UK: Mighty scores £4.5m seed investment to fund precision fermentation development
Pea milk start-up expects dairy-alternatives to replace 30% of traditional dairy in the next 10 years
UK pea milk maker Mighty has closed a £4.5 million Seed round led by German brewers Buttburger Ventures and Schadebery Family Office, with VRD Ventures and Latsco’s family office also participating.
According to Green Queen, the capital will fund Mighty’s international expansion efforts and the development of a new milk product made using precision fermentation in 2022.
Mighty is one of a handful of start-ups working towards bringing precision-fermentation dairy products to market. This year US business Perfect Day launched a a selection of products made up of whey proteins produced using precision fermentation.
Most recently it partnered with Starbucks to trial its milk at a number of its coffee shops across the US.
Precision fermentation was the hottest food tech category for investors in 2021, generating $750 million in disclosed capital year-to-date, according to data collected by Food Strategy Associates.
Mighty co-founder Tom Watkins said he believed 50% of traditional dairy can and should be replaced by plant-alternatives and precision fermentation by 2030.
The start-up was among the first to launch pea milk into the alt-dairy market in 2018. Its products have a much higher protein content that other plant-based milks.