New Culture Receives Funding from CJ CheilJedang

New Culture, a San Leandro, CA-based animal-free dairy company, received funding from CJ CheilJedang.

The amount of the deal was not disclosed.

The company intends to use the funds to develop products and scale-up its animal-free mozzarella slated to launch in pizzerias in 2023.

Led by CEO Matt Gibson, New Culture makes animal-free dairy products combining traditional cheese-making methods with innovative food science. In November 2021, the company announced a $25m Series A investment round. The company’s investors include global food companies Kraft Heinz (Evolv Ventures) and ADM (ADM Ventures); leading venture capital firms Mayfield, Future Ventures, Ahren Innovation Capital, and SOSV; and leading food tech VCs S2G, CPT Capital, and Be8 Ventures.

CJ CheilJedang is a food and biotechnology company with more than 60 years’ experience in fermentation technology, advancing proprietary amino acids for feed and food, savory flavors and seasoning materials, and plant based protein ingredients. The company also acquired Schwan’s Company, the second-largest company in the U.S. frozen food market, in 2019. Schwan’s Company operates various processed food brands, including the frozen pizza brand Red Baron, and has also grown its influence in the Asian food market since it was acquired by CJ CheilJedang. Global sales for frozen pizza were more than $16 billion in 2020 and are projected to top $23 billion by 2027.

FinSMEs

09/11/2022