Horizons leads Series A for Australia's Nourish Ingredients
Nourish Ingredients, an Australia-based alternative protein start-up that uses synthetic biology to produce animal-free fats, has raised USD 28.6m in Series A funding.
The round was led by Horizons Ventures, a private investment arm of Hong Kong billionaire Li Ka-Shing, with support from local VC firm Main Sequence Ventures and superannuation fund Hostplus. Horizons and Main Sequence led a USD 11m seed round in March 2021. Main Sequence first invested through a fund it manages for CSIRO, an Australian government research unit.
Nourish was founded in Canberra in 2019 by James Petrie and Ben Leita, both formerly scientists at CSIRO. The company differs from many alternative protein players in that it eschews plant-based placements for animal fat in favour of using synthetic biology to build its own from scratch.
The development process involves tailoring the DNA of yeasts and growing them in specially calibrated environments with a view to recreating the flavours and textures of meat and dairy products. Nourish claims that its fats offer the most authentic taste of anything currently in the market.
Nourish will use the new capital to scale production and expand its capabilities, including adding headcount, according to a statement. Recent activity on this front includes an R&D collaboration with Vow, a local cell cultured meat company backed by Blackbird Ventures, Grok Ventures, and Square Peg Capital.
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