We are excited to announce that Savia has made its fifth portfolio investment in Done Properly – a biotechnology company based in Santiago, Chile which uses fermentation technologies to make alternative meats and sustainable food additives. This is Savia’s first food-tech investment, so we took a deep dive into the company and interviewed many industry experts. Here are some reasons we supported them.
ABOUT DONE PROPERLY
Established in 2019, Done Properly is a food technology startup located in Santiago, Chile. Specializing in the production of healthier and sustainable food ingredients, the company collaborates closely with consumer-packaged goods enterprises and forms strategic partnerships with leading global food corporations. Through this collaboration, Done Properly introduces alternative elements with valuable nutritional properties to the food industry. They have been ranked as a top 500 food company globally, and a top startup in Chile. By using upcycled ingredients alongside their advanced bioreactors they were able to bring down the CapEx of fermented food products by up to 90%.
ALTERNATIVE MEAT AND SUSTAINABLE FOOD ADDITIVE MARKET
Similar companies to Done Properly include Enough, Infinite Roots, and MycoTechnology which have raised hundreds of millions in investment, and some have evaluations over $500M and some are possibly eyeing an IPO. This shows growing interest in fermentation solutions, and micoprotein specifically, as a key part of the growing alternative meat market.
Some individual brands in the alternative meat market hit tailwinds after 2022, following inflated sales during a VC-backed marketing blitz in 2020-21, but the overall market is still expected to grow at a CAGR of 18% by 2030 as more products are launched and more people focus diets around health and sustainability. A growing consumer consciousness about the quality of ingredients in alternative meats could help innovations like Done Properly’s first two products.
FIRST TWO PRODUCTS
RAISE: An all-natural, vegan, and non-GMO flavor enhancer that empowers food manufacturers to decrease salt dependency by up to 40%. This enhancement elevates the taste profile of their products without compromising on flavor. Initial findings also indicate its potential to reduce sugar usage by 25% without sacrificing taste performance. RAISE is formulated from recycled brewer’s yeast obtained from the industrial brewery production process. Done Properly has significantly slashed raw material costs by over 90% and, with its widespread availability, has overcome operational and internationalization obstacles.
MICO: A sustainable protein sourced from fungi, boasting a nutritional profile that rivals animal and plant-based alternatives. The production process of MICO minimizes environmental impact in terms of water and land usage, as well as reduces CO2 emissions. MICO is 100% vegan and possesses remarkable versatility due to its pliability. Leveraging a patent-pending texturization process, Done Properly can shape MICO into cuts resembling multiple types of animal meat (beef, chicken, fish, etc.) while maintaining its natural and vegan attributes.
SUSTAINABILITY
Many climate tech investors have historically focused on energy and transportation, rightfully so as they are major emitters, but food production and it’s connection to land use also need dramatic changes. Done Properly’s products use 20 times less water, 150 times less land, less time – 48 hrs versus weeks, and less energy, to produce alternative meat products at an industrial scale. The cow is still the least efficient food production method on the planet, and livestock gives off enormous amounts of waste, and uses the equivalent of 6 months of showers for just .5 kilos (1 lb) of meat. Mycelium grows incredibly fast and they can create a product within 48 hours, this is exponentially faster than growing cows, pigs, chickens, fish, or even alternative plant based inputs like soy, wheat, or corn. As we scale to feed a growing population, these bioreactor methods may show the best resource efficiency for food production.
FLAVOR
Done Properly makes replacements to monosodium glutamate (MSG), which has a controversial reputation. Over 87% of consumers consider flavor the most influential factor in purchasing decisions, so food companies load foods with unhealthy additives. Done Properly can deliver an umami flavor and act as a natural flavor enhancer to replace salt and sugar but still attract business. Their RAISE product is a patented flavor enhancer that creates a pleasurable sensation and replicates the perception of saltiness without the downside impacts to human health.
HEALTH
Done Properly also has a focus on human health through reducing sodium and sugar by up to 40% without impacting taste. Done Properly products are 100% natural, existing foods, which reduces hurdles for permitting which other cell-based and novel plant-based food startups have struggled with. Alternative meats and frontier cell-based meats have been criticized as overly processed, with many additives, and some are not healthier or very sustainable. Twice as many people are expected to experience diabetes by 2050, and salt and sugar are two main culprits in unhealthy diets. As Latin America has switched from a traditional diet to cheap processed foods it is beginning to struggle with the associated impacts. Mexico just surpassed the U.S. in obesity with 4/10 people experiencing obesity, and has a high rate of diabetes. Done Properly can create climate and human health benefits simultaneously – which are often interlinked in the food system.
LIVING THEIR NAMESAKE
Their company name is also their motto, that their internal organization and products will be ‘Done Properly’. This is in terms of cost efficiency, sustainability, taste, texture, and the health of their sustainable food products and food additives.
Savia looks forward to supporting Done Properly as they look to become the largest producer of microproteins and sustainable food additives in the Southern Hemisphere.
