Israeli plant based nutrition company Equinom has announced the completion of a $35 million financing round led by Synthesis Capital with participation from Praesidium, Bunge Ventures, BayWa, CPT Capital and previous investors Fortissimo and Phoenix. This brings the total funding raised by Equinom to over $71 million. The latest funds will be used to bring more of the company's optimized plant protein ingredients to market.
Founded in 2012, Equinom has offices at Kibbutz Givat Brenner near Rehovot and in Indianapolis in the US. The company breeds new non-GMO varieties of the plant-based food industry’s primary source crops including pea and soy, optimized specifically for food, so they require only minimal processing, thereby improving taste and nutrition and reducing cost and complexity.
This is achieved with the company’s proprietary Manna technology platform which uses advanced algorithms to characterize the biochemical and genomic traits in a vast array of seed varieties, enabling the development of new ingredients with desirable traits for food production (such as mild taste, light color, high protein, etc.) - all without genetic modification. As a result, these new minimally processed plant proteins enable food companies to develop offerings that meet consumer demand for tastier and more affordable sustainable alternatives to meat and dairy.
Equinom co-founder and CEO Gil Shalev said, "I’m excited to work with Synthesis and our other investors who clearly see the food revolution taking place and the huge opportunity to develop better plant protein ingredients - optimized from the ground up for the relevant food and beverage applications. Our investors share the understanding that good food must start with good ingredients. With this additional investment, we will be able to deliver our message, and our next generation, non-GMO ingredients to food companies who are ready to unlock category growth by delivering tastier, healthier, sustainable and affordable food options to every plate in the world."
Published by Globes, Israel business news - en.globes.co.il - on December 12, 2022.
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