SAN MATEO, Calif., March 24, 2020 /PRNewswire/ -- 1955 Capital, a global venture capital firm headed by Andrew Chung, has announced that it is making a substantial investment again in the food tech company, Nature's Fynd. The company announced today that it has raised $80 million in new funding with both Generation Investment Management LLP and Breakthrough Energy Ventures leading the round. Nature's Fynd, formerly Sustainable Bioproducts, was founded in 2012 with the mission of producing nutritional food products that are kind to the environment without using animals. Nature's Fynd will use the investment funds to scale its technology and operations in order to commercialize its products with minimal environmental impact.
1955 Capital was the lead investor in the $33 million Series A round of funding for Nature's Fynd. Andrew Chung, 1955 Capital founder and managing partner, has served on the board of Nature's Fynd since 2018. This extends 1955 Capital's largest portfolio investment to date.
"Nature's Fynd has the potential to redefine the future of food," said Chung about this new Series B investment. "They have developed tasty products across multiple food groups faster than any other food tech company that 1955 Capital has seen. Their elegant manufacturing process supports a scalable and cost-effective production method that will be critical for achieving competitive pricing, particularly in developing world markets where this technology is most needed. With the global impact of livestock-related illnesses like coronavirus and swine flu that have disrupted the world economy, it's more critical than ever to build a clean and sustainable food supply."
Nature's Fynd has developed an entirely new protein source from its one-of-a-kind microbe, fusarium yellowstonensis, that was found in hot springs of its namesake, Yellowstone National Park. Fy is produced with 99% fewer greenhouse gases and 99% less land than beef. The company's unique platform enables versatility that allows it to create a variety of nutritious and delicious foods cost-effectively across meat and dairy alternatives and support product lines for snacks, breakfast, lunch, and dinner.
Nature's Fynd currently employs more than 50 people across its Chicago headquarters and its Bozeman, Montana R&D center. The company is ramping up production in a 35,000-square-foot manufacturing facility on the site of the historic Union Stockyards on Chicago's South Side.
"In these challenging times, securing food for our growing population under the immense pressure of climate change becomes even more urgent," said CEO and co-founder Thomas Jonas. "We must find new solutions that can both nourish people and nurture the planet. Our innovative technology was developed by studying nature's own solutions for adapting — and ultimately thriving — in environments with limited resources."
About 1955 Capital
1955 Capital was founded by Andrew Chung to invest in companies that can address the developing world's most pressing challenges related to energy, healthcare, food, agriculture, education and sustainable manufacturing. With over a decade of experience investing in these sectors at leading global firms like Khosla Ventures and Lightspeed Ventures, Chung has experience in identifying technologies with significant impact potential in developing countries and supporting entrepreneurs in developing mutually productive partnerships. The firm is based in San Mateo, California.
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SOURCE 1955 Capital