Venture capital investment in protein startups remains robust even as plant-based and lab-grown meat companies have stumbled. Beyond Meat and Impossible Foods have seen their valuations decline, and other meat alternatives have shut down, prompting investors to shift focus toward adding protein to existing food categories like snacks, drinks, and ingredients rather than replacing meat.
Medici Brands, maker of David Protein snack bars, raised $250 million in a September Series B, marking one of the largest recent rounds in the protein space. Wilde Brands, which makes chicken-based crackers, pulled in $40 million last month. Frozen One, an early-stage startup selling high-protein ice cream at Target, has raised over $8 million.
In protein drinks, Ripple Foods, a pea protein vegan milk maker, has raised over $300 million across its 12-year history, though it remains below unicorn status. Protein soda brand Juuz and sports drink maker Protein2o are also among recently funded companies in the category.
InnovaFeed, which raises insects for livestock and pet food, has secured over $500 million. The Every Co., making animal-free egg white proteins through precision fermentation, has raised nearly $300 million over the past decade, including a $55 million round a year ago. Edonia, producing a high-protein cooking ingredient from spirulina, and nextProtein, using fly larvae, represent early-stage investment in protein ingredients.
Meatly secured a Series A this spring to build a cultivated meat facility for pet food in Europe. Crunchbase identified a few dozen protein-focused startups funded in the past year across packaged foods, drinks, ingredients, and animal feed categories.