Thursday, July 22, 2021

Alt-meat firm raises another $350 million

Nature’s Fynd which uses fungi from Yellowstone National Park to produce meat-competing foods has raised another $350 million to bring its total to $500 million.

It has space in the old Chicago stockyards where it intends to begin producing and marketing its meat substitutes next year.

"In the past year, we showed that we can grow Fy at commercial scale leveraging robotics and automation . . . ,” said president and co-founder Thomas Jonas.

It will start marketing in the United States, then expand to Asia “where there is substantial demand and need for sustainable protein, and create multiple brand-aligned partnerships for retail, quick-serve restaurants and emerging high growth channels,” the company said.