This latest funding round brings the Gingko Bioworks spinout's total funding to $343M. Here are the top-line bullets you need to know.
Motif FoodWorks, a food technology company, has raised $226M in a Series B. The round drew participation from General Atlantic, BlackRock, Viking Global Investors, and the Ontario Teachers’ Pension Plan (OTPP), among others.
How’s the company performing?
- Massachusetts-based Motif FoodWorks is a plant-based food tech company that offers meat and dairy alternatives. It was spun out from biotech firm Gingko Bioworks in 2019. The company recently inaugurated a 10,600 sq. ft. office and lab space in Boston.
- Motif FoodWorks has secured partnerships with Coasun and the University of Guelph to enhance stretching and melting technology in plant-based cheeses and a marbling technique for plant-based meats.
Source: Motif FoodWorks
Why does the market matter?
- The global food tech market size is projected to expand at a CAGR of 6% and reach a value of $342.52B by 2027, as per Emergen Research.
- The increasing demand for animal protein alternative drove a 27% growth of the plant-based foods market in the US (double the growth rate of US food retail sales) to reach a value of $7B in 2020.
- Environmental sustainability, the rise of chronic health issues, and animal welfare have all contributed to the growth of the industry.