Mikuna Foods Raises Funds With “Mission-Aligned” Investors To Boost Chocho Awareness in U.S.

Mikuna Foods is looking to introduce Americans to Ecuadorian plant-protein ingredient chocho, announcing today the closing of a $5.6 million seed funding round backed by a “mission-aligned collective of private individuals.”

The California-based company plans to use the capital to scale operations, expand its supply network and drive brand awareness.

According to CEO Tara Kriese, the company deliberately sought to bring together private individuals in this latest round, rather than venture capitalists or private equity investors. Participation included professional athletes like Leticia Bufoni, Mick Fanning and Sage Kotsenburg, in addition to Joe Kudla, founder and CEO of Vuori Clothing; Shannan North, President of Boardriders; DJ and music producers Paul Fisher and Chris Lake; and film directors and producers Bill and Laurie Benenson, among others.

“Having been around the block now in startups, I have seen how much impact your early investors can have on the mission trajectory of the company,” said Kriese. “It was really important to us to put together this collective, this network, of individuals that are here for the mission, that are here for the long haul. That collective has not only led to a lot of strategic opportunities, like our brand ambassadors, but also a lot of other strategic introductions for the company.”

Kriese, who was named CEO last June, has held a wide range of marketing oriented roles at fast-growing startups including Impossible Foods, where she helped launch the Impossible Burger, and hair supplement brand Nutrafol. She said assembling this slate of individuals helps raise brand awareness which is essential as the company works to introduce and educate American consumers about chocho.

The ingredient itself holds special meaning for Kriese; her daughter was born with 125 food allergies making her unable to consume any animal-based product.

“I know that my daughter and people like my daughter today still don’t have full access to the use cases of foods that are represented by an omnivore diet,” explained Kriese. “Putting not only amazing functional foods through our own brands, out in the world, but also unlocking R&D teams across companies, globally, to invent with chocho – that’s why I’m personally here. I want to unlock food innovation.”

Mikuna was founded in 2020 by Ricky Echanique, born in Ecuador to a fifth-generation farming family, who recognized chocho’s potential as a clean label, nutrient dense and regenerative ingredient. Echanique leveraged his family’s connections to create a supply network of indigenous Ecuadorian farmers to grow the crop, a group that will be expanded with the new capital.

The regenerative crop is drought-tolerant and restores nitrogen into the soil as it grows, which helps improve soil vitality and water retention capacity with each growing season. The ingredient is also naturally lectin-free, unlike pea protein, making it easier to digest than other plant-based protein alternatives.

Chocho is the sole ingredient in Mikuna’s flagship, unflavored product, which contains 20 grams of protein. The vegan, gluten-free, keto, paleo and non-GMO line is high in fiber, iron, zinc and calcium and also comes in Vanilla and Chocolate flavors.

Chocho’s neutral flavor lends itself to a wide variety of uses, Kriese said, including in baking and as a protein enhancer in meals. That versatility is expected to spur growth and expose new consumers to the benefits of chocho through co-branded, collaborative foodservice products like its Regenerada Smoothie at Erewhon’s in-store cafe and also as a “ingredient food innovation company.”

“It’s our job to make every consumer want to have their ‘what is chocho’ moment and that is entirely the approach we’re taking,” said Kriese. “In addition to natural and independent retailers, we’re also very focused on the power of this ingredient itself and what that can mean with our different partnerships that we take early on.”

The premium protein powder is also available on-shelf at Erewhon in addition to Central Market and numerous natural, independent retailers for $41.99 per 20 oz. bag. Kriese said the product is meant for ‘high velocity performers,’ but considering that audience holds a fairly wide definition, Mikuna is ideally looking for “strategic” on-shelf placements, coupled with the opportunity to also offer the product in a ready-to-eat format.

“It’s more about what the food does,” she said. “With that in mind, [Mikuna is for] people who care deeply about what they put in their body. I am a very customer-first, marketing strategist at my core, and [where they’re shopping] is obviously natural and independent grocery stores so we’re being very intentional about those retailers and focusing on making sure that our highest-value, early target audience can find us at those locations.”