BOSTON–(BUSINESS WIRE)–Mori, a food technology company focused on extending shelf-life to reduce waste and create more sustainable supply chains, today announced it has raised $50 Million in Series B1 financing.
The round was led by Prelude Ventures and included previous investors The Drawdown Fund, Acre Venture Partners, The Engine, Refactor Capital, Blindspot, Closed Loop Partners, Knollwood Investment Advisory as well as new investors Collaborative Fund and Thia Ventures.
Mori’s proprietary process uses just salt, water, and heat to extract natural silk protein that protects food and slows spoilage. It is seamlessly integrated into existing production processes, allowing customers across the supply chain to provide people with fresher, better quality food with minimal or no additional capital expenditure.
By keeping food fresher for longer, Mori also enables flexibility in the supply chain. This allows customers to realize operational benefits, introduce more sustainable packaging, and reduce food waste from farm to fork.
“Mori’s technology is a critical lever in reducing the carbon footprint of our food system,” said Mark Cupta, Managing Director of Prelude Ventures. “Reductions in food and packaging waste translate to lower greenhouse gas emissions and a lower impact on natural resources. We are confident that Mori’s products will add tremendous value to its customers, while also positively impacting the planet.”
Mori’s technology is unique in its broad applicability across fresh and shelf-stable food categories. Following extensive testing and trialing with initial customers over the past few years, Mori will soon be launching its first commercial products in multiple segments.
“The past two years have exposed the fragility of our food system, with businesses and consumers feeling the effects of labor shortages, and shipping delays,” said Adam Behrens, CEO of Mori. “Our work with initial customers has shown that we can solve real pain points in the food supply chain and ensure that more of the food produced makes it into our communities.”
In addition to launching its initial commercial partnerships, Mori will use funding to expand development in additional product categories and expand to new geographies. Mori also recently opened a new silk protein manufacturing facility and moved to new headquarters in Boston.
Mori’s technology is protected by 25 granted patents, 35 utility applications, and trade secrets worldwide. Mori Silk™ is a dietary protein, consumable in countries such as the USA, Mexico, and Costa Rica. Many countries, including Canada, Japan, and South Korea, list Mori Silk™ as a Non-Novel and Traditional food ingredient.
About Mori
Mori is a technology company focused on innovations in the food, agriculture, and packaging industries. Mori’s proprietary process uses just salt, water, and heat to extract protein from silk and apply it to food, creating natural protection that slows spoiling and keeps food fresher for longer. Products can be integrated at any time from farm to shelf, allowing food producers, processors, and retailers to deliver more and better quality food to consumers while reducing food and packaging waste throughout the supply chain.
To learn more about Mori, visit www.mori.com
About Prelude Ventures
Prelude Ventures is a venture capital firm dedicated to advancing the low-carbon economy. The firm invests in exceptional entrepreneurs across a range of sectors including advanced energy, food & agriculture, transportation and logistics, advanced materials and manufacturing, and advanced computing. Prelude Ventures was founded in 2013 and is based in San Francisco. Learn more at www.preludeventures.com.
Contacts
Media Contact: Gaia Liotta, gliotta@mori.com
