SoftBank Vision Fund 2 leads $350m round in US-based food firm Nature’s Fynd

Photo: pixabay.com

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.