Nutriati, B2B specialist in plantbased ingredients such as chickpea based flours, announces it has closed a series C funding led by Manna Tree Partners who led the $12.7 million investment round, with participation from private equity firm Open Prairie. This is Manna Tree’s third investment which takes place as public demand for healthier, plant-based ingredients has increased 31% since 2017.
Nutriati says the investment will support R&D, increase production and add customers. Its ingredients, used in a variety of customer categories such as healthy snacks, beverages, plant-based meats, pasta, non-dairy cheese and baked goods, emphasize taste, texture, nutrition and sustainability.
Manna Tree was joined in the Series C round by Open Prairie, an existing investor in Nutriati, through its Open Prairie Rural Opportunities Fund, a growth-stage private equity fund licensed by the USDA as a Rural Business Investment Company and dedicated to providing capital to agribusiness companies throughout rural America. Open Prairie partner and Nutriati board member Tom Doxsie stated, “Nutriati is at the forefront of the plant-based trends being adopted by many of today’s consumers. Through proprietary processing and innovative product development, Nutriati is providing superior solutions to food and beverage companies for plant-based protein and non-dairy applications.”
Manna Tree Partners COO Brent Drever said, “Nutriati uses science and technology to produce healthier ingredients, with an emphasis on taste, texture and nutrition. We are proud to partner with Michael Todd and his team, which is committed to the research, development and commercialization of innovative and sustainable ingredients. As demand rises for healthier eating, Nutriati is well-positioned to grow for years to come.”
Michael Todd, CEO of Nutriati, said, “Manna Tree’s investment, alongside the recent funding from Open Prairie, will accelerate our growth, enable us to develop more innovative ingredients, increase production and reach new customers. Brent and the Manna Tree team share our commitment to improving the quality of the food supply with healthier, better tasting options for consumers. In addition to capital, our strong investor base brings expertise and a deep network that will fuel our responsible growth.”