Farmless, a Dutch startup specializing in alternative protein sources through fermentation technology, has successfully secured €4.8 million in seed funding. This funding round follows a €1.2 million pre-seed round conducted seven months earlier.
The newly acquired capital will be allocated to the establishment of a pilot brewery in Amsterdam, aimed at developing innovative products to replace traditional meat, dairy, and eggs.
Founded by Adnan Oner in 2021, Farmless distinguishes itself within the fermentation-based food industry by adopting a distinctive approach. Rather than utilizing sugar as the conventional ingredient, the company employs a liquid concocted from carbon dioxide, hydrogen, nitrogen, and renewable energy. This not only eliminates the necessity for agricultural land but allows Farmless to produce proteins with a land requirement up to 5,000 times less than that of beef.
In an email interview, Oner emphasized the global adaptability of their production process, stating, “This allows for production anywhere in the world, so we can produce our feedstock wherever energy is most sustainable, affordable and abundant. Its liquid form allows us to easily transport to our local breweries, keeping production local with a simple supply chain while increasing food security.”
Over the last 15 months, Farmless has achieved significant milestones, including building an eight-person team, establishing a small-scale R&D facility, and identifying a microorganism applicable for various food applications.
The undisclosed seed round valuation was co-led by World Fund and Vorwerk Ventures, with participation from existing investor Revent and a consortium of angel investors.
Apart from advancing the pilot brewery, Farmless intends to utilize the funds for the development of fermentation technology, recruitment, obtaining regulatory approval, and establishing a test kitchen for experimenting with new food products.
Oner expressed Farmless’s progression towards commercialization and forming partnerships with food companies interested in incorporating their product as an ingredient. However, revenue generation is contingent upon successfully navigating regulatory obstacles. The insights gained from the pilot brewery will be instrumental in shaping their first-of-a-kind brewery.
The funding announcement aligns with a broader trend in the alternative protein sector, with PitchBook reporting that venture capital investment in this field reached $724.32 million in the third quarter, distributed across 46 deals. Farmless, despite fewer deals industry-wide, successfully closed its round in September within a two-month timeframe.
Dr. Nadine Geiser, principal at World Fund, underscored the significance of Farmless’s approach, stating, “Moving away from sugar as a feedstock for fermentation represents a significant opportunity to reduce CO2 emissions of fermentation-based food production.” She highlighted the crucial role of startups like Farmless in addressing climate concerns related to farming, agriculture, and land use.
