The Boston-based food technology startup Motif FoodWorks has brought in $226 million in funding in its recent Series B round.
Motif FoodWoorks specializes in plant-based foods, specifically in developing ingredients that can be added to meat and dairy analogues in order to improve the taste and texture of these products.
The argument being made by Motif FoodWorks is that while there have been vast improvements made in plant-based foods, many consumers still prefer the taste and texture of products that come from animals.
In 2020, the retail sales of plant-based foods reached a massive $7 billion, which was a 27% increase on sales for the previous year.
Motif will be using the new funding to increase its R&D capabilities, to expand its facilities, to bring more people into the fold, and to scale and commercialize its food technology.
“Plant-based foods have the potential to unlock enormous benefits for people and the planet, but that will only happen if they live up to, or even exceed, what consumers expect from animal-based counterparts. With support from our investors, we’re advancing the understanding of food science and design to make plant-based foods better tasting, more nutritious and so desirable that people actually crave them.”
The senior managing director of the Teachers’ Innovation Platform, Olivia Steedman, explained why investing in Motif was important for the Ontario Teachers’ Pension Plan Board: “Making plant-based foods taste great will increase the global appetite for this sector. As people increasingly look to meat and dairy alternatives, Motif offers breakthrough solutions powered by leading technology, deep scientific expertise and a visionary management team.”