Mori raises $50m in Series B1 funding round

US food tech company Mori has secured $50 million in a Series B1 funding round, led by venture capital firm Prelude Ventures.

The round included participation from existing and new investors, including Acre Venture Partners, Closed Loop and Collaborative Fund, among others. Mori plans to use the capital to create new products and expand to new geographies.

Founded in 2016, Mori is a technology company focused on extending shelf life to reduce waste and create more sustainable supply chains. According to Mori, its proprietary process “uses just water, salt and heat to extract natural silk protein that protects food and slows spoilage”.

Mark Cupta, managing director of Prelude Ventures, said: “Mori’s technology is a critical lever in reducing the carbon footprint of our food system”.

“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.”

Adam Behrens, Mori’s CEO, added: “The past two years have exposed the fragility of our food system, with businesses and consumers feeling the effects of labour shortages and shipping delays”.

“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.”

Mori has recently opened a new silk protein manufacturing plant and moved to new headquarters in Boston, Massachusetts.

Written by Dominy Jones