Online Auction for Motif FoodWorks Assets Set to Begin

An online auction for the assets of Boston-based foodtech startup Motif FoodWorks will kick off next week, offering a unique opportunity for interested parties to acquire cutting-edge equipment.

The auction, organized by New Mill Capital, will feature a wide range of equipment from Motif’s state-of-the-art plant-based protein laboratory. Items up for grabs include new and like-new meat alternative laboratory and process equipment, ranging from fermenters to a mass spectrometer.

Known for its innovative meaty tasting heme proteins produced through precision fermentation, Motif FoodWorks made headlines in the alternative protein industry. The company, which was spun off from Ginkgo Bioworks in 2019, aimed to revolutionize meat and dairy alternatives with high-impact, low-inclusion ingredients.

Despite securing a significant $226 million series B funding round in 2021, Motif FoodWorks faced challenges in navigating the competitive landscape of the alternative protein market. Investor sentiment turned sour on meat alternatives, leading to a decline in retail sales and impacting the company’s growth trajectory.

Moreover, a legal dispute with Impossible Foods over the use of heme proteins in alternative meat products further hampered Motif’s commercial progress. The lawsuit had a significant impact on the company’s partnerships and investments, ultimately forcing Motif to reevaluate its strategic direction.

A source close to the company commented on the lawsuit, stating, “Once the lawsuit hit, Motif’s commercial progress came to a halt. As hard as the company tried to work around that lawsuit, commercial partners were too afraid of the implications. Combine that with the slowdown in the alternative meat sector, Motif had no choice but to scale back its operations.”

With Motif FoodWorks announcing its closure in early September, the upcoming auction presents a unique opportunity for industry players to acquire advanced equipment and assets from a prominent player in the alternative protein field.

Interested bidders can participate in the online auction to secure valuable assets from Motif FoodWorks and potentially contribute to the continued innovation and development of plant-based protein technologies.