https://www.foodbusinessnews.net/articles/14476-kraft-heinz-fund-invests-in-animal-free-cheese-maker
Yummy?
SAN FRANCISCO — New Culture, maker of animal-free dairy cheese, has closed a $3.5 million seed funding round led by Evolv Ventures, the Kraft Heinz Co.’s $100 million venture fund.
Founded in late 2018, New Culture uses fermentation instead of animals to produce dairy proteins. The start-up adds plant-based fats and sugars to the traditional cheesemaking process to create dairy cheese that is “sustainable, healthy, ethical and indistinguishable from animal-based dairy cheese in taste, texture and function,” the company said.
“Fully plant-based cheese doesn’t work, and we know why,” said Inja Radman, co-founder and chief sustainability officer of New Culture. “It lacks the crucial component that 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 recently finished the biotech accelerator program IndieBio, which start-ups Memphis Meats, Clara Foods and New Age Meats have also graduated from.
“We’re excited to lead the seed round for New Culture,” said Steve Sanger, a general partner at Evolv Ventures. “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.”
New Culture animal-free dairy cheese plateNew Culture plans to use the new funding to set up an R.&D. and fermentation facility as well as grow its team.
Other investors in the funding round include Bee Partners, Mayfield, CPT Capital, Boost VC and SOSV, which followed on after its initial pre-seed investment through IndieBio.
“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,” said Matt Gibson, chief executive officer and co-founder of New Culture. “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.”
New Culture is the second investment by Evolv Ventures, which was formed in October 2018 to invest in early-stage technology companies focused on the food industry. In April, Evolv Ventures made its first investment in GrubMarket, a platform that sources local food from producers and delivers to businesses and consumers.
Recent KHC News
- Kraft Heinz and TGI Fridays® Announce New Perpetual Licensing Deal to Sell TGI Fridays Branded Frozen Appetizers in Retail • Business Wire • 05/01/2024 12:00:00 PM
- The Kraft Heinz Company Declares Regular Quarterly Dividend of $0.40 Per Share • Business Wire • 05/01/2024 11:01:00 AM
- Kraft Heinz Reports First Quarter 2024 Results • Business Wire • 05/01/2024 11:00:00 AM
- VELVEETA Unveils its First-Ever, Ready-to-Eat Queso in Three Cheesy Flavors • Business Wire • 04/30/2024 10:00:00 AM
- Kraft Heinz’s mio Launches TAP: First-Ever Faucet that Instantly Turns Tap Water into an Energy Drink • Business Wire • 04/16/2024 10:00:00 AM
- Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News • IH Market News • 04/15/2024 11:06:48 AM
- The Kraft Heinz Company Foundation Commits $15 Million Over Three Years to Rise Against Hunger to Provide 463 Million Meals to People in Need • Business Wire • 04/09/2024 12:00:00 PM
- The Kraft Heinz Company to Report First Quarter 2024 Results on May 1, 2024 • Business Wire • 04/08/2024 01:00:00 PM
- Yes, Chef! KRAFT Unveils New Line of Restaurant-Worthy Creamy Sauces • Business Wire • 04/03/2024 11:00:00 AM
- Lunchables® est de retour! Après quinze ans, la marque se retrouve à nouveau sur les étagères canadiennes pour inspirer la créativité et encourager les enfants • Business Wire • 04/03/2024 10:00:00 AM
- Live La Dolce VELVEETA with New Limited-Edition VELVEETA Gold Hair Dye • Business Wire • 04/01/2024 10:00:00 AM
- Kraft Heinz Seeks to Reduce Carbon Emissions by Over 99% Across 10 U.S. Plants With Help from a $170 Million Investment from U.S. Department of Energy • Business Wire • 03/25/2024 01:00:00 PM
- Kraft Heinz Named to Fast Company’s Annual List of the World’s Most Innovative Companies • Business Wire • 03/19/2024 12:00:00 PM
- Lunchables Dunkables Sets Out to Prove That Nothing Out-Imagines Kids, Not Even A.I. • Business Wire • 03/12/2024 01:01:00 PM
- Kraft Heinz Not Company lance KD NotMacandCheese : le premier produit KD à base de plantes • Business Wire • 03/12/2024 12:01:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:09:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:09:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:08:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:08:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:07:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:07:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:07:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:06:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:06:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:06:20 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM