Spanish alternative fat company Cubiq Foods has raised a total of €5.75M (US$6M) in funding from four investors, including global agribusiness giant Cargill, the company announced.
The other investors include Moira Capital Partners, SGEIC and Newtree Impact, according to the 9 May statement.
Barcelona-based Cubiq Foods said the investments would allow the company to expand commercial and production operations in North America and Europe and to launch new products.
Cargill’s investment was the first step in a strategic partnership that included a product development plan and an agreement to market and sell Cubiq Foods’ products, the company founded in 2018 said.
Last year, Cubiq Foods launched Go!Drop, a plant-based fat replacement which could be used as an alternative to animal fats in processed meat products, dairy derivatives, sauces, bakery products, confectionery and saturated vegetable fats (such as coconut oil) in vegan food products.
Later this year, Cubiq Foods said it would be launching Go!Mega3, a micro-encapsulated omega-3 product and, early next year, it would be launching its first cultivated fat-based ingredient for food applications in the US market.
“Our strategic partnership with Cubiq Foods will help us better serve our customers by accelerating the development of plant-based alternatives,” Vivek Cherian, meat and dairy alternatives category leader for edible oils at Cargill, said.
Moira Capital Partners is a private equity boutique in Spain specialising in direct investments for private and institutional investors.
Newtree Impact is an industrial holding company based in Brussels, Belgium.