New Culture has raised a Series B round of funding as the animal-free dairy business prepares to bring its mozzarella products to the U.S. restaurant industry.
The California-based company has raised $35 million since its founding in 2018.
talk to just food, CEO Matt Gibson said: There’s still a lot of bullishness from investors in this space, which is great for casein in particular. ”
Casein protein is found in animal dairy products such as milk, yogurt, and cheese. New Culture uses precision fermentation technology to develop animal-free versions of proteins.
The group was reluctant to reveal details of its current funding round.
Previous investors in New Culture include Kraft Heinz, agri-food giant ADM, and South Korea’s CJ CheilJedang. Financial backers include S2G, CPT Capital, Be8, and more.
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Asked how much money he expected to be needed to support expansion, Mr. Gibson said, “We don’t need major financing.”
He added: “We have already built a major technology foundation and our low capital investment approach to precision fermentation means we are much leaner and more efficient than other companies in this space. “We can benefit from our financial needs,” he added.
New Culture first indicated plans to conduct additional fundraising efforts prior to commercialization. just food In 2022.
The company works with contract manufacturers to develop casein and animal-free mozzarella cheeses in the U.S. and outside the domestic market.
Gibson did not disclose the specific state or country where the contract work was performed. “In terms of our production, we have a relatively large international footprint,” he said.
Last month, New Culture was granted GRAS (Generally Recognized as Safe) status by the U.S. Food and Drug Administration (FDA), allowing the novel ingredient to be sold and used in food production domestically.
This achievement allows the group to continue moving forward with its food service operations planned for the end of 2024 at Pizzeria Mozza in Los Angeles, owned by chef Nancy Silverton.
Gibson was reluctant to give details of other restaurants or locations the company is partnering with, but said the group is working with “a small number of chefs” to add mozzarella products to pizza by 2025. He indicated that he intends to invest in
NuCulture also plans to sell its animal-free cheese in retail stores, but Gibson said it doesn’t have a target date in mind and will wait until the product is ready for market in the grocery channel. needs to be cheaper than plant-based cheese, he added.
Gibson was reluctant to predict how much cheese the group expected to produce in the product’s first year of launch, but said it expected to serve “hundreds of thousands of businesses” by the time it hit retail. He said it would produce “millions of pounds of cheese to serve the country.” “Then we will prosper,” he said.
Gibson said that after receiving GRAS certification for animal-free casein, NuCulture is currently receiving a “no questions asked letter” from the FDA as it prepares for future work with “larger retailers and food service operators.” He said he is waiting for the acquisition.
He added that the document was “an additional stamp of approval that some people would like to see.”
The group plans to sell its mozzarella cheese as blocks and shredded products, and believes consumers “want to see those different formats.”
