Backbone Ventures is an early-stage venture capital firm based in Zurich and Frankfurt am Main. Founded in 2018, Backbone has a track record of 28 investments with already three successful exits so far. With a pioneering investment- and a strong ecosystem approach, Backbone’s mission is to achieve a positive impact for the next generation by supporting outstanding entrepreneurs to reach new levels of success and to become the trusted partner for founders and investors in pre-seed/seed venture capital in Germany and Switzerland.

BackBone Ventures

We are an early stage venture fund backing entrepreneurs that build profitable solutions to fight climate change

Übermorgen Ventures

Early-stage VC. Pre-Seed and Seed stage. We are investing in Health- & Green Tech start-ups with singificant impact and outstanding teams.

PUSH VC

Kale United invests in vegan startups. Måns Ullerstam founded it in 2018, with its headquarters in Stockholm in Sweden.

Kale United

Climentum Capital invest in European based Seed+ and Series A climate tech companies enabling sustainable, low-carbon and circular industries

Climentum Capital

The Auxxo Female Catalyst fund is co-investing in the strongest female-founded pre-seed and seed stage startups in Europe. We drive equitable participation of women as founders and investors in venture capital - powered by network, experience and wholeheartedness.

Auxxo

Satgana is a Climate Tech Venture Capital firm that invests in the next generation of entrepreneurs to build a more sustainable, fair, and regenerative future. The company offers strategic and operational help like impact management, technology, and recruitment. Satgana makes investments in technological advancements in the fields of transportation, technology, food and agriculture, industry and construction, carbon abatement, and circular economy.

Satgana

Simon Capital is an early-stage VC fund with €105M capital ready to invest in innovations that will improve our everyday lives, following the mission of investing “for the next generation”.

Simon Capital

The European Venture Fund that backs gender-diverse founder teams.

Fund F

We fund solutions that reduce greenhouse gas emissions, capture greenhouse gases or drive socio-political change for climate protection.

Clima Now

Triple Impact Ventures is an Austrian family office that invests in impact-driven companies that are addressing the climate, biodiversity, and pollution crises. Preferred stage: pre-seed and seed.

Triple Impact Ventures

Fermify

Fermify offers a digital B2B platform enabling dairy companies to produce precision fermentation-based casein identical to cow casein, over 50% cheaper, sustainably, and independent of cow’s milk availability.

Fermify, founded in 2021, is an Austrian biotech startup that develops technology for the production of precision fermented casein proteins for animal-free cheese. Claimed to be one of the first companies to produce vegan casein, the company has developed a fully automated production system for the development of casein proteins, which are bio-identical to conventional dairy. It plans to provide the platform, along with full service, to other alternative cheese and ingredient producers. According to Fermify, its B2B platform uses an IP-protected continuous bioprocess that could potentially reduce cost by 50% while emitting fewer greenhouse gases compared with traditional batch processing.

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

Fermify Offers Animal-Free Casein Samples to Industry Partners to "Unlock" Dairy-Free Creations

Fermify, founded in 2021, is an Austrian biotech startup that develops technology for the production of precision fermented casein proteins for animal-free cheese. Claimed to be one of the first companies to produce vegan casein, the company has developed a fully automated production system for the development of casein proteins, which are bio-identical to conventional dairy. It plans to provide the platform, along with full service, to other alternative cheese and ingredient producers. According to Fermify, its B2B platform uses an IP-protected continuous bioprocess that could potentially reduce cost by 50% while emitting fewer greenhouse gases compared with traditional batch processing.Key customers and partnershipsThe company already has around 45 customers in the pipeline, out of which it will select 2–3 for its pilot program. It expects to begin the commercial roll-out of its products by end-2023. In <a href="https://sp-edge.com/updates/19977">July 2023 </a>, Fermify partnered with CREMER (a German B2B plant-based raw materials supplier) and Interfood (a global dairy supplier). The partnerships aimed to develop media-feeding solutions for precision fermentation and optimize sustainable protein production, expand Fermify’s potential market, and develop new sustainable dairy applications.Funding and financialsIn May 2023, the company <a href="https://sp-edge.com/updates/18378">raised USD 5 million </a>in a seed funding round led by Dörte Hirschberg with participation from Bettine Schmitz, Nina Wöss, and Clima Now, among others. These funds were expected to be used to optimize its bioprocess and full digitalization as well as for the expansion of the team.

Fermify, founded in 2021, is an Austrian biotech startup that develops technology for the production of precision fermented casein proteins for animal-free cheese. Claimed to be one of the first companies to produce vegan casein, the company has developed a fully automated production system for the development of casein proteins, which are bio-identical to conventional dairy. It plans to provide the platform, along with full service, to other alternative cheese and ingredient producers. According to Fermify, its B2B platform uses an IP-protected continuous bioprocess that could potentially reduce cost by 50% while emitting fewer greenhouse gases compared with traditional batch processing.In&nbsp;<a href="https://sp-edge.com/updates/34835">October 2024</a>, Fermify obtained self-affirmed Generally Recognized as Safe (GRAS) status for its precision-fermented casein after conducting a comprehensive safety study per FDA requirements.Key customers and partnershipsThe company already has around 45 customers in the pipeline, out of which it will select 2–3 for its pilot program. It expects to begin the commercial roll-out of its products by end-2023. In <a href="https://sp-edge.com/updates/19977">July 2023</a>, Fermify partnered with CREMER (a German B2B plant-based raw materials supplier) and Interfood (a global dairy supplier). The partnerships aimed to develop media-feeding solutions for precision fermentation and optimize sustainable protein production, expand Fermify’s potential market, and develop new sustainable dairy applications.&nbsp;

Eat JUST (Hampton Creek before 2018) is a food technology company that specializes in egg and meat alternatives. It has large-scale facilities in Germany and North America and in <a href="https://sp-edge.com/updates/9243">March 2022</a>, the company announced the groundbreaking of its new manufacturing facility in Singapore. It is the largest of its kind in the country post-completion and was slated to be completed in two years at a cost of USD 120 million.Launched in 2018, the company’s plant-based egg, JUST Egg, is made from mung beans and legumes. It offers an egg alternative for sweet and savory applications, including omelets, scrambled eggs, pancakes, and baked goods. In January 2020, the company announced a new folded plant-based egg, along with an upgrade to its original liquid plant-based egg. In <a href="https://sp-edge.com/updates/9599">April 2022</a>, the company received exclusive regulatory approval from the European Commission for its mung bean protein, a key ingredient in its JUST Egg product. In <a href="https://sp-edge.com/updates/30018">June 2024</a>, JUST Egg debuted the latest addition to its plant-based egg lineup, JUST Egg v5, featuring an improved formulation, taste, and texture.As of February 2024, JUST Egg had sold the equivalent of 500 million eggs and was available at food service outlets, online markets, and major retailers like Whole Foods, Sprouts, Walmart, Target, and Kroger.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/10634">May 2022</a>, tennis pro Serena Williams and renowned actor Jake Gyllenhaal partnered with the company to appear in its national ad campaign “Really Good Eggs” to promote JUST Egg. In <a href="https://sp-edge.com/updates/13770">October 2022</a>, the company partnered with MingsBings to launch four new vegan breakfast items featuring JUST Egg. Also, during the same month, JUST Egg <a href="https://sp-edge.com/updates/13795">partnered</a> with Starbucks for a limited trial of new vegan menu items. In <a href="https://sp-edge.com/updates/20178">July 2023</a>, the company partnered with Alpha Foods as a part of its brand portfolio renovation. Following this, JUST Egg <a href="https://sp-edge.com/updates/21095">partnered</a> with Korean alternative meat company UNLIMEAT to develop Korean-style vegan products.Funding and financialsIn <a href="https://sp-edge.com/updates/12427">August 2022</a>, the company bagged a USD 25 million investment along with a strategic partnership from Alibaba-Group-backed private equity firm, C2 Capital Partners. Together, the companies are set to work towards expanding Eat Just’s footprint in the Chinese market. Later, in <a href="https://sp-edge.com/updates/21471">September 2023</a>, the company raised an undisclosed amount in new funding led by VegInvest/Ahimsa Foundation. The funding was to be deployed towards improving the quality and profitability of Eat JUST's products.

Eat JUST

Zero Egg is an Israel-based developer of egg alternatives in powder form using plant-based ingredients such as soy, potatoes, peas, and chickpeas. The startup initially launched two main products, the EGG Basic, a replacement for scrambled eggs and omelets, and BAKE Basic, an egg replacement for baking. In <a href="https://sp-edge.com/updates/13217">September 2022 </a>, the company launched “Zero Egg Scoopable Scramble”, a ready-to-eat frozen plant-based scrambled egg product claimed to be the world’s first of its kind.The company initially only sold to foodservice customers and food manufacturers in 2 lb. bags of around 86 to 130 equivalent eggs. In October 2020, Zero Egg entered the US B2B market following a successful launch in the Netherlands and Israel. As of March 2024, the company’s products can also be purchased online in Patty and Liquid form.In 2021, the company announced that its product is co-manufactured in Cookeville, Tennessee, and would be distributed by Gordon Food Service in the US in 2021.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18573">May 2023 </a>, Zero Egg partnered with NYC’s Plantega to become the latter’s exclusive plant-based egg supplier. Plantega, based on a deli-in-store concept, featured Zero Egg’s new Egg Patty in its bodega-style breakfast sandwiches, available via all its outlets and food delivery platforms. The following month, the company <a href="https://sp-edge.com/updates/19335">partnered with The Friendly Toast </a>, a US restaurant chain, to launch the Vegan Zero Egg Breakfast Sandwich at all of its ten locations.Funding and financialsIn November 2020, the company raised USD 5 million in a Series A funding round led by Powerplant Ventures. The funding was earmarked for new product launches and expanding the company’s US footprint.

Zero Egg

Impossible Foods, a producer of plant-based meat products, demonstrated a prototype of its plant-based milk product in October 2020. The product has been under development by a five-member research and development (R&amp;D) team since 2015. The startup developed the milk alternative using plant-based ingredients, including a special de-flavored and deodorized soy protein. Impossible Foods claims its product tastes like cow’s milk and functions (froth, cook) like cow’s milk. Unlike soy or nut-based milk, the Impossible Foods milk alternative can be mixed with hot beverages without any precipitation.&nbsp;

Impossible Foods

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In <a href="https://sp-edge.com/updates/14938">November 2022</a>, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day <a href="https://sp-edge.com/updates/14989">acquired India’s Sterling Biotech Limited </a>at a value of 638 crore rupees (~USD 78 million). In <a href="https://sp-edge.com/updates/32960">August 2024</a>, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.In <a href="https://sp-edge.com/updates/20068">July 2023</a>, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&amp;D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.Key customers and partnershipsThe company entered into partnerships with Tomorrow Farms in <a href="https://sp-edge.com/updates/10605">May 2022 </a>and Strive Nutrition in <a href="https://sp-edge.com/updates/10862">June 2022 </a>to supply fermented animal-free whey protein for the production of alternative milk. In <a href="https://sp-edge.com/updates/11970">July 2022</a>, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in <a href="https://sp-edge.com/updates/12953">September 2022 </a>to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its <a href="https://sp-edge.com/updates/13187">enterprise biology business, “nth Bio”</a>, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.In <a href="https://sp-edge.com/updates/26920">February 2024</a>, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/25248">January 2024</a>, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.

Perfect Day

Califia Farms uses almonds to produce a range of plant-based alternatives such as milk, cold-brew coffee, creamers, half-and-half, butter, and yogurt. In February 2019, the US-based startup launched Übermilk, a milk alternative made with oat milk, pea protein, sunflower oil and seeds, flaxseed oils, and other vitamins and minerals. Übermilk contains the same amount of calories, more protein (8 g), and less sugar (2 g) than a serving of cow’s milk.In <a href="https://sp-edge.com/updates/14325">November 2022</a>, Califia Farms added plant-based whipping cream to its portfolio with the launch of Heavy Whip. In <a href="https://sp-edge.com/updates/15601">January 2023</a>, the company added USDA-certified Organic Oatmilk and Almondmilk–made with only purified water, sea salt, and oats/almonds–to its alternative dairy products. Further, in <a href="https://sp-edge.com/updates/26576">February 2024</a>, the company launched Califia Farms Complete, a plant-based milk claimed to be nutritionally comparable to dairy. It followed this up by launching ‘<a href="https://sp-edge.com/updates/31054">Complete Kids</a>’, a kid-friendly version of its Complete plant-based milk.In <a href="https://sp-edge.com/updates/31925">July 2024</a>, Califia Farms acquired Uproot Inc., a company developing plant milk dispenser systems for foodservice, for an undisclosed sum. With this acquisition, the company aimed to expand its "Away From Home" portfolio and offer plant milk in a convenient dispensing solution at hundreds of colleges, universities, and other dining locations.Califia Farms products are available in the US at Whole Foods, Kroger, Sprouts, and Target outlets.Funding and financialsIn January 2020, Califia Farms raised USD 225 million in Series D funding led by the Qatar Investment Authority to expand its production capacity, R&amp;D efforts, and geographical footprint.

Califia Farms

Producers of plant-based milk alternatives using ingredients such as almonds, cashews, soy, oats, coconuts, peas, etc.

Producers of plant-based cheese alternatives using ingredients such as coconuts, almonds, cashews, soy, hazelnuts, etc. Startups use their proprietary plant-based cultures for the fermentation process

Producers of plant-based butter alternatives using ingredients such as almonds, avocados, olive oil, etc.

Producers of dairy-free ice cream using plant-based milk

Producers of dairy-free yogurt using plant-based milk and cultures

Producers of plant-based egg alternatives for general consumption (used in baking and cooking) using pulses such as mung beans, peas, soy, chickpeas, etc.

Producers of non-dairy (such as plant-based, microflora, cultured, etc.) protein bases that are supplied to dairy alternative manufacturers to produce milk, butter, cheese, ice cream, and yogurt alternatives

Provides sustainable solutions for dairy products and egg farming

ANALYST_QUICK_TAKE

<div>
 Fermify, an Austrian precision fermentation company, has achieved Generally Recognized as Safe (GRAS) status for its precision-fermented casein, following a detailed safety study in line with FDA requirements. 
 This significant regulatory development enables Fermify to carry out sensorial tests on consumers with their animal-free casein, facilitating the introduction of animal-free cheese and dairy products in the US market.
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/26636"> February 2024 </a> , New Culture became the first precision fermentation company to receive GRAS status. Other notable startups developing fermentation-based casein include <a href="https: 
//sp-edge.com/companies/996564"> Remilk </a> and <a href="https: 
//sp-edge.com/companies/204522"> Perfect Day </a> .

Fermify

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