Solar Foods grabs $18 million in new Series A funding

September 02, 2020
Emerging Ecosystems in Agrifood and Health More...
by Thomas Hayes
Average importance

This brings its total Series A financing to $22 million, including the convertible note it received in September 2019. Finnish food company Fazer Group led the round, with other notable investors including Agronomics and CPT Capital. The funding will be used to construct a commercial production facility, aimed to be operational by the end of 2022. While this is a step forward, the company still has not obtained novel food authorization from the EFSA. Moreover, while it claims to have developed 20 different kinds of food products using its protein ingredient Solein, the sensory profile of those foods is still unknown and questionable. Clients, don't get swept up in the CO2-to-protein hype quite yet. There are still many barriers to clear.

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