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Future Fields, a Canadian protein biomanufacturing startup, raised $8 million in Series A funding, CEO Matt Anderson-Baron tells Axios Pro exclusively.

Why it matters: Its platform harnesses the common fruit fly for recombinant protein production, offering a more sustainable alternative to traditional methods.

Follow the money: Amplify Capital, Business Development Bank of Canada's Climate Tech Fund and R7 Partners led the round.

Toyota Ventures, BoxOne Ventures, Builders VC, TRAC VC and University of Alberta Innovation Fund participated.

To date, Future Fields has raised $17 million USD in equity financing and $15 million CAD in non-dilutive grants from provincial, federal and municipal governments.

Inside the room: Amid a widespread biotech downturn, Anderson-Baron says raising the Series A was noticeably more difficult than previous rounds.

"I'd say this one has been the most challenging, especially because of where we're at," he says. "The bar for Series A is just so much higher than it used to be two, three years ago."

How it works: By genetically engineering whole insects, Future Fields is producing critical proteins used to develop medicines, as well as products in food and agricultural sciences sectors.

"We have access to this suite of exotic cell types as a manufacturing platform, and that doesn't exist with any of our competitors," Anderson-Baron says. "That's our most unique, differentiating value proposition."

Traditional manufacturers use single-cell systems, inserting a desired protein into a host organism, such as bacteria, yeast or mammalian cells. 

What they're saying: "We got excited about the idea really quickly, and got very excited about Matt Anderson-Baron, who's leading the charge, and his vision to build a billion-dollar company around this idea," says Kathryn Wortsman, Amplify Capital's founder and managing partner.

The big picture: The bacterial- and yeast-based production systems used to produce recombinant proteins have sugar as a feedstock and release carbon dioxide — contributing significantly to emissions.

Catch up quick: Anderson-Baron first began working on the genesis behind Future Fields while earning a doctorate at the University of Alberta.

At the time, the company was focused on cellular agriculture and lab-grown meat but pivoted to offer a broader platform,  Anderson-Baron says.

Customers now include Fortune 500s across pharma, drug development, agricultural science, and food and nutrition.

Future Fields launched in 2018 and began generating revenue about a year ago, Anderson-Baron says.

What's next: Wortsman, Pascal Lanctot of BDC's Climate Tech Fund and Trey Ward of R7 Partners will join Future Field's board.

Future Fields, based in Edmonton, Alberta, plans to hire about 20 employees over the next year, expanding its workforce to 50.

Exclusive: Future Fields raises $8M to scale fly-based protein manufacturing

Its platform harnesses the common fruit fly for recombinant protein production.

Illustration of a grid of zoomed in fruit fly photos with neon x-ray coloring

Photo Illustration: Natalie Peeples/Axios. Photos: Biodiversity Heritage Library

Future Fields, a Canadian protein biomanufacturing startup, raised $8 million in Series A funding, CEO Matt Anderson-Baron tells Axios Pro exclusively.Why it matters: Its platform harnesses the common fruit fly for recombinant protein production, offering a more <a class="gtmContentClick" data-vars-link-text="sustainable alternative" data-vars-click-url="https://www.sciencedirect.com/science/article/abs/pii/S1359644625001060" data-vars-content-id="e08de1a4-e99c-4c48-a96c-3e9368833cf8" data-vars-headline="Exclusive: Future Fields raises $8M to scale fly-based protein manufacturing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.sciencedirect.com/science/article/abs/pii/S1359644625001060" target="_blank">sustainable alternative</a> to traditional methods.

Exclusive: Future Fields raises $8M to scale fly-based protein manufacturing

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