The Swedish furniture giant co-led the round alongside New York-based food-tech investor Lever VC. NS/TX, the parent company of New School Foods, will use the money to expand manufacturing capacity for its alternative protein products produced at its Toronto facility. (The Logic)

Talking point: The raise comes as the alternative-protein sector faces a tougher funding environment, with many startups struggling to lower costs and scale manufacturing as consumer interest cools. NS/TX says it has cut production costs more than tenfold since launching its first commercial assembly line in late 2024, and it has expanded beyond plant-based salmon into beef and pork alternatives. Raffaele Giovinazzi, head of Ikea’s Innovation Ventures—which backs companies building new sustainable and affordable products—said the company was drawn to NS/TX’s “rapid progress in solving key scale-up challenges.” Ikea has also invested in Toronto-based autonomous vehicle company Waabi.