What's Happening?
The EVERY Company has successfully raised $55 million in a Series D funding round to expand its production of egg proteins through precision fermentation. This funding, led by McWin Capital Partners and supported
by several other investors, will help EVERY increase its manufacturing capacity and move towards profitability. The company has developed a range of proteins, including a highly soluble glycoprotein and ovalbumin, the primary protein in egg whites. These products are set to be rolled out across the United States at Walmart. The company aims to provide a stable and secure supply of shelf-stable powdered egg protein, which can replace liquid eggs that have a shorter shelf life and require refrigeration.
Why It's Important?
This development is significant as it addresses the challenges faced by food manufacturers due to pricing volatility, salmonella outbreaks, and supply chain disruptions often caused by avian flu. By offering a shelf-stable alternative, EVERY Co provides a solution that ensures consistency and reliability in egg supply. This innovation not only appeals to those concerned with ethical and environmental issues but also to businesses focused on economic stability. The move could potentially disrupt the traditional egg market by providing a cost-effective and reliable alternative, benefiting both manufacturers and consumers.
What's Next?
EVERY Co plans to expand its manufacturing footprint by partnering with additional facilities in the U.S. and exploring opportunities in the Middle East. The company is also keeping its funding round open for additional investors. As the products roll out at Walmart and other major food companies, EVERY Co is poised to increase its market presence and influence in the alternative protein sector. The company is also involved in a legal dispute with rival Onego Bio over intellectual property, which could impact its operations and market strategy.
Beyond the Headlines
The shift towards precision fermentation for egg production highlights a broader trend in the food industry towards sustainable and ethical alternatives. This method reduces reliance on animal agriculture, potentially lowering the environmental impact associated with traditional egg production. The success of EVERY Co could encourage further investment and innovation in the alternative protein space, leading to more sustainable food systems.
