Californian food tech startup The Every Company has raised $55M in Series D funding to expand production of its precision-fermented egg proteins, following a nationwide rollout at Walmart.
The Every Company is going all out to fill the void left by the egg crisis, as avian flu threats and price hikes continue to hit consumers, manufacturers, and the foodservice industry.
The San Francisco-based startup uses precision fermentation to produce recombinant egg proteins, which companies can use to replace chicken eggs in everything from baked goods and pasta to protein beverages and coffee syrups.
Its chicken-free egg proteins have appeared in several products already, including smoothies, hard juices, matcha, and meat alternatives. Moreover, they were the centrepiece of a one-night-only dinner at Daniel Humm’s three-Michelin-starred eatery, Eleven Madison Park.
Now, The Every Co has secured $55M in Series D financing to take its future-friendly proteins to new heights. The round was led by existing investor McWin Capital Partners, through its McWin Food Tech Fund, with participation from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian, SOSV, and more.
“EVERY has crossed the line from promise to proof,” said Martin Davalos, partner and head of food tech at McWin Capital Partners. “They’re not talking about proof-of-concept pilots here – they’re selling metric tons of product at scale to some of the biggest food companies on the planet. EVERY is exactly the type of platform that will define the next decade of food production.”
It’s the third-largest sum raised by an alternative protein firm in 2025, and takes the startup’s total raised to $288M. The capital will be used to expand its manufacturing capacity, grow its footprint to more sectors, and drive the business towards profitability.
Additionally, its egg protein is now featured in a product at all Walmart stores across the US, and it marks a shift from the company’s strategy of co-branding products to becoming a full ingredient supplier. This means its customers and the products they use its ingredients in are kept confidential.
“Having our protein featured in products at the world’s largest retailer is a massive proof point for the entire industry,” co-founder and CEO Arturo Elizondo tells Green Queen.
Amid egg crisis, The Every Co’s ingredients are already saving companies money
Precision fermentation involves inserting a DNA sequence into microbes to teach them to produce specific molecules when fermented. It’s the same way insulin, rennet, and many vitamin supplements are made today.
The Every Co uses the technology to produce a suite of animal-free ingredients. OvoPro is a recombinant ovalbumen protein that can replace egg whites’ functionality in a range of applications, while OvoBoost is a highly soluble, taste- and texture-neutral protein identical to glycoprotein, which can help fortify products like coffees, juices, sodas, syrups, and baked goods.
Both have been approved for sale by the US Food and Drug Administration, alongside an animal-free pepsin that acts as a digestive protein for food processing and dietary health products. “We are currently primarily focused on OvoPro to go after the $270B egg market,” says Elizondo.
The global egg supply chain has been wrecked by bird flu. Prices have never been higher in some countries (in some US cities, they reached $1 per egg), demand has kept increasing sharply. At the same time, anticipated price corrections have led some producers of powdered eggs to delay purchases, exacerbating the supply gap.
“OvoPro is priced to be competitive with, or cheaper than, conventional battery-caged commodity eggs on a cost-in-use basis,” notes Elizondo. “Several multinational customers have already validated that switching to OvoPro is saving them money compared to conventional eggs.”
In 2024, the startup teamed up with Landish Foods to co-launch Fermy, a brand that sold protein coffee and matcha mixes. And this year, it unveiled a sugar-free protein syrup under a new white-label brand called Dash.
Asked about the future of these ventures, Elizondo says: “Due to the significant commercial pull from food companies seeking to replace eggs, we are currently prioritising OvoPro and, in particular, the bakery segment.”
The Every Co plans to double its manufacturing capacity
Speaking to Green Queen in April, Elizondo had outlined that The Every Co’s top priority this year was “expanding manufacturing capacity to meet customer demand”.
“We are currently manufacturing at commercial scale with a European manufacturing partner, producing metric tonnes of high-quality product each month at steady state,” he says now. “We will be doubling our capacity with our current partner starting in a few months, and plan to onboard additional manufacturing capacity with this new injection of capital to meet customer demand.”
In another move to boost its capacity, The Every Co has partnered with Dutch animal-free dairy startup Vivici and the Abu Dhabi Investment Office to explore the establishment of an industrial-scale precision fermentation facility with a four-million-litre capacity.
Elizondo suggests that the egg market’s volatility has led to an increase in demand for alternatives like its precision-fermented proteins. Its technology enables year-round production decoupled from the livestock and feed markets – this cuts out the risk of avian flu, salmonella outbreaks, and other supply shocks.
Plus, its powdered ingredients have an 18-month shelf life and eschew the need for expensive cold chains, a key advantage for bakeries that rely on refrigerated liquid eggs.
“Avian flu outbreaks are happening more frequently, and they are far more severe in recent years. Food companies are more eager than ever to safeguard their supply chains and future-proof their businesses,” the CEO says.
“Eggs are a crucial ingredient whose functionality is nearly impossible to replicate with plant-based substitutes – our bioequivalent protein ingredient helps companies secure highly functional, no-compromise egg proteins that offer all of the performance and none of the supply chain challenges.”
Onego Bio lawsuit ‘a desperate attempt’ to access IP
The Every Co has been involved in a bitter legal battle with fellow precision-fermented egg producer Onego Bio, which is also cleared to sell its ingredient in the US.
In September, the Finnish startup sued The Every Co to invalidate a key patent granted to the latter in the US, accusing it of fraud. Shortly after, the VTT Technical Research Centre of Finland (which Onego Bio spun off from) challenged one of Every’s patents in Europe.
“We filed this action to protect our ownership and to bring clarity around a recently issued patent that we believe is invalid,” Onego Bio co-founder and CEO Maija Itkonen told Green Queen at the time. “Our intention is not to block progress but to safeguard it. We have deep respect for legitimate intellectual property and value fair competition, which we see as the foundation of a healthy market.”
Last week, The Every Co filed its response to the court, which revealed that the two companies were discussing a potential $400M merger before talks fell apart and Onego Bio filed the lawsuit, as reported by AgFunderNews.
“Onego Bio’s lawsuit against EVERY is a desperate attempt to access EVERY’s intellectual property,” Elizondo said in a statement sent to Green Queen last week. “Onego was the one who initiated contact with EVERY earlier this year, seeking a license to our patents. Onego repeatedly threatened litigation if a license was not granted, not the other way around, and contrary to the claims in their complaint.
“Despite their repeated threats, EVERY engaged in good faith discussions. Upon dissatisfaction with the proposed terms, Onego filed a baseless lawsuit in an attempt to enhance their negotiating position.
“EVERY will not capitulate to threats and will vigorously defend its extensive IP estate from any attacks, particularly those as unsubstantiated and baseless as the ones brought forth by Onego. EVERY has been innovating for a decade – for more than seven years before Onego was even founded – and has invested significantly in its intellectual property since its inception.
“We have accumulated 63 issued patents across global jurisdictions over that period, each having undergone the standard, rigorous review process by the patent office, and we have over 100 more in the pipeline still pending issuance. Our robust IP portfolio, developed over a decade, is a testament of our leadership in the category.”
How The Every Co scored one of the year’s largest investments
In April, Elizondo indicated that The Every Co was “well-capitalised and supported by a robust investor base” willing to continue backing it.
When asked by Green Queen about the company’s revenue and profitability plans, following this week’s Series D announcement, it declined to comment, citing confidentiality. However, Elizondo says the firm has an “incredible group of investors who have continued to support our growth and stand by our mission.”
“To have raised one of the largest rounds in our space despite the tough macroeconomic environment speaks to the promise of what we are building,” he says.
Indeed, funding for alternative proteins declined by 27% in 2024, reaching $1.1B. That trend has continued this year, with startups in the sector attracting just $611M in the first nine months of 2025.
Despite the decline, fermentation remained a bright spot in 2024, experiencing a 43% increase in investment, totalling $651M. However, that momentum has receded again: by the end of September this year, fermentation firms had only raised $253M.
So how did The Every Co close one of the industry’s largest funding rounds this year, surpassed only by Beyond Meat’s $100M debt financing round and Nxtfood’s $58M raise? “Ultimately, I think it came down to the fundamentals and the progress of the business,” says Elizondo. “The egg ingredient market is massive, and it is deeply challenged. We have an unequivocal leadership position.
“What we pitch to customers is not a vegan alternative that is almost as good as the real thing, but not quite there and with dozens of competing products – our pitch is very simple: same or better performance, at a same or better price, without the shortages and volatility, and with an 18-month shelf life.”
The product-market fit, he adds, is no longer in doubt: “We have a real product that is working for customers, which we are producing at a commercial scale at steady state and selling to mass-market customers. The technology works, customers want it, and the market potential is truly massive – that’s what convinced investors.”
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