Adam Behrens, CEO of Charlestown-based food tech startup Mori, plans to bring several products to market this year with a new $50M round of financing, which comes about a year after its Series B.
Mori, which goes by the legal name of Cambridge Crops Inc., closed its Series B1 round on Feb. 22, Behrens told BostInno. Prelude Ventures led the round and was joined by previous investors The Drawdown Fund, Acre Venture Partners, The Engine, Refactor Capital, Blindspot, Closed Loop Partners and Knollwood Investment Advisory. New investors the Collaborative Fund and Thia Ventures also joined the round.
Behrens said he expects the funding to give the company a 24-month runway as it works on commercialization and entering different product segments.
“Our technology is pretty broad. And so, we’re really looking to show how we can diversely impact the food supply as well as how much value we can create,” Behrens said.
Mori rebranded from Cambridge Crops in 2020 to “better reflect the breadth of the technology core to its mission.” The company is trying to reduce food waste by using the protein found in silk to create protective layers that keep food fresher for longer.
The natural packaging can reduce the need for wax, chemicals and plastic packaging. Behrens said the company can use its technology for storing things like produce, protein and shelf-stable items.
Its new name is derived from "Bombyx mori" silk, which contains the protein forming the basis of the company’s product. In conjunction with its rebrand two years ago, Mori also announced a $12 million Series A round led by Acre Venture Partners.
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The company’s last round of funding was a $16 million Series B financing in April 2021. The funding was led by Drawdown Fund, which invests in businesses that are reversing global warming.
Behrens said the influx of new funding was driven by the company’s early success proving the technology with customers and partners.
“We’ve been able to really combine sustainable output with either improving the top-line or the bottom-line revenue number for our customer segments,” Behrens said. “The maturity of the product with realizing how we can impact our customer’s problems and profit and loss statements directly has caused us to really want to put the accelerator on.”
