December 13, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Equinom, an Israeli company striving to restore natural biodiversity to our food ecosystems, announced a $35 million tranche of funding led by Synthesis Capital (Synthesis), a global food tech and alternative protein investor. 

Synthesis was joined in this round by Praesidium, Bunge Ventures, BayWa, CPT Capital, and returning investors Fortissimo and Phoenix, bringing total funding for the company to-date to more than $71 million.

When searching for investors, Equinom stated that strategic alignment was key in its funding partners. Synthesis is committed to supporting emerging companies at the forefront of breakthroughs in the alternative protein category that are shaping the future of food. As the  lead investor, Synthesis will be committing capital through its Synthesis Capital Fund I, which raised more than $300 million earlier this year to deploy through targeted investments in the food tech sector.

“Our investors share the understanding that good food must start with good ingredients,” said Gil Shalev, co-founder and CEO, Equinom. “I’m excited to work with Synthesis and our other investors who clearly see the food revolution taking place and the huge opportunity to develop better plant protein ingredients – optimized from the ground up for the relevant food and beverage applications.”

With a mission to cultivate better food from the ground up, Equinom leverages its expertise in food, technology, and agriculture to breed new non-GMO varieties of the primary source crops for the plant-based food industry, including peas and soy. These resulting varieties are optimized specifically for improved food production, requiring minimal processing, and thereby lending improved taste and nutrition at a lower cost and with less complexity. 

Enabling this is Manna™, Equinom’s proprietary technology platform that uses fast-track, AI-driven breeding methodology that harnesses the natural genetic variety in plants. Equinom is able to develop seeds with highly-valued characteristics and organoleptic properties by leveraging traditional crossbreeding with computational genetic algorithms.

The results of this are the maximization of the genetic potential of crops to mend the unsatisfying results of yield-focused breeding and low quality ingredients, and the development of new ingredients with desirable traits such as mild taste, light color, and high protein. These new minimally processed plant proteins give food companies the ability to produce offerings that better meet consumer demands for more affordable, tastier, and more sustainable meat and dairy alternatives.

“Today’s food system requires significant transformation if we are to slow the effects of climate change and feed a growing population expected to reach 10 billion by 2050,” said Costa Yiannoulis, managing partner and co-founder, Synthesis Capital.

“We see alternative proteins as a critical solution and feel energized by Gil’s vision and commitment to address some of the greatest challenges facing the plant-based industry at their source, through innovating to revolutionize traditional inputs into the process. We clearly see the value Equinom ingredients can generate throughout the food supply chain – and within our portfolio.”

With this capital, Equinom plans to accelerate the commercialization of its plant-based ingredients, which will be sold to food companies through established multinational ingredients suppliers.

It also will use it to fund investments in seed development and grain production of their ultra-high protein varieties of non-GMO soy and peas, along with funding the ongoing R&D in breeding programs for additional protein source crops including chickpea, fava, mung bean, and cowpea. 

Commenting on what this funding means for Equinom, Shalev said, “With this additional investment, we will be able to deliver our message, and our next generation, non-GMO ingredients to food companies who are ready to unlock category growth by delivering tastier, healthier, sustainable, and affordable food options to every plate in the world.”

~ Lynda Kiernan-Stone is editor in chief 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 Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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