The Every Co. Secures $175M for Animal-Free Protein Innovation

The EVERY Co. Secures Significant Funding for Animal-Free Protein Innovation

The EVERY Co., a firm specializing in precision fermentation for the creation of animal-free proteins – including alternatives to eggs – experienced a successful 2021. The company is dedicated to developing sustainable protein sources.

Strategic Partnerships and Scaling Production

Initially, the company, previously operating as Clara Foods, established a partnership with BioBrew, an investment venture of ZX Ventures (AB InBev’s investment division), in April. This collaboration aims to facilitate the large-scale production of EVERY’s animal-free protein. The company’s inaugural egg protein is slated for release as a co-branded ingredient with a key retail partner later this year.

Series C Funding Round

Today, the company announced the successful completion of an oversubscribed Series C funding round, totaling $175 million. This investment was jointly led by McWin, a new investor, and Rage Capital, an existing supporter.

Additional participation came from both new and returning investors, such as Temasek, Wheatsheaf Group, SOSV, and TO Ventures. Prosus Ventures also contributed to the funding, marking its first venture into the field of synthetic biology, as stated by EVERY.

Total Funding and Company History

This latest funding brings EVERY’s cumulative funding to $233 million. The company was initially profiled in 2015 after securing $1.7 million in seed funding.

Subsequent funding rounds included a $15 million Series A raise and a $40 million Series B raise in 2019. The company rebranded as The EVERY Co. in October of the same year.

Vision for the Future of Food

At the time of the rebranding, CEO and founder Arturo Elizondo articulated the company’s vision through a press release. He stated that their new branding reflects a commitment to transforming the food system for the 21st century, enabling everyone to enjoy familiar foods without compromising the planet or animal welfare.

Product Launch and Growth

Alongside the name change, the company introduced its first animal-free egg protein, EVERY ClearEgg, in November. This product debuted in retail through a collaboration with Pressed, a cold-pressed juice brand, featuring in their smoothie offerings.

According to Elizondo, this achievement represents seven years of dedicated effort. The Series B funding in 2019 focused on validating the technology, while the Series C round will enable product commercialization and scaling of production.

Recent Achievements and Expansion

Over the past two years, EVERY has transitioned from a pre-revenue to a revenue-generating company. The team has expanded from 30 to 60 employees and has received U.S. Food and Drug Administration approval for its entire product line.

Currently, the company’s products are available in the U.S., Europe, and Asia. Furthermore, they have two products commercially available, including a pepsin protein, with another product nearing launch.

Utilizing New Capital

The newly acquired capital will be used to increase production capacity, introduce additional products from the company’s pipeline, and broaden the application of its technology across diverse food sectors.

Elizondo emphasized the focus on scaling to meet growing demand. He noted that while there is considerable consumer interest in B2C products, large food companies like Kellogg’s and General Mills are also eager to incorporate these innovations, but require sufficient infrastructure to support their implementation.

Market Opportunity and Competition

The global egg market remains substantial, with over 1.3 trillion eggs produced annually. EVERY aims to disrupt this established market. The size of the funding round underscores the viability and increasing acceptance of the company’s technology.

The company joins other innovators in the animal-free egg space, such as Simply Eggless, Eat Just (which secured $200 million earlier in the year), and Perfeggt, a Berlin-based firm preparing to launch its chicken-less egg product in early 2022, having raised $2.8 million in November.

Collaboration and Innovation

Elizondo views the emergence of multiple companies in this field as a positive trend, believing that a “rising tide lifts all boats.” He stresses that the primary challenges lie in raising consumer awareness and perfecting the products to achieve a 1:1 functional equivalence to traditional eggs.

“Eggs serve as a functional ingredient in a vast array of foods,” he explained. “To gain significant market share, we must enable consumers to seamlessly transition to our products, offering a 1:1 replacement that allows us to effectively compete with established players.”

Industry Recognition

Gabriel Ruimy, managing partner of Rage Capital, stated in a written statement, “It’s uncommon for a company to confidently assert its ability to revolutionize an industry that has existed for a century. Arturo and the team at EVERY are demonstrably achieving this.”

Henry McGovern, founder of McWin Food Ecosystem Fund and AmRest (operating over 2,300 restaurants globally), added, “The restaurant industry is often an early adopter of novel food technologies, introducing them to consumers. Given our extensive experience in the restaurant sector and our investments in leading alternative protein companies, McWin is uniquely positioned to support EVERY’s ambitious plans to integrate its products into menus worldwide. Eggs are both widespread and notoriously difficult to replicate; we recognize the immense potential of EVERY’s groundbreaking technology.”