Israeli plant-based nutrition company Equinom announced today that it has completed a $20 million Series C financing round led by Phoenix, with participation from Fortissimo, BASF Venture Capital, Trendlines and Maverick. This brings to $36 million, the amount raised by the company since it was founded in 2012. The company has 42 employees, including 38 in Israel.
Equinom leverages a novel approach to improve seeds and deliver high-quality source ingredients. The company will use the new funds to expand sales, marketing, and R&D worldwide.
Equinom founder and CEO Dr. Gil Shalev said, "With this capital vote of trust from investors, we now have the ability to unleash our products in the market and become a global leader in the agtech space. Leveraging our cutting-edge seed-to-plate food-application technology to create source ingredients, Equinom helps market-leading food brands turn regular food into super food. Similar to how consumers use Google, we anticipate they will use Equinom’s AI database to match their needs with non-GMO ingredients that have never been explored before. In Q4 we will be releasing our first batch of Smarter Pea Protein concentrate to the market which will be the highest pea protein concentrate available in the world."
Equinom has grown into a major source of plant protein, making it more affordable and accessible to produce nutritious food, beginning with each seed variety. The company has over 100,000 acres grown across five continents and has secured millions of dollars in contracts with market-leading food brands.
Using AI-driven technology to naturally breed and grow superior seeds that boost nutrition, Equinom works with its partners to custom-design ingredients and enable local sourcing. Through its natural non-GMO breeding methods, Equinom maximizes the genetic potential of exotic and ancient crops to fix the broken result of yield focused breeding and low quality ingredients. With an effort to perfect food sources and consumer experience, Equinom is dedicated to making the most of the wonders that nature has designed over millions of years.
Shalev added, "Seven years ago we started exploring the industry and have quickly become a global pioneer in the agtech space. Through our collaborations with leading food brands like Pepsico-owned Sabra, we are the first non-GMO/non gene edited breeding company that developed ingredients with multiple traits that are already available in the market."
Published by Globes, Israel business news - en.globes.co.il - on June 22, 2021
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