Plant-based ingredients maker Motif FoodWorks raises $226 mln in funding


Article content

Motif FoodWorks, which makes plant-based ingredients and flavorings, said on Wednesday it had raised $226 million in a Series B funding round, as meat alternatives have gained traction during the COVID-19 pandemic.

Environmental and ethical concerns among consumers have boosted the popularity for faux meat makers Beyond Meat Inc and Impossible Foods, especially over the past year, when several beef and pork producers shut their meat plants to curb the spread of the coronavirus outbreak.

The funding round was led by Ontario Teachers’ Pension Plan Board, funds and accounts managed by asset manager BlackRock , and includes participation from equity investor General Atlantic as well as Rethink Food.

The Boston-based startup, which was spun out of biotech company Ginkgo Bioworks in 2019, has raised a total of $345 million to date.

(Reporting by Mehr Bedi in Bengaluru; Editing by Amy Caren Daniel)



Source link

Latest

Non-BJP state FMs object to GST Council meeting decisions

West Bengal's finance minister Amit Mitra wrote to Nirmala Sitharaman after the GST Council meeting Saturday, expressing his strong dissent on the decisions...

The 7 Best Movies To Watch On Disney Plus Right Now

Feature Films are a great medium for expressing one's emotions and passions. Directors across times have used the medium to express their thoughts. Movies are...

Why the Gaming Chip Shortage in the Gaming Industry is not Game Over

The global chip shortage is a problem that is worsening for every industry by the second, and even if the solution does not...

Elgar case accused observe hunger strike in jail against ‘institutional murder’ of Stan Swamy

Ten accused in the Elgar Parishad-Maoist links case went on a one-day hunger strike in the Taloja jail in neighbouring Navi Mumbai on...