Japan’s SoftBank Vision Fund 2 has led a $350 million Series C funding round in the US-based food company Nature’s Fynd to facilitate its expansion plans in Asia, according to an announcement.
The round has also seen the participation of other investors namely Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment, EDBI, SK Inc, and Hongkou.
The corpus raised will help the company accelerate its growth plans and expand its production capacity and deliver partnerships, as it looks to strengthen its footprint in the global market and extend its product portfolio from breakfast to dinner.
With the current round, the company’s total funding stands at over $500 million to date.
Nature’s Fynd, headquartered in Chicago, creates versatile alternative proteins. The company claims to be the pioneer in the development and production of Fy, a highly versatile nutritional fungi protein that is produced by a revolutionary fermentation technology using just a fraction of the land, water and energy.
“In 2022, we will bring our branded Fy-based foods to consumers in the US, expand to new geographies with a special focus on Asia where there is substantial demand and need for sustainable protein and create multiple brand-aligned partnerships for retail, quick-serve restaurants (QSR) and emerging high growth channels,” said said Thomas Jonas, CEO and co-founder at Nature’s Fynd.
Nature’s Fynd expects to launch its Fy based meatless and dairy-free products in selected retailers later this year.
“Nature’s Fynd is combining its unique fermentation technology with robotics to develop protein-rich foods that are significantly more sustainable to create, and produced in a fraction of the time as animal- and soy-based proteins,” said Angela Du, Investment Director at SoftBank Investment Advisers.
Most recently, SoftBank Vision Fund 2 invested $1.7 billion in South Korean travel and leisure platform Yanolja. It also led a $200 million funding round in Australia’s edtech company Go1.
Earlier this month, Nikkei Asia reported that SoftBank Group’s second Vision Fund is ramping up its investment pace, thereby planning to add on an average one new startup to its portfolio per day. Vision Fund 2’s investment plans cover a total of 129 companies as of June 18, the Japanese tech group’s data shows, with 34 new targets added over the prior month-long period.