Motif FoodWorks raises funding to advance plant-based food category

Motif FoodWorks has raised $226m in a Series B funding round to accelerate its advancement of the plant-based food category.

The funding round was jointly led by Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform (TIP), and funds and accounts managed by BlackRock.

Some new investors, including AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital and Rellevant Partners, also participated in the funding round.

Other participants included existing investors Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company and Viking Global Investors .

Motif FoodWorks CEO Jonathan McIntyre said: “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 fresh capital raised in the round will be used by the company to further expand its facilities footprint and enhance its research and development capabilities.

Additionally, Motif FoodWorks will use the investment to upgrade and commercialise its food technologies and increase its team.

With these advancements, the company aims to address sensory and nutritional challenges within the existing plant-based foods such as meat and dairy alternatives.

TIP senior managing director Olivia Steedman said: “Making plant-based foods taste great will increase the global appetite for this sector – and shape a better future for our planet in the process.

“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.”With the latest capital infusion, Motif raised a total of $345m in funding so far.

In June 2020, Motif FoodWorks entered a research collaboration with the University of Guelph in Ontario and professor Alejandro Marangoni to improve animal-free fats.