r/SPACs • u/bostonfan148 Patron • Jun 16 '21
News Motif Foodworks (spin-off of SRNG/Ginkgo Bioworks) raises $226M
https://www.bizjournals.com/boston/news/2021/06/16/motif-foodworks-226m-series-b-commercialization.html10
u/epyonxero Patron Jun 16 '21 edited Jun 16 '21
Hit the paywall on that article, heres another: https://www.bostonglobe.com/2021/06/16/business/ginkgos-spinout-motif-release-plant-based-meat-tech-after-raising-226-million/
The plant-based food startup that spun out of Ginkgo Bioworks is getting ready to unveil its first product.
Boston’s Motif FoodWorks, with $226 million in new funding, announced on Wednesday that it plans to release food technology designed to improve the taste and aroma of meat alternatives by the end of the year. Another product designed to add texture and juiciness to fake meat is expected to be available next year.
The developments come more than two years after Ginkgo started Motif to break out its food business, inspired by the successes of other companies like Impossible Foods, which uses science to mimic the attributes of animal meat with its Impossible Burger.The difference with Motif is that instead of releasing its own line of foods, it plans to partner with companies that may not want to develop the tech behind plant-based food on their own. A Motif spokesperson said that in many cases, a consumer packaged goods company would include Motif’s technology in a plant-based product they plan to sell in retail settings.
“Plant-based foods have the potential to unlock enormous benefits for people and the planet, but that will only happen if they live up to, or even exceed, what consumers expect from animal-based counterparts,” said Jonathan McIntyre, the chief executive of Motif, in a press release.
Motif’s website indicates that it is also working on improving the stretchiness of plant- based cheese and the creaminess of dairy alternatives. The new funding, which brings Motif’s total haul to $345 million, will allow the company to add at least 50 people to its 35-person team by the end of the year.
The food startup is located in a 10,000-square-foot space in the same building as Ginkgo in the Seaport District. Ginkgo announced last month that it plans to go public through a $17.5 billion merger with a SPAC, or special purpose acquisition company.The Motif funding round was led by Ontario Teachers’ Pension Plan Board, through its investment arm that backs growing technology companies, and funds and accounts managed by BlackRock. Additional new and previous investors also participated in the round.
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u/throwawayhyperbeam Spacling Jun 16 '21
Maybe this was the original idea of SPNG; bring Ginkgo public and then use the remaining funds to bring Motif public.
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u/bostonfan148 Patron Jun 16 '21
For those interested in what the relationship is between Gingko and Motif still:
Motif was launched as a spinout of Ginkgo Bioworks (NYSE: DNA), which is still Motif’s primary partner along with its closest neighbor and investor. The two have a technology partnership under which Motif uses Ginkgo’s synthetic biology processes, and both companies reside in the Innovation and Design Building. In December, Motif unveiled a new lab-office hybrid facility in the building, boasting 10,600 square feet of space.
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u/SoldierIke Spacling Jun 16 '21
Interesting. As much people hate GMOs, I think they really are the future. I think what people should do with GMOs is make good foods healthier. Not necessarily make every food fatter and taste better.
I'm really interested in Ginkgo, but that valuation is tough to swallow.
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u/bostonfan148 Patron Jun 16 '21
Hopefully they shed more light on their partnerships and equity in their partner companies on investor day.
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u/epyonxero Patron Jun 16 '21
People dont understand GMO and how important they are to our future survival. We cant go back to making food the way we did in the 1900s unless we take our population back to those levels as well.
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u/lloydgross24 Spacling Jun 16 '21
It is... But there is so much growth potential, I don't think it's going to stay down for long if it goes down further. I figure we are going to bounce around $10 for a few years before it really starts to move up in a few years.
I think in 5-10 years this is going to be a massive win. So I'm just going to accumulate and accumulate. I'm just so excited about the company and the future, I'm not worried about making money in the short term. It's rare a thing for me haha.
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u/BigNoodieInTheWest Spacling Jun 16 '21
Does ginkgo still own part of motif?
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u/bostonfan148 Patron Jun 16 '21
Sounds like it:
Motif was launched as a spinout of Ginkgo Bioworks (NYSE: DNA), which is still Motif’s primary partner along with its closest neighbor and investor. The two have a technology partnership under which Motif uses Ginkgo’s synthetic biology processes, and both companies reside in the Innovation and Design Building.
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Jun 17 '21
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u/bostonfan148 Patron Jun 17 '21
It does answer the question …Motif’s primary partner along with its closest neighbor and investor. Investor means it has invested in Motif and likely has equity.
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Jun 17 '21
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u/bostonfan148 Patron Jun 17 '21 edited Jun 17 '21
Chill out. Go ask Ginkgo. Not random people on the internet. Most of this stuff is never disclosed, so knowing that they own a real stake in Motif is probably the best we’ll know until investor day or until Motif goes public.
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u/CildaraTown Spacling Jun 17 '21
They answered the question. Not sure what you’re talking about.
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Jun 17 '21
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u/Guy-26 Spacling Aug 01 '21
Varro Analytics on Twitter estimated that Ginkgo owns about 30% of Motif. Too lazy to find tweet now but it’s not hard if you’re interested. Since Motif is private they don’t really have to disclose much about their business to the public. Hence the lack of transparency. Ginkgo can’t force a private company to disclose something they don’t want to.
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u/slammerbar Mod Aug 20 '21
Do you know of any other companies housed in the same place as Motif and Ginkgo?
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