New ingredient company launches with $90 million in financing - Food Business News

BOSTON — Motif Ingredients has made its debut following its spin-off from Ginkgo Bioworks. The new business uses biotechnology to recreate proteins from dairy, egg and meat that may be used in the formulation of animal-based alternative products.

The new venture has received $90 million in financing from such investors as Breakthrough Energy Ventures, Louis Dreyfus Co., Fonterra and Viking Global Investors. Jonathan McIntyre, a former senior vice-president of research and development for PepsiCo, Inc., has been named chief executive officer. The company is based in Boston.

Consumer demand for alternative foods such as meat substitutes and plant-based beverages grew 17% last year, with food companies rapidly innovating to keep up with demand, but obstacles remain to create products that maintain the taste, health profile and integrity of their animal-based counterparts, according to Motif Ingredients. The company intends to offer solutions to the problem by bringing the nutrition and taste consumers demand to the market at an accessible price that mass scale requires.

“Sustainability and accessible nutrition are among the biggest challenges facing the food industry today,” Mr. McIntyre said. “Consumers are demanding mindful food options, but there’s a reigning myth that healthy and plant-based foods must come at a higher price or cannot taste or function like the animal-based foods they aim to replicate. Biotechnology and fermentation is our answer, and Motif will be key to propelling the next food revolution with affordable, sustainable and accessible ingredients that meet the standards of chefs, food developers, and visionary brands.”

Judith Swales, chief operating officer of New Zealand dairy processor Fonterra’s global consumer and food service business, said, “To help feed the world and meet consumers’ evolving food preferences, traditional and complementary nutritional sources need to co-exist. As a global dairy nutrition company, we see plant- and fermentation-produced nutrition as complementary to animal protein, and in particular cow’s milk. Our partnership with Motif enables us to be part of this emerging area and help meet the nutritional needs of the world's growing population.”

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