US: Joywell Foods closes $25m Series B
Round to support commercialisation of fruit protein ingredient meant to replace sugar
California-based food tech firm Joywell Foods has concluded a $25 million Series B round led by Piva Capital.
B37 Ventures and Global Brain Corporation also participated in the round, as well as existing investors Khosla Ventures, Evolv Ventures, SOSV’s IndieBio and Alumni Ventures.
As a part of the transaction, Piva Partner and Co-Founder Adzmel Adznan will join Joywell’s board.
The funds raised will help the start-up bring its fruit protein sweetness to market, to boost the sugar alternative space.
The company utilises a proprietary fermentation process to produce sweet proteins that mimic the taste of sugar, but do not impact blood sugar levels.
In the last year, Joywell Proteins has scaled its protein production and develop a selection of consumer products that are ready for launch.
Products will hit the shelves across US retailers later this year.
The start-up plans to accelerate R&D and scale its commercialisation efforts in the short-term.
Joywell Foods CEO Ali Wing said of the round: “Novel proteins that are sweet change the game for consumers – great-tasting, healthy and good for the climate all in one. In partnership with our top-tier group of global investors, we’re excited to bring sweet proteins to market
Wing joined the company on October 2021 from healthcare technology company, Bright Health. HIs career history spans consumer goods companies Giggle and Nike.