SAN FRANCISCO — The EVERY Company (formerly Clara Foods), developer of animal-free protein, has closed $175 million in Series C financing. The round was co-led by new investor, McWin, and existing investor, Rage Capital. Other new and existing investors joined the round including Temasek, Grosvenor’s Wheatsheaf Group, and TO Ventures. Prosus Ventures also contributed to the funding, marking its first investment in synthetic biology.
The Series C round raised by EVERY was oversubscribed due to strong investor appetite to fill the growing supply gap for animal-free protein and ingredient solutions. “The global demand for alternative proteins has grown substantially, but the infrastructure needed to produce the necessary ingredients has yet to catch up. EVERY’s platform is a big step towards filling that gap,” said Katrin Burt, Managing Partner of Grosvenor’s Wheatsheaf Group.
The Series C round brings EVERY’s total funding to $233 million. EVERY plans to use the capital to scale production, commercialize a robust pipeline of animal-free protein products nationwide, and expand into a broad array of new food applications. EVERY™ will also continue to expand its protein production platform by mining the egg proteome for novel, hyper-functional proteins.
“It’s rare for a company to credibly claim revolutionizing a century-old industry. Arturo and the team at EVERY are doing just that,” said Gabriel Ruimy, Managing Partner of Rage Capital. “By leveraging precision fermentation technologies, EVERY™ is bringing ingredient synthesis from science fiction to supermarket aisles, starting with egg proteins and enzymes. We look forward to supporting the company in the commercialization of such exciting innovation in the next years.”
EVERY has pioneered a disruptive advance in food technology by developing a platform that produces real animal proteins without the use of a single animal. Last year, it launched the world’s first animal-free pepsin with Fortune 500 ingredients company, Ingredion. Most recently, it launched the world’s first animal-free egg protein. In November, EVERY made its retail debut by announcing a limited time partnership with leading national cold-pressed juice brand Pressed to serve the world’s first nature-equivalent animal-free protein smoothie directly to consumers for the first time.
“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, which operates over 2,300 restaurants globally. “Eggs are not only ubiquitous, but they are also incredibly difficult to replace; we see tremendous potential in EVERY’s revolutionary technology.”
“There has never been a better time to be a B2B ingredients platform,” said Arturo Elizondo, CEO & founder of The EVERY Company. “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. 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. 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.”
