The Protein Brewery, a Dutch developer of protein-rich plant-based food ingredients, has raised €22 million in Series A investment.
The new investment round brings its total funding to €26 million and was led by Novo Holdings, joined by new investors Roquette Ventures and Unovis Asset Management.
The Protein Brewery was founded in January 2020, resulting from a demerger of BioscienZ, an industrial biotechnology company developing new technologies based on microbial fermentation as a core competence.
It was founded in 2010 by Wim de Laat, a molecular scientist with over 30 years’ experience in industrial fermentation.
The latest funding will enable the company to continue its R&D, cover operational costs as well as scaling up production of the Fermotein food ingredient.
With Fermotein, The Protein Brewery said it is well positioned to enter a €30 billion-plus market for alternative proteins, a market with huge growth potential.
Fermotein will be available in both wet ‘cake’ product, as well as a dry powder form. The wet product can be used in applications such as meat alternatives or processed meats, while the dry version can be used as a food ingredient for a great variety of products including pasta, bakery products, protein bars, shakes, chocolate and ice cream.
However, the Fermotein product requires regulatory approval for application as a food ingredient. The Protein Brewery is already in the application process for the US and European markets, with regulatory approval anticipated in 2021 in the US and 2022 in Europe.
“The financial support and domain expertise of the investors in The Protein Brewery, are key milestones in executing our goals even more rapidly and broadly,” said Wim de Laat, founder of The Protein Brewery.
“It provides headway to take the next important step and move towards the realization of a pilot plant, demonstrating the process, the properties and benefits of our innovative and nutritious food ingredient.
“It is paramount in the development of our company to continue the journey with committed shareholders who share the know-how, drive and enthusiasm for producing natural based food.”