Israeli nutrition company Equinom announces the close of $35M in funding to bring its more optimized plant proteins to market. The round brings the company’s total funding to date to $71M.
“We clearly see the value Equinom ingredients can generate throughout the food supply chain”
Equinom will use the capital to accelerate the commercialization of its plant protein ingredients, which will be sold to food companies via established multinational suppliers.
Equinom specializes in breeding new non-GMO varieties of important proteins used by the plant-based industry, such as soy and pea, that are optimized for food production and require less processing. These improved proteins are said to offer better taste and nutrition while reducing production costs and complexities.
According to Equinom, this thus enables food companies to develop tastier and more affordable alternatives to meat and dairy.
“Today’s food system requires significant transformation if we are to slow the effects of climate change and feed a growing population expected to reach 10 billion by 2050,” said Costa Yiannoulis, managing partner and co-founder of Synthesis Capital.
He continued, “We see alternative proteins as a critical solution and feel energized by Gil’s vision and commitment to address some of the greatest challenges facing the plant-based industry at their source, through innovating to revolutionize traditional inputs into the process. We clearly see the value Equinom ingredients can generate throughout the food supply chain – and within our portfolio.”
Thousands of seeds
Through its proprietary Manna™ technology platform, Equinom uses algorithms to characterize the biochemical and genomic traits of a vast array of seed varieties, allowing the development of new ingredients with desirable traits for food production (such as light color, mild taste, or high protein) – without any genetic modification.
The new capital will also fund Equinom’s investments in seed development and grain production of its ultra-high protein varieties of non-GMO soy and pea, along with ongoing breeding programs for protein source crops such as chickpea, fava, mung bean, and cowpea.
The funding round was led by Synthesis Capital with additional investment from Praesidium, Bunge Ventures, BayWa, CPT Capital and more.
“I’m excited to work with Synthesis and our other investors who clearly see the food revolution taking place and the huge opportunity to develop better plant protein ingredients – optimized from the ground up for the relevant food and beverage applications,” said Gil Shalev, Equinom co-founder and CEO.
Shalev added, “Our investors share the understanding that good food must start with good ingredients. With this additional investment, we will be able to deliver our message, and our next-generation, non-GMO ingredients to food companies who are ready to unlock category growth by delivering tastier, healthier, sustainable and affordable food options to every plate in the world.”