Motif FoodWorks exec eyes “radical sensory improvements” in plant-based analogs following US$226M funding

17 Jun 2021 --- Motif FoodWorks has raised US$226 million in Series B funding, the largest food-tech raise to bring transformative plant-based food technologies to market. 

Speaking to FoodIngredientsFirst, Michael Leonard, Motif Foodworks’ chief technology officer, says the funding will enable Motif to accelerate its advancement of the plant-based category through further investments in R&D, partnerships and production. 

“Growth in these areas is crucial to Motif’s work to solve key sensory challenges in plant-based foods, including meat and dairy alternatives. We’re busy preparing for the release of our first ingredient later this year – designed to radically improve the taste and aroma of alternative meat products.”

“We’ve received enthusiastic interest around our food technologies. A lot of companies are excited about the opportunities and potential that our holistic, science-forward approach unlocks,” he outlines. 

Motif is advancing the understanding of food science and design to make plant-based foods better tasting, it says.“Right now, we are laser-focused on opportunities in meat alternatives, dairy alternatives and plant-based performance and nutrition. We are also exploring entirely new food designs that will bring plant-based foods into the mainstream diet and have the capability to occupy the center of consumers’ plates.”

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

TIP focuses on late-stage venture and growth equity investments in companies developing innovative technologies. 

AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital, and Rellevant Partners also participated alongside existing investors, including Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company and Viking Global Investors.

Addressing sensory challenges
The company plans to increase R&D capabilities, scale and commercialize its food technologies and expand its people and facilities footprint. 

Continued growth in these areas is crucial to Motif’s work to solve critical sensory and nutritional challenges.

“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,” says Olivia Steedman, senior managing director at TIP. 

Motif’s new food science and design approach – along with food technologies developed through precision fermentation and material science breakthroughs – comes as consumers are increasingly seeking alternatives to animal-based protein. 

Advancing food science 
“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,” explains Jonathan McIntyre, CEO of Motif FoodWorks. 

“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 crave them.”

Originally spun out of Ginkgo Bioworks in 2019, Motif has raised a total of US$345 million to date. 

The company recently opened a new 10,600 square foot office and lab space in Boston’s Seaport neighborhood.The latest funding round was jointly led by the Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform.

Additionally, it has secured licensing partnerships with the University of Guelph and Coasun Inc. for technologies that create melting and stretching characteristics in plant-based cheeses and healthier fat alternatives that marbleize plant-based meats.

Motif FoodWorks previously spoke with FoodIngredientsFirst on improving fat performance in plant-based products.

Plant-based booms
As plant-based trends reach global phenomenon status, this year’s Innova Market Insights Top Ten Trends report sees a renewal of 2020’s “Plant-Based Revolution” trend. As a natural progression, this year’s “Plant-Forward” theme spotlights expansion to different regions and categories in 2021.

The accelerated demand for new plant-based formats and more sophisticated alternatives is predicted for upcoming launches.

A 2020 Innova Consumer Survey indicated that the top four reasons for considering plant-based alternatives were health, diet variety, sustainability and taste. 

According to the Plant-Based Foods Association, the plant-based food market grew 27 percent to US$7 billion in 2020, nearly double the growth rate of overall US retail food sales during the same period. But even with that growth, existing plant-based alternatives have critical experience gaps, especially taste and texture. 

By Elizabeth Green