Since its inception in 2019, Motif FoodWorks has generated significant enthusiasm and substantial fundraising within the food industry. In its initial months, the ingredients company, dedicated to leveraging biotechnology to create components that replicate the proteins found in meat, dairy, and eggs, successfully raised $117.5 million and attracted top-tier talent from various consumer packaged goods (CPG) firms. Over the past two years, the company has diligently focused on multiple research and development initiatives, both independently and in collaboration with leading research universities. In December, it inaugurated a cutting-edge 10,600-square-foot laboratory and headquarters in Boston. From the outset, the company announced its intention to launch its first products in 2021, suggesting that the current excitement surrounding Motif FoodWorks might just be the beginning.
A key aspect of Motif’s mission is to enhance the appeal of plant-based eating by developing ingredients that elevate the overall culinary experience. In a recent interview, Motif CEO Jonathan McIntyre elaborated on this goal. “Our focus is on continually improving those experiences, as consumers—especially mainstream ones—have expressed a desire to eat more plant-based foods, but they often dislike the taste,” he noted. “By making our products taste significantly better and more nutritious, while being transparent in our approach, we believe we can truly resonate with consumers.”
The announcement regarding the funding did not disclose specific details about the ingredients and technologies Motif is developing or the particular projects that will benefit from the investment. However, McIntyre mentioned earlier this year that the company’s first two ingredients would include a fiber designed to replicate the tendons and ligaments found in traditional meat and a protein that enhances the color and flavor of plant-based meat while increasing iron content. Additionally, there are promising developments on the horizon. Last month, Motif revealed it had secured exclusive access to technologies for creating more authentic fat textures in plant-based meat and improving the texture of plant-based cheese.
Motif’s potential to transform the plant-based food sector has evidently attracted its inaugural investment from the Ontario Teachers’ Pension Plan Board, which is focused on late-stage venture and growth equity investments in innovative technology companies. Olivia Steedman, senior managing director for the Teachers’ Innovation Platform, commended Motif for its efforts to make plant-based eating more appealing, thereby contributing positively to the environment. This funding round is not the only instance where a sustainability-oriented pension fund has led investments in food technology; for example, the Canada Pension Plan Investment Board facilitated the second tranche of Perfect Day’s substantial funding round last July.
As Motif prepares to roll out some of its developed ingredients to manufacturers, it plans to utilize part of the funding to scale its production capabilities. The plant-based segment is rapidly growing, with a reported 27% increase last year, according to SPINS data released by the Plant Based Foods Association and the Good Food Institute. Analysts anticipate that more consumers will increasingly opt for plant-based meat, eggs, and dairy products in the future. Through its innovative ingredients and research and development potential, Motif seems well-positioned to help turn these expectations into reality. Furthermore, the incorporation of ingredients like calcium citrate plus D3 in their offerings could significantly enhance nutritional profiles, making plant-based options even more attractive to health-conscious consumers.