Joywell Foods, California-based food technology and consumer goods company, has raised an oversubscribed $25 million Series B funding round led by Piva Capital. The round also witnessed participation from B37 Ventures and Global Brain Corporation, as well as existing investors Khosla Ventures, Evolv Ventures, SOSV’s IndieBio and Alumni Ventures.
The food startup uses microbes to produce ultra-sweet proteins identical to the ones found in fruits and berries. A proprietary microbial fermentation process is used to extract nature-identical sweet proteins available in exotic fruits.
“Worldwide, consumers love their sweets; we want people everywhere to have their cake and eat it, too. Novel proteins that are sweet are changing the game for consumers by providing great-tasting, healthy and good for the climate alternative to sugar. In partnership with our top-tier group of global investors, we’re excited to bring sweet proteins to market,” said Ali Wing, chief executive officer of Joywell Foods.
Sweet protein an environment friendly alterative to sugar
The company claims that the nature-identical sweet protein tastes just like sugar but has no adverse impact on blood sugar levels and gut microbiomes. Additionally, these proteins are 2,000-5,500 times sweeter than sugar on a weight basis, which means a small quantity will suffice for a long making it more efficient.
“Traditional sugar is not only the chief culprit in our battle with obesity and diabetes, but it also requires millions of acres of land, impacting precious ecosystems. Joywell Foods’ sweet proteins are a genuine breakthrough in addressing these critical issues. We look forward to supporting Ali and the team as they accelerate from R&D to commercial success,” said Adzmel Adznan, Partner and Co-founder, Piva Capital.
Many startups are involved in finding alternatives to sugar. As per the official release of Joywell Foods, with a one percent cut in sugar production, around 650,000 acres of sugar cane farming area could be brought down. Sweet proteins will have a long-term positive impact on human health and are environmentally friendly.
Hence, the product lowers Joywell’s carbon footprint and directly supports deforestation by reducing fields being cleared for sugarcane plantations. At the same time, it is a healthy alternative much lower in calories.
In the past few years, the startup has developed its sweet protein platform and has made consumer products that are to hit supermarket shelves for extensive use. After offering a better tasting and healthier alternative the sugar, the company wants to carry forward its research, development and commercialization of its sweet protein platform to change the role of sugar.