The EVERY Company Secures $55 Million to Scale Egg Protein Production

The EVERY Company, a leader in precision fermentation technology for egg protein production, has successfully closed the first part of its $55 million Series D funding round. This capital raise is set to significantly boost the company’s operations and product availability, particularly as it prepares to launch its products at Walmart locations across the United States.

Funding Milestones and Support

This funding round brings EVERY’s total capital raised to an impressive $294 million, with major backing from McWin Capital Partners and participation from notable investors like Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & AgTech, New Agrarian, and SOSV. This new funding will facilitate expansion in manufacturing capability and support the company’s growth toward profitability.

Vision for Growth

Founder and CEO Arturo Elizondo expressed enthusiasm for exceeding the original funding target of $50 million, noting, “There were a couple of investors that weren’t able to make the initial deadline, so we’re keeping it open for some of the stragglers.” With plans for a second close later this year, EVERY is gearing up for significant market penetration.

The Economic Viability of Egg Proteins

Despite the ethical and environmental advantages of producing eggs without chickens, Elizondo explains that most manufacturers are primarily driven by economic factors. “Food manufacturers just want a stable and secure supply of eggs,” he remarked to AgFunderNews. Following recent outbreaks of avian flu, the need for reliable alternatives has become paramount. EVERY offers a shelf-stable powdered egg product with an extended shelf-life of 18 months, making it an attractive alternative to conventional liquid eggs.

Pricing and Market Strategy

Elizondo highlighted that some customers are finding cost savings when using EVERY’s protein. “For some, it’s at price parity, and for others, there’s a premium they’re willing to pay for peace of mind,” he clarified. The company is seeing traction among clients seeking the functionality of liquid eggs in a more stable form.

Partnerships and Future Prospects

Elizondo emphasized the green light from major global food companies, stating, “EVERY now has a very clear path to profitability; we’ve been manufacturing for some time, making metric tons of product for customers who have integrated it into their supply chains.” The presence of EVERY protein in Walmart’s products signifies a major milestone.

Strategic Manufacturing Plans

In terms of manufacturing, EVERY is currently operational in Europe and is exploring additional partnerships in the US to enhance redundancy in its supply chain, which is crucial for large multinationals. The firm is also strategizing the construction of an alt-protein facility in the UAE through a partnership with the Abu Dhabi Investment Office (ADIO).

Insights into the Future of Alternative Proteins

Reflecting on the broader industry landscape, Elizondo remarked, “We just need one or two winners to reinvigorate the space.” While facing a lawsuit from rival Onego Bio, he expressed confidence in EVERY’s technological foundations and strategies to defend its intellectual property.

Further Reading

• The EVERY Co and Onego Bio eyed merger before IP talks went south, court docs reveal
• ‘Objectively unreasonable’: Onego Bio slams The EVERY Co in high-stakes patent fight
• Vivici and The EVERY Co explore 4m-liter alt protein facility in UAE
• Egg protein IP fight escalates as VTT challenges EVERY Co patent in Europe