Americans have a problem: we eat way too much sugar (about 57 pounds per year on average) and not enough fiber (only about 5 percent of the population ingests enough). The Supplant company aims to offer a solution to this problem with its sugar made from the fibers of agricultural side streams such as corn, wheat and rice.
At the start of this week, The Supplant Company announced that he had lifted an $18 million Series A funding round. Famous investors like Ayesha Curry (actress) and Chris Paul (basketball player) have joined this round, alongside Manta Ray, EQT, Khosla, Felicis, Coatue, Y Combinator, Agfunder, etc. This brings the company’s total funding to $27 million.
I spoke with Dr. Tom Simmons, CEO and Founder of The Supplant Company, earlier this week to discuss the latest funding round and next steps for the company. When asked what the next year will look like for the company, Simmons said that “…we are really focused on driving new rollouts of the product, so more products and more places where more consumers are. And of course the scale-up size. There’s a whole load of technical work going on behind the scenes by all the scientists to speed up production and also use different raw materials.
The Supplant Company launched in the United States in June 2021 in partnership with Chef Thomas Keller and his restaurants in California and New York. The company’s sugar is currently still used in the desserts of these restaurants. Now, Supplant’s sugar is used at You’re a Cookie (Illinois), Cookie Fix (Alabama), Sweet Republic (Arizona), Bakeology (California), and RiverSea (Virginia).
Supplant is both business-to-business (B2B) and business-to-consumer (B2C), although it has primarily focused on business partnerships since its launch. I asked Simmons when I could buy a bag of Supplant’s sugar, for example, at my local Whole Foods, and he replied, “We don’t plan to sell sugar anytime soon directly to consumers, maybe at some time in the future. We don’t think that’s where the big business opportunity or the big social opportunity is. Americans consume a shocking average of 71 grams of sugar per day, and Simmons sees that most of this sugar consumption comes primarily from foods, such as cookies, cakes, ice cream and other sweets, that consumers buy outside the home.
A few other food tech companies are trying to solve the problem of people consuming too many added sugars. DouxMatok uses sugar reduction technology for its Incredo Sugar product and launched its reduced sugar products in April this year. Better Juice uses enzyme technology to reduce the amount of sugar in natural juices. Siggi’s, a company known for its Icelandic dairy products from the skyr culture, launched what it called a “palate training kit” to help consumers reduce their sugar intake.
As The Supplant Company continues to roll out its sugar in the United States, it will also work to develop new products. Simmons mentioned that the company will be launching new products in the not-too-distant future, including some that aren’t sugar.
Update: This article previously stated that The Supplant Company raised US$25 million in its last funding round, but the exact amount it has been updated to reflect is $18 million..