Food and Beverage Business

New Culture seeks new investors amid high investor interest in animal-free dairy sector

New Culture seeks new investors amid high investor interest in animal-free dairy sector dairy alternatives Food and Beverage Business

New Culture, a California-based animal-free dairy business, is in the process of raising funds in a Series B round as it prepares to launch its mozzarella product into US foodservice. Since its establishment in 2018, the company has successfully raised $35m.

CEO Matt Gibson, in an interview with Just Food, shared insights about the ongoing fundraising efforts and the company’s future plans. “We are still raising venture capital and continue to do so as we hit these key inflection points and reach net income,” he stated. Gibson also highlighted the investor interest in the space, particularly around casein, a protein found in animal-based dairy products that New Culture replicates using precision fermentation techniques.

Previous investors in New Culture include Kraft Heinz, ADM, and South Korea’s CJ CheilJedang, with financial backing from S2G, CPT Capital, and Be8. The company maintains a strategic partnership with contract manufacturers to develop its animal-free products both domestically and internationally.

New Culture recently obtained GRAS status from the FDA, allowing the launch of its animal-free mozzarella into foodservice later this year. The company plans to collaborate with select foodservice partners, including Pizzeria Mozza in Los Angeles, to introduce its product to consumers. Additionally, New Culture aims to eventually retail its animal-free cheese, positioning it competitively against plant-based alternatives.

Looking ahead, Gibson emphasized the company’s goal to scale its production and distribution, targeting “millions of pounds of cheese” to serve a large number of operators. New Culture is now awaiting a ‘No Questions Letter’ from the FDA, a key milestone for future engagements with larger retailers and foodservice operators.

Transitioning to a broader market, New Culture aspires to offer its mozzarella in both block and shred-like formats, catering to consumer preferences for versatility. The company’s innovative approach to animal-free dairy products underscores its commitment to sustainability and market competitiveness.

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