The Every Company closed $55 million in Series D financing to expand manufacturing capacity and reach profitability for its precision fermented functional proteins as an egg replacement, with products including its ingredients in Walmart stores nationwide, which is “massive proof point for the entire industry,” according to the company.
“This new injection of capital will allow us to make good on our promise of making products that are accessible to everyone – in every state, every city and every grocery store," said Arturo Elizondo, co-founder and CEO of Every.
The round was led by McWin Capital Partners via the McWin Food Tech Fund, and from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian and SOSV, among others.
Addressing egg supply chain volatility
Every’s funding also comes as avian flu cases begin to rise yet again with recent outbreaks confirmed in the US, UK and Japan, impacting egg supply and prices. In March, egg prices reached record highs of an average of $8.17 per dozen, and the company’s “stable, cage-free-compliant source of egg protein” offers a potential solution to the market’s volatility, according to Every.
“If the last two years have taught us anything, it’s that our current food system remains incredibly fragile. One outbreak can wipe out hundreds of millions of hens. For food companies small and large, that kind of risk just isn’t tenable – and we now have the answer,” Elizondo said.
Building on from previous innovations
Last year, the company secured a patent to produce ovalbumin similar to egg whites via precision fermentation. The ingredient contributes to foaming, binding, gelling and nutritional properties across a range of food products, including baked goods, meat alternatives and analogues, ready-to-eat eggs, whipped cream, ice cream and meringues, among others. Every’s ovalbumin variants also delivers functional benefits surrounding texture, cohesiveness and foam stability in liquid and powder applications.
Currently, Every offers OvoPro and OvoBoost, which is a soluble and neutral tasting and textured protein for applications like coffees, juices, sodas and baked goods. Both ingredients are Generally Recognized As Safe and received no objection letters from FDA
Every’s proteins are shelf-stable and have an 18-month shelf life, even in powder format, which is critical for costly cold chains in bakeries that rely on refrigerated liquid eggs, according to the company.
