New Culture Announces the Closing of Its $3.5m Seed Funding Led by Evolv Ventures
10 Setembro 2019 - 11:00AM
Business Wire
New Culture, the San Francisco startup making animal-free dairy
cheese, has today announced the closing of $3.5 million in seed
round funding.
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New Culture Team (Photo: Business
Wire)
The startup, which was founded in late 2018, uses fermentation
instead of animals to make dairy proteins. With the addition of
plant-based fats, sugars and the traditional cheesemaking process,
New Culture is making dairy cheese that is sustainable, healthy,
ethical and indistinguishable from animal-based dairy cheese in
taste, texture and function.
Coming out of the successful biotech accelerator program
IndieBio, which other innovative food startups such as Memphis
Meats, Clara Foods and New Age Meats have graduated from, New
Culture was quick to raise a highly sought after seed round.
The round was led by Evolv Ventures, the $100 million venture
fund backed by Kraft Heinz investing in emerging tech companies
transforming the food industry. Other investors in the round
include Bee Partners, Mayfield, CPT Capital, Boost VC and SOSV who
followed on after its initial pre-seed investment through
IndieBio.
Matt Gibson, CEO and co-founder of New Culture announced, “It’s
fantastic to have the support of our investors as we look to grow
the company and scale New Culture’s unique fermentation technology.
We want to disrupt one of the oldest and largest food industries in
the world by producing a better dairy cheese for anyone to enjoy -
whether you’re a cheese lover, lactose-intolerant, vegan,
environmentally conscious or health-conscious. The capital,
knowledge and network our investors bring to New Culture enables us
to begin doing that.”
Steve Sanger, a General Partner at Evolv Ventures explains,
“We’re excited to lead the seed round for New Culture. We have been
impressed by what the team accomplished during IndieBio in a short
period of time and look forward to supporting their vision to
produce animal-free dairy cheese. This is another example of our
focus on investing in the leading companies across the food value
chain.”
Gibson and co-founder Inja Radman, New Culture’s CSO, started
New Culture to address two key problems, the unsustainability of
current dairy cheese production and the lack of companies working
on a viable alternative cheese product.
Radman says, “Fully plant-based cheese doesn’t work, and we know
why. It lacks the crucial component which gives dairy cheese its
signature properties, and that is the casein micelle, a
supramolecular structure of dairy proteins that are found only in
mammalian milk. We are developing the technology to make those
casein micelles without involving animals in the process.”
New Culture will remain in the San Francisco Bay Area as it
looks to set up an R&D and fermentation facility while also
growing its team.
“We’re really excited about what the next 18 - 24 months holds
for New Culture,” Gibson says. “We are experiencing one of the most
significant and important food movements of our time. We are
fortunate to be in a position to join other fantastic companies in
building a more efficient and sustainable global food
industry.”
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Matt Gibson CEO matt@newculture.co.nz
Lynne Galia The Kraft Heinz Company
Lynne.galia@kraftheinz.com
Kraft Heinz (NASDAQ:KHC)
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