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, brings the company's
total funding to $294 million. The company plans to use the funds to increase manufacturing capacity and move towards profitability. EVERY's egg proteins, which are produced without chickens, are set to be rolled out in Walmart stores across the United States. The company aims to provide a stable and secure supply of egg proteins, addressing issues such as pricing volatility and supply chain disruptions caused by avian flu outbreaks.
Why It's Important?
The development of alternative egg proteins by EVERY Co is significant in the context of ongoing avian flu outbreaks, which have highlighted vulnerabilities in traditional egg supply chains. By offering a shelf-stable, powdered egg protein with a longer shelf life, EVERY Co addresses the need for supply chain stability and consistency. This innovation not only provides a solution to the economic challenges faced by food manufacturers but also aligns with broader trends towards sustainable and ethical food production. The successful funding round indicates strong investor confidence in the potential of alternative proteins to meet market demands and address real pain points in the food industry.
What's Next?
EVERY Co plans to continue expanding its manufacturing footprint, with a focus on onboarding a second manufacturing partner in the United States to build redundancy in its supply chain. The company is also exploring opportunities in the Middle East, where it has partnered with the Abu Dhabi Investment Office to potentially establish a large-scale production facility. As the company scales its operations, it aims to integrate its egg proteins into the supply chains of major global food companies, further solidifying its position in the market.
Beyond the Headlines
The rise of alternative proteins like those developed by EVERY Co could have long-term implications for the food industry, potentially reducing reliance on traditional animal agriculture and mitigating the environmental impact associated with it. The company's focus on unit economics and supply chain stability highlights a shift towards more resilient and sustainable food production systems. Additionally, the ongoing legal challenges faced by EVERY Co, such as the lawsuit from rival Onego Bio, underscore the competitive and rapidly evolving nature of the alternative protein sector.
