London – (work wireSynthesis Capital (“Synthesis”), a leading global food technology company and alternative protein investor, today announced Synthesis Capital Fund I (“Fund”). With more than $300 million in assets under management, Synthesis is now the largest fund raised for the sector.
With this new infusion of capital, Synthesis will catalyze and support the next generation of companies that are innovating across the entire food value chain. The oversubscribed fund is anchored by private equity pioneer Jeremy Collier, through CPT Capital, with a seed investment from Société Familiale d’Investissements. The fund has also received significant commitments from Nuveen (a TIAA company), the Credit Suisse Climate Innovation Fund, Sir Ronald Cohen through Dynamic Loop Capital, DisruptAD (ADQ’s venture platform), The Nest, Heyi Holdings, and family-linked trusts. Sainsbury, Interogo Holding (advised by IH International consultants), WTT Investment Ltd (Tsai Family Office) and CIFF, among others.
This announcement coincides with the biggest crisis in the world food system, but also with the most important prospect of reinventing it. The current unsustainable, animal-based food industry poses wide-ranging challenges, exacerbated by the global pandemic, the effects of climate change, and the rising cost of living. In addition, the collateral turmoil caused by the current conflict in Ukraine is leading to further, inevitable increases in food prices. Therefore, the need to change the diet is more urgent than ever. With recent technological breakthroughs, the food industry is now at an inflection point that offers the potential to redefine our food system and feed the world in a sustainable way.
The Synthesis team brings a proven track record of supporting and growing some of the most well-known startups and expansions in the food technology space since the beginning of this sector in 2014. With a deep understanding of the industry, Synthesis is well positioned to identify and invest in companies with the highest potential to build the future of food. The fund will invest globally and target investments in approximately 15 companies, with an average check size of $15 million.
Today’s announcement comes on the heels of a series of successful investments the fund has already made in both highly sought-after and highly-earned rounds in existing sector leaders, as well as promising start-up food companies across the alternative protein technology sectors. Portfolio companies to date include Upside Foods (formerly Memphis Meats), a leader in cultured meat technology; Perfect Day, the first company to market dairy ice cream produced through micro-fermentation and without cow; and Redefine Meat, a leading vegan company that has developed proprietary and scalable 3D printing technology to create whole cuts including steaks. In addition to these alternative protein category leaders, Synthesis is also investing in platforms and enabling technologies with catalytic potential to be applied across the industry. Culture Biosciences, a “biofabrication-as-a-service” platform, for example, allows customers to outsource R&D and scale with low-cost, scalable bioreactor farms.
Costa Yanolis, managing partner and co-founder of Synthesis Capital: “At Synthesis, we support founders and companies with strong technology foundations and expansion potential. In order to transform our food system to feed 10 billion people by 2050, within the confines of the planet, these new food technologies and platforms are essential. I am very excited about the level of interest we have received from our investing partners. in our fund, their strong belief in our thesis, and the tremendous growth potential of the alternative protein space in the coming decades.We already have investments in a number of game-changing companies under our belt and are well positioned, relatively early in our pooled fund deployment, to benefit from a recent market price correction on level of technology, to support tomorrow’s rhino food system.”
Rosie Wardle, partner and co-founder of Synthesis Capital, said: “We are now at a turning point in the industry where real innovation is coming to bear in the food system, driven by a combination of factors including the readiness of capital markets, the prioritization of sustainability and climate goals by governments and companies, and a shift in consumer choice towards healthy, animal-free foods. With deep experience in this sector, we are ready to take advantage of this important investment opportunity and we are confident that alternative proteins will not be considered “alternative” in the near future.We are very grateful for the support of our investor partners who share our belief in the great potential of harnessing protein technologies and platforms alternative to transforming our faltering and outdated diet.”
Added David Welch, Chief Scientific Officer and Co-Founder of Synthesis Capital: “At Synthesis, we believe technology is fundamental to how we solve the huge challenges that exist within our global food system. But traditional food technology alone cannot create better versions of meat, eggs and dairy that consumers will want to eat. The paradigm shift we are seeing now lies in companies that collect Combining the best of food technology and modern biotechnology in new and innovative ways.This convergence of synthetic biology, tissue engineering, 3D printing, food chemistry and other enabling technologies will allow us to transform plants, microorganisms and animal cells into nutritious, scalable, sustainable, great-tasting foods that are competitively priced and accessible to all. .”
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Editor’s Notes/Background Information:
About Synthesis Capital:
Synthesis Capital is a global food technology and alternative protein investor with operations in the United Kingdom, United States and Guernsey. The company’s founding team has invested in leading companies in the sector since its emergence in 2014, developing deep expertise across the core technologies that will shape our future food system.
With access to both industry leaders, and the next wave of high-potential companies transforming the food system, Synthesis Capital Fund investments to date include Upside Foods, Perfect Day, Redefine Meat, and Culture Biosciences.And and Arkeon Biotechnologies.
For more information, please visit https://synthesis.capital/