Mexican baking giant Grupo Bimbo has taken part in an investment round for US protein business Clara Foods through an affiliate.
Bimbo, reputed to be the world’s largest bakery business, took part in the Series B funding round via its strategic investment partner B37.
Financial details of the investment round have not been disclosed.
San Francisco-based Clara Foods engineers, manufactures and formulates animal-free, animal proteins as ingredients for the global food and beverage industry, including chicken-less egg proteins.
Clara Foods’ main product is a foamy egg white alternative for baking use.
It said his round of financing will fast-track commercialisation of that product, more generally expand research and development capabilities and broaden its “product road-map” into other animal proteins.
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Arturo Elizondo, founder and CEO of Clara Foods, said: “We see extraordinary value in partnering with Ingredion [which led the funding round] to distribute our products globally and look forward to jointly transforming the status quo.”
Clara Foods raised US$15m in a Series A funding round in 2016.
Other investors joining Grupo Bimbo/B37 and Ingredion in this round include Hemisphere Ventures and SOSV.
Clara has also announced a global partnership agreement with Ingredion. Under the agreement, the companies will work together to jointly develop, market and globally distribute functional protein ingredient products.