Soylent, a food technology company, has raised $20 million in Series A capital in a round led by Andreessen Horowitz, the venture capital firm. Other investors in the round include Lerer Ventures, Index Ventures and individual investors such as David Friedberg, chief executive of The Climate Corporation.
The funding comes in the wake of other large food technology transactions such as Hampton Creek’s $90 million fundraise in December and Nestle’s interest in Mycotechnology, as alternatives to traditional food sources gain popularity.
Soylent produces engineered staple meals with maximum nutritional value using ingredients that include oat flour, rice protein and omega 3 fatty acids. The produce is also animal and fish-free after replacing fish oil with algal oil.
This is the second round of financing for the company after it raised over $3 million on crowdfunding platform CrowdTilt as the largest food project to be crowdfunded ever, according to Soylent. Previous investors in the company include Reddit co-founder Alexis Ohanian.
Chris Dixon, general partner at Andreessen Horowitz, will join the company’s board.
Soylent will use the funding for growth in North America, to expand its manufacturing and shipping capabilities, continue exploring international distribution options and scale operations.
The team will also focus on ongoing product development efforts and bio-technology research.