US: Animal-free proteins firm Clara Foods secures $8m loan
The foodtech company is developing egg proteins to match the taste, texture and culinary functionality of a real egg
Food technology company Clara Foods has secured an $8 million venture loan facility from Horizon Technology Finance Corporation, of which $5 million has been initially funded.
San Francisco-based Clara Foods is developing animal-free proteins as ingredients for food and beverages, including egg proteins that will match the taste, texture and culinary functionality of a real egg. Investors in the company include The Production Board, Blue Horizon Ventures and Ingredion.
Clara Foods stated it will use the proceeds of the loan for general working capital purposes.
Farmington, Connecticut-headquartered Horizon Technology Finance Corporation is a speciality finance company that provides secured loans to venture capital-backed companies operating in the fields of technology, life science, healthcare information and services, and sustainability.
Gerald A Michaud, president of Horizon, said: “Through its innovative protein platform technology, Clara Foods is making significant progress in creating a remarkable animal-free egg.
We expect its products will find a significant audience as consumers continue to increase their consumption of alternative protein sources as well as more sustainable food sources. We are pleased to support Clara Foods in bringing their animal-free proteins to a large and growing market.”
Clara Foods’ co-founder and chief executive Arturo Elizondo, added: “We are excited to bring to market sustainable, ethical and affordable alternative proteins to meet the rapidly expanding consumer demand for animal-free products that help transform our food system from the ground up. Horizon’s investment will help facilitate our go-to-market strategy and grow our business.”