Farmington specialty financier Horizon Technology Finance Corp. is lending $8 million to a company that’s developing plant-based egg whites and other animal-free proteins for use in food and supplements.
The venture loan facility, of which $5 million is initially funded, is for California-based Clara Foods, which says it ferments yeast to produce proteins “that will match the taste and texture and unique culinary functionality of a real egg.”
“Through its innovative protein platform technology, Clara Foods is making significant progress in creating a remarkable animal-free egg,” Horizon President Gerald A. Michaud said in a statement. “We expect its products will find a significant audience as consumers continue to increase their consumption of alternative protein sources as well as more sustainable food sources.”
Clara, which touts the ethical and environmental benefits of its proteins compared to factory farm produced eggs, said the loan will help facilitate its go-to-market strategy an grow its business.
