An Oxford-based biotech firm developing an alternative protein source with no carbon footprint has hit a six-figure crowdfunding target to help it bring its product to market.
Fermtech makes clean-label protein by growing fungi from food waste, using spent grains from a local brewery in a patent-pending system.
The ingredient is aimed at plant-based food manufacturers to use in vegan cheese and other alternative protein products.
The business has hit a £325k crowdfunding target on the Crowdcube platform, and is continuing to overfund as it prepares for full pilot trials of its products. It follows early pilots with the likes of Associated British Foods, spreads maker Upfield and Cathedral City owner Saputo.
It will use the money from the crowd to scale up production capabilities, enhance R&D efforts to fine-tune the fermentation process, and expand market reach through strategic marketing and distribution channels.
“Consumers are increasingly understanding of the impact of animal farming and the need to move to sustainable alternatives,” the company said in its Crowdcube pitch.
“We have developed a solution to produce low-cost, high-quality protein for this transition.”
Fermtech’s patent-pending solid-state fermentation system is similar to the production of koji in Japan, a mould-grown substance used in many fermented foods and drinks.
It has also tested the products with baking, sports nutrition and supplements companies around the UK.
CEO Andy Clayton added: “Solid-state fermentation presents the opportunity to really scale circularity in the food industry.
“We can take sidestreams from food production, and, in an automated way, use them to produce ingredients with fantastic flavour properties. For example, we can produce a protein-enriched brownie that saves 25% on ingredients like cocoa and chocolate.
“What’s really exciting is the sustainability, as with no agricultural production these ingredients even outperform plant protein in their carbon footprint.”
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