December 10, 2020

By Lynda Kiernan, Global AgInvesting Media

Born as a research project under NASA, and based out of the Polsky Center for Entrepreneurship and Innovation at the University of Chicago, the original aim for the founders of Nature’s Fynd was to study extremophile organisms – microbes that can live and thrive under extreme conditions, according to company co-founder and CEO Thomas Jonas.

This work led the team to study microbes living in the volcanic springs (extremophiles) at Yellowstone National Park, and to the development of an innovative fermentation technology that enables the production of protein that uses 99 percent less land and 87 percent less water than beef.

Through the company’s process, high-protein extremophile microbes are fed starches or glycerin, which then rapidly multiply resulting in the production of the organism Fusarium Yellowstonensis, or Fy™ (“fai”) – a newly-discovered fungi-based source of complete protein, dietary fiber, calcium, and vitamins that can be formulated to be a solid, powder, or liquid, and can be either savory or sweet.

Highly adaptable, this animal-free (but not really plant-based either) protein alternative can not only be used to make meat, egg, and dairy alternatives, or snacks such as dips, but can also be widely used as an ingredient by other manufacturers, or in animal feed.

As the company prepares for its first commercial product launches, it announced it has raised $45 million from Oxford Finance and Trinity Capital, bringing total funding to-date for the company to $158 million, following an $80 million Series B in March of this year, and a $33 million Series A in 2019. 

The capital gained through these newest partnerships will allow Nature’s Fynd the flexibility it needs in order to accelerate its strategic path to market, to expand its product portfolio, and to have the necessary funds in place to meet the company’s CAPEX requirements.

To facilitate the company’s planned product launches and expected growth for 2021, Nature’s Fynd has also announced the addition of four exceptional CPG veterans to its leadership team:

Dr. Baljit Singh Ghotra  – Former vice president of food research with ADM, Dr. Ghotra joins Nature’s Fynd in the role of senior vice president of food innovation. With a Ph.D. in grain science and technology and more than 20 years experience, Dr. Ghotra has built R&D platforms to deliver an end-to-end ingredients development program while overseeing manufacturing to accelerate innovation and drive growth. 

Emilie Runac – Formerly with Bel Brands USA for 16 years, Runac joins Nature’s Fynd as director of manufacturing. Most recently Runac managed a union plant employing 180 that produced 25 million pounds of cheese per year. Prior to that she oversaw the successful North American launch of Mini Babybel Cheese & Crackers earning the Best New Snack Pack award at the 2019 Best Product Awards. 

Pat Dalugdug – Joins Nature’s Fynd as director of sales. Formerly with KIND, Dalugdug bring a host of experience from some of the top and most innovative food companies, including not only KIND Snacks, but Bulletproof and Danone North America. 

And, Tom Frey – Following 16 years with Cargill, most recently as engineering manager, Frey has a reputation as an expert in leading successful design and implementation of fermentation technologies in food applications. 

“Today, we’ve announced the hiring of several top food industry experts who will significantly advance the commercial success of our products,” said Tom Jonas, co-founder and CEO, Nature’s Fynd.

“We’re at a pivotal moment where changing the way we all eat to take better care of our health and to care for our planet is crucial. Using Fy, our nutritional fungi protein, we’ve made foods that contain a complete protein and have an extremely low carbon footprint,” noted Jonas. “Now Nature’s Fynd needs to bring these delicious foods to market so we can all be part of the solution to climate change.”

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