Sector News

Food protection start-up Mori raises $16m in Series B funding

April 17, 2021
Food & Drink

Food-tech firm Mori, the developer of a silk-based food protection solution that keeps produce fresh, has raised $16 million in a Series B funding round.

The company’s Mori Silk technology utilises silk protein, salt, water and heat to create an edible, undetectable protective layer that can be applied to the surfaces of both fresh and shelf-stable food to preserve freshness and prolong shelf life.

According to Mori, the protective layer can help to reduce food and packaging waste and add flexibility in the food supply chain, while the technology is protected by 21 patents.

The $16 million funding round was led by the Drawdown Fund, while previous investors Acre Venture Partners, The Engine, Prelude Ventures, Refactor Capital, Closed Loop Partners and new investor Knollwood Investment Advisory joined the round.

Mori states that it intends to use the new funding to accelerate commercialisation into numerous categories, expand into new markets and enhance its product development efforts.

Adam Behrens, CEO of Mori, said: “We are ecstatic about partnering with the Drawdown Fund. We both fundamentally believe that the solutions to the planet’s most challenging problems can be solved by smart business and innovation.

“Together with our partners, our team has ambitious goals that will impact our global food system for the better. Working with the Drawdown Fund will meaningfully advance our vision, while continuing to keep transparency and sustainability at the heart of everything we do.”

Laura Witt, general partner of the Drawdown Fund, added: Mori is explicitly focused on addressing major problems in the food supply chain.

“We’re confident that Mori will have a significant impact on reducing the 1.3 billion tons of annual global food waste while adding tremendous value to its customers.”

By Martin White

Source: foodbev.com

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