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The Every Company has raised an additional USD $55 million to scale its production of precision fermented egg proteins ahead of a nationwide US rollout.
Every plans to use the money to expand manufacturing capacity, move towards profitability, and expand reach in the $270 billion egg market, particularly within the high-volume bakery segment, which accounts for a significant share.
Read more: Precision Fermented Dairy Proteins Receive ‘No Questions’ Approval From FDA
The San Francisco biotech company, formerly Clara Foods Co., has noted “growing demand” from food companies looking to stabilize their egg supply chains. Alternative options, like Every’s precision fermented egg proteins, are functional, shelf-stable, and animal-free, and as a result, make for stable, versatile replacements.
“This new injection of capital will allow us to make good on our promise of making products that are accessible to everyone – in every state, every city, and every grocery store,” said Arturo Elizondo, co-founder and CEO of Every. “This milestone [fundraiser] is a powerful validation of our ambitions, and we’re grateful for the trust of our incredible investors.”
Every raised the money in a Series D funding round led by McWin Capital Partners, through the McWin Food Tech Fund, with participation from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian, and SOSV.
Read more: Just Egg Has Launched In The UK – Here’s Where To Buy It
Bird flu, eggs, and demand for plant-based alternatives
The ongoing bird flu virus has continued to impact the availability and price of eggs worldwide. An update from the CDC earlier this month stated that H5 remains widespread, with several recent cases found in other species and in human workers.
The UK government brought a mandatory housing order for chickens into effect in early November in an attempt to curb infections. Professor Ian Brown, the former director of science at the Animal and Plant Health Agency (APHA), recently told the BBC that animal farmers should prepare “for the worst.”
Amid skyrocketing prices and egg shortages, some unlikely food businesses and customers have already turned to plant-based and alternative proteins as reliable, cost-effective options. Meanwhile, a study found that lower prices and emphasis on familiar recipes could further boost consumer interest in egg alternatives.
Read more: Price Drop and Familiar Recipes Boost Consumer Interest In Vegan Eggs, Study Finds
