Food tech company Mori has successfully raised $50 million Series B1 funding to further develop and expand its shelf-life extending product line. This round was led by Prelude Ventures and included previous investors The Drawdown Fund, Acre Venture Partners, The Engine, Refactor Capital, Blindspot, Closed Loop Partners, Knollwood Investment Advisory as well as new investors Collaborative Fund and Thia Ventures.
This additional capital will help the supplier meet its goal of reducing waste and creating more sustainable supply chains through its product offerings.
Mori’s proprietary process utilises salt, water and heat to extract silk protein. This particular ingredient protects fresh and shelf-stable food, and slows down spoilage time. Integrating this in existing production processes is seamless, and can be done with minimal capital expenditure.
Besides reducing overall food waste and ensuring food is fresh and has better quality, using this solution promotes flexibility in the supply chain. This can inspire manufacturers to introduce more sustainable packaging, further helping mitigate harmful environmental impacts.
“Mori’s technology is a critical lever in reducing the carbon footprint of our food system,” said Mark Cupta, Managing Director of Prelude Ventures. “Reductions in food and packaging waste translate to lower greenhouse gas emissions and a lower impact on natural resources. We are confident that Mori’s products will add tremendous value to its customers, while also positively impacting the planet.”
“The past two years have exposed the fragility of our food system, with businesses and consumers feeling the effects of labor shortages, and shipping delays,” said Adam Behrens, CEO of Mori. “Our work with initial customers has shown that we can solve real pain points in the food supply chain and ensure that more of the food produced makes it into our communities.”
Further, funding will be used to add new product categories and expand to new geographical markets. Currently, Mori offers Mori Silk™ is a dietary protein, consumable in countries such as the USA, Mexico, and Costa Rica. Many countries, including Canada, Japan, and South Korea, list Mori Silk™ as a Non-Novel and Traditional food ingredient.