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

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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)

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