It leads a $175 million Series C funding round with Rage Capital and advances its commitment to transforming the global food system
McWin Food Ecosystem, the fund created by Henry McGovern and Steven K. Winegar, founder of AmRest and co-founder of Zena Group, respectively, has become a shareholder of the US market leader in fermentation processes, engineering, manufacturing and creation of real, non-animal proteins for the food industry, The Every Company, becoming one of the main shareholders of one of the most important FoodTech companies in the world, according to Servimedia.
McWin, which has Nortia Capital as a reference investor and which has several investors, some of which are Spanish, has led a Series C funding round together with Rage Capital -which was already a shareholder of the company- in which $175 million was raised.
In addition, leading firms such as Temasek, Wheatsheaf Group, TO Ventures and Prosus Ventures, among others, participated in the round. The round has been vastly oversubscribed in an environment in which the demand for alternative proteins has grown enormously and where the ingredients industry needs to catch up and where The Every Company is positioned as the leading candidate to fill the gap.
With this transaction, McWin takes a step forward in its commitment to advancing sustainability, transforming the global food system and transitioning it to a non-animal protein sector. This increases The Every Company’s funding to $233 million.
The company plans to use these funds to scale up production, accelerate commercial launches initially in the US, build a strong portfolio of non-animal protein products and develop a wide range of new food uses and applications.
The Every Company has disrupted the food technology industry by creating a platform for producing real protein without using a single animal. Last year, the company launched the first non-animal pepsin together with Ingredion.
More recently, it has launched the first non-animal egg protein exclusively using fermentation techniques. The Every Company expects to continue to expand its production base, using its egg proteome to create new hyperfunctional proteins.
“The restaurant industry is one of the pioneers in the implementation of new food technologies and in bringing them closer to the consumer. Due to our wide range and extensive experience in restaurants, we have been very well accepted as investors in alternative protein companies. Our contribution to this favourable reception will be the added value derived from our knowledge sector,” explained Henry McGovern.
“Eggs are not only present in a multitude of products, but they are also incredibly difficult to replace, which is why we strongly believe in the tremendous potential of The Every Company’s revolutionary technology,” he continued.
“There has never been a better time to be a B2B ingredient platform,” said Arturo Elizondo, CEO and founder of The Every Company. “As the world’s largest food companies work to adapt their product offerings to the 21st century by creating cleaner, greener and more sustainable brands and product lines, the choices available are few and far between. We are perfectly positioned to help both small and large companies make the transition to a non-animal food future. Our goal now is to scale the platform to deliver on our promise to consolidate our first mover advantage, and this capital injection will undoubtedly allow us to do so,” explained Elizondo.