Horizon Ventures leads $23m round for Hampton Creek Food
Hong Kong billionaire Li Ka-Shing’s Horizon Ventures has led a $23 million Series B financing round for Hampton Creek, a US-based food technology firm.
Yahoo co-founder Jerry Yang, AME Cloud Ventures, entrepreneurs Ali and Hadi Partovi, Scott Banister, Morado Venture Partners' Ash Patel, and Google Vice President Jessica Powell also participated, as did existing investors including Khosla Ventures and Collaborative Fund.
The San Francisco start-up has raised a total of $30 million in funding to date. The new capital will be used for forming strategic partnerships and an expansion of operation in North American and Asia.
The two-year-old firm was co-founded by Josh Tetrick and aims at developing new ways of utilizing plants to replace chicken eggs in various foods.
"When my Dad walks the grocery aisles to buy mayo or chocolate-chip cookies or eggs, the inputs that make them possible often come from bizarrely unhealthy places," Tetrick said in a statement. "Solving a problem means actually solving the problem for most people - not just the folks that can afford to pay $5.99 for organic eggs."
The firm has signed partnership agreements with six Fortune 500 companies, including food manufactures and retailers.
"Technology enables everyone to have more options to better our future together," Li said in the statement. "To keep up with all the demands for the growing global population, we need to be more efficient, more environmentally friendly, and have more quality and affordable choices."
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