Improved Nature Raises $3m Funding for Plant-Based Protein
Improved Nature, a North Carolina-based meat alternative ag-tech firm, has obtained $3 million in an investment round led by Concentric Capital.
Using proprietary process, Improved Nature creates plant-based meat alternative products, including Pork-Free Cutlets, Beef-Free Country-Fried Steak, and BBQ Boneless Chicken-Free Wings. The firm was co-founded in December 2015 by scientist Richard Hawkins, the inventor of snackfoods Lunchables, Israeli inventor Moshe Meidan, and the partners of RDI Consulting, using an initial corporate investment of $6 million.
Chief Financial Officer of Improved Nature, David Swintosky, commented: “The company was formed to bring simple ingredient plant-based protein products to the commercial markets to meet the global demand for plant-based proteins […] The company’s products are shelf-stable, single-ingredient protein concentrate products that when activated — boiled in water like pasta — perform like animal proteins in bite, texture, and taste.”
Concentric led the funding round, also involved were Farmington Foods, the Endowment Fund of NC State University, and Wolfpack Investor Network. “This round allows the company to expand from a core team of seven senior managers and launch sales and marketing, adding to the senior management team, and adding 10-15 employees” said Swintosky.
He commented further to AgFunderNews. “The first round of $6 million was used to invest in equipment, commercialize the technology and up fit our plant. This convertible note round will convert into a 2019 Series A round.”