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Horizon Technology Finance Provides $8MM Venture Loan Facility to Clara Foods

January 15, 2021, 07:50 AM

Horizon Technology Finance provided an $8 million venture loan facility to Clara Foods, Inc. ("Clara Foods"), of which $5 million has been initially funded.
Clara Foods is a food technology company that is developing animal-free proteins as ingredients for food and beverages, including egg proteins that will match the taste and texture and unique culinary functionality of a real egg. Clara Foods' proprietary proteins leverage precision fermentation to meet the increasing demand from people seeking nutrition through alternative proteins derived from sustainable processes. Several prominent investors in Clara Foods include The Production Board, Blue Horizon and Ingredion. Clara Foods will use the loan proceeds for general working capital purposes.

"Through its innovative protein platform technology, Clara Foods is making significant progress in creating a remarkable animal-free egg," said Gerald A. Michaud, President of Horizon. "We expect its products will find a significant audience as consumers continue to increase their consumption of alternative protein sources as well as more sustainable food sources. We are pleased to support Clara Foods in bringing their animal-free proteins to a large and growing market."
"We appreciate Horizon's support and confidence in what we are accomplishing at Clara Foods," said Arturo Elizondo, CEO and Co-founder of Clara Foods. "We are excited to bring to market sustainable, ethical and affordable alternative proteins to meet the rapidly expanding consumer demand for animal-free products that help transform our food system from the ground up. Horizon's investment will help facilitate our go-to-market strategy and grow our business."

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