What's Happening?
The Every Company, based in San Francisco, has successfully raised $55 million in Series D funding to enhance the production and commercialization of its precision-fermented egg proteins. This funding round
was led by McWin Capital Partners through its Food Tech Fund, with additional investments from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian, and SOSV. The company specializes in producing animal-free egg proteins using precision fermentation, a method that mimics the functionality of traditional eggs without utilizing animal ingredients. These products are already available through various channels, including retail, foodservice, and e-commerce, and are set to be introduced in Walmart stores across the United States. The newly acquired funds will be directed towards scaling up manufacturing and operational growth, as Every aims to capture a larger share of the $270 billion global egg market.
Why It's Important?
The expansion of Every Company's precision-fermented egg protein production is significant as it offers a sustainable and stable alternative to traditional egg production, which faces challenges such as avian flu outbreaks, fluctuating feed costs, and market volatility. By providing a shelf-stable, powdered protein that can be stored for up to 18 months without refrigeration, Every Company addresses logistical and distribution challenges faced by food producers. This innovation not only supports the growing demand for plant-based and animal-free products but also contributes to reducing the environmental impact associated with conventional egg production. As the company targets high-volume applications in the bakery and food manufacturing sectors, it stands to benefit from increased market share and profitability, potentially influencing the broader food industry towards more sustainable practices.
What's Next?
With the new funding, Every Company plans to focus on scaling its manufacturing capabilities and expanding its market presence. The introduction of its products in Walmart stores across the United States marks a significant step in reaching a wider consumer base. As the company continues to grow, it may attract further investment and partnerships, potentially leading to more innovations in the precision fermentation space. The success of Every Company could encourage other food tech companies to explore similar sustainable production methods, further transforming the food industry landscape.
