What's Happening?
Boston-based startup Tender Food has rebranded as Lasso and secured $6.5 million in funding to expand its proprietary fiber spinning technology, known as Lasso SpinTech, beyond the alternative meat sector. Originally developed at Harvard University's Wyss Institute, this technology uses centrifugal force to spin food ingredients into fibrous materials, offering unique textures. The funding round was led by Rhapsody Venture Partners and included participation from Safar Partners, Claridge Venture Partners, and Rivas Capital. Lasso plans to utilize this technology across various food categories, including fruit snacks and pet food, and aims to launch its own brands while licensing the technology to partners. The technology is designed to work with over 1,000 ingredient combinations, allowing for control over fiber thickness, composition, and moisture content. CEO Mike Messersmith, who previously served as North American president at Oatly, stated that the technology could help achieve price parity with traditional food products by reducing ingredient lists and costs.
Why It's Important?
The expansion of Lasso's technology into broader food categories signifies a shift in the plant-based and alternative food industry, addressing challenges such as texture, ingredient complexity, and cost. By offering cleaner labels and novel textures, Lasso aims to meet consumer demand for more nutritious and affordable food options. This development could potentially disrupt traditional food processing methods, providing a more sustainable and cost-effective solution. The ability to convert waste streams into profitable products also highlights the technology's potential for reducing environmental impact. As the alternative food sector faces growth challenges, Lasso's approach to diversifying applications may attract new partnerships and accelerate innovation in the industry.
What's Next?
Lasso plans to introduce its own consumer products alongside pursuing a business-to-business tech licensing strategy. The company aims to demonstrate the real-world impact of its technology through focused market launches, particularly in the snacking category. Additionally, Lasso is working on several licensed projects, which are expected to be announced in the coming months. By showcasing tangible products, Lasso hopes to expedite partnerships with other brands and manufacturers, potentially leading to wider adoption of its technology across the food industry.
Beyond the Headlines
Lasso's strategy of launching consumer products to drive business-to-business partnerships reflects a broader trend in the startup ecosystem, where demonstrating market viability can accelerate collaboration and adoption. This approach may also serve as a catalyst for innovation, encouraging other companies to explore similar technologies and applications. The potential to transform waste streams into profitable products aligns with growing consumer and industry interest in sustainability and resource efficiency.
