June 17, 2021

By Lynda Kiernan-Stone, Global AgInvesting Media

Motif FoodWorks began its existence not too long ago – launched by Boston-based Ginkgo Bioworks in March 2019 with a mission to develop next-generation alternative proteins and ingredients for global companies. 

“We started putting Motif together around February or March of 2018,” Jason Kakoyiannis, business development at Ginkgo and a director of Motif, told Tech Crunch in 2019. “The germination of the business had its inception earlier though, from interacting with companies in the food and beverage scene.”

Jon McIntyre, CEO of Motif, added, “Since launching the company we’ve seen an incredible response from the industry; it’s clear that the movement towards animal-free is no passing fad.”

This response and traction continues to bring the company under the eyes of some of the world’s high-profile investors, as reflected in the company’s announcement that it has closed on a $226 million Series B co-led by Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform (TIP) which is focused on late-stage venture and growth equity investments in companies developing innovative technologies, and funds and accounts managed by BlackRock.

This round, which brings total funding to-date for Motif to $345 million,  was also backed by a cadre of additional leading names including existing investors Louis Dreyfus Company, Viking Global Investors, Breakthrough Energy Ventures, CPT Capital, and General Atlantic, along with new investors, AiiM Partners, Wittington Ventures, Rethink Foods, Rage Capital, and Rellevant Partners.

Taking a new food science and design approach, and integrating food technologies developed through precision fermentation and material science breakthroughs, Motif FoodWorks is growing just as consumers push back against the environmental effects and animal welfare concerns connected with animal protein production.

Global protein consumption is expected to climb at a CAGR of 1.7 percent, reaching 943 million tons by 2054, according to Lux Research. Over this same time period, alternative protein sources are forecast to command up to a third of the protein market. 

The plant-based food market grew by 27 percent to reach $7 billion in 2020, nearly double the growth rate of overall U.S. food retail sales during the same time period. However, despite its meteoric growth, the plant-based meat market has room for improvement, especially concerning taste and sustainability as 67 percent of Americans say they’d be more willing to eat plant-based foods in place of meat if plant-based foods tasted better than they currently do. 

“Plant-based foods have the potential to unlock enormous benefits for people and the planet, but that will only happen if they live up to, or even exceed, what consumers expect from animal-based counterparts,” said Jonathan McIntyre, CEO, Motif FoodWorks. “With support from our investors, we’re advancing the understanding of food science and design to make plant-based foods better tasting, more nutritious and so desirable that people actually crave them.”

To help achieve these benchmarks, the company recently opened a new state-of-the-art, 10,600-square-foot office and lab space in Boston’s Seaport neighborhood, and has secured licensing partnerships with the University of Guelph and Coasun Inc. for technologies that result in melting and stretching characteristics in plant-based cheeses, and superior fat alternatives for plant-based meats.

With the capital raised through this most recent round, Motif plans to accelerate its advancement of the plant-based category through expanding its R&D capabilities; scaling and commercializing its food technologies; and expanding its team and facilities footprint – all areas that Motif stated are crucial to solve key sensory and nutritional gaps currently posing a challenge to meat and dairy alternatives.

“Making plant-based foods taste great will increase the global appetite for this sector – and shape a better future for our planet in the process,” said Olivia Steedman, senior managing director, TIP. “As people increasingly look to meat and dairy alternatives, Motif offers breakthrough solutions powered by leading technology, deep scientific expertise and a visionary management team.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.