US food-tech company Motif FoodWorks has raised a huge $226 million in its Series B funding round. The round was led by Ontario Teachers’ Pension Plan Board, along with funds and accounts managed by BlackRock.
Other investors included AiiM Partners, Wittington Ventures, Rethink Food, and Rage Capital. The round brings the total amount of funding raised by the company to $345 million.
Motif Foodworks was founded with the mission of making plant-based foods taste better, helping to encourage reluctant omnivores to switch away from animal products. It says it will use the funding to increase research and development, scale and commercialise its food technologies, and expand its team and facilities.
Recently, Motif has opened a new 10,000 square foot office and lab space in Boston, as well as securing licensing partnerships with the University of Guelph and Coasun Inc. for two of its innovative technologies. One makes plant-based cheeses melt and stretch, while the other creates healthier fat alternatives that marbleise plant-based meats.
In an interview with vegconomist last year, Motif said it was “focused on uncovering the attributes of what makes food so good — and unlocking the science behind those properties — so that we can recreate them, and help to bring tastier plant-based products to consumers.” Later in the year, the company announced a collaboration with a renowned scientist to develop “unprecedented” improvements in plant-based foods.
“Plant-based foods have the potential to unlock enormous benefits for people and the planet, but that will only happen if they live up to, or even exceed, what consumers expect from animal-based counterparts,” said Jonathan McIntyre, CEO of Motif FoodWorks. “With support from our investors, we’re advancing the understanding of food science and design to make plant-based foods better tasting, more nutritious and so desirable that people actually crave them.”