearly 67% of Americans would prefer to eat more plant-based foods if they became tastier than they do today.
What the CEO has to say: “Plant-based foods can offer major gains to people and the planet only if they dwell up to, or even exceed, what consumers anticipate from animal-based counterparts. With financial assistance from our investors, we envisage modernizing the understanding of food science and design to make plant-based foods tasty, more nourishing, and so appropriate that people long for them.”- Jonathan McIntyre, CEO of Motif Foodworks.
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