Cargill has put another $75m into pea protein-based food ingredient provider Puris, roughly a little over 18 months after it invested an initial $25m.
US-based food ingredient producer Puris secured $75m in funding from agricultural conglomerate Cargill on Wednesday.
Formerly known as World Food Processing, Puris produces plant-based food ingredients using domestically grown organic and non-genetically modified peas sourced from a network of more than 400 farms.
Puris converts the peas into protein, starches and fibres to form the basis of products such as vegan spreads, nutrition bars, ready-to-drink protein shakes and cereals.
Cargill’s investment will allow Puris to double pea protein production at its 200,000 square foot facility, enabling the company to target a wider range of food producers, farmers and consumers.
Laurie Koenig, Cargill’s texturizers and specialty lead, said: “As consumer demand increases for plant-based proteins, we want to make sure that Cargill, with our partner Puris, can deliver on that demand with great tasting, sustainable and label-friendly pea protein for customers in North America and across the world.
“This investment also provides significant support to the local economy with approximately 90 new jobs and a new revenue stream for Midwest farmers.”
“Our investment in pea protein not only enhances our diverse portfolio of high-quality ingredients but also expands our opportunity to work with customers to make products that use a variety of our ingredients to satisfy consumers around the world.”
The company had previously received $25m from Cargill in January 2018 as part of a joint venture that enabled the corporate to add Puris’ pea products to its own roster of alternative proteins.
Puris subsequently collected $12.5m in a series D round in June the same year, according to a regulatory filing. Further details of the company’s funding could not be ascertained.