# EVERY Financial Model

Precision fermentation company producing real animal proteins (egg proteins, pepsin) without animals, targeting food ingredients market.

- Canonical: https://finamodel.com/startups/every
- Excel download: https://finamodel.com/startup-models/every.xlsx
- Category: Biotech/Pharma
- Model type: Startup Valuation
- Funding round: Series C
- Funding: $175M
- Founded: 2021
- Geography: Global sales mentioned (three continents for pepsin product) [DECK, slide 7].
- Customer: B2C

## About the company

EVERY uses engineered yeast and precision fermentation to make animal proteins without animals. Its products are animal-free pepsin and egg proteins; the latter can provide emulsification, gelling, aeration, binding, whipping, and other functions that are difficult to replace with plant proteins.

The company sells ingredients to food manufacturers and buyers, pursuing premium pricing for superior functionality before eventually undercutting animal-protein costs. Conventional egg trace proteins can cost more than $10,000 per kilogram. The operating model is described as lean and partner-driven, implying contract manufacturing or white-label scale-up rather than wholly owned production.

Animal-free pepsin was already selling across three continents, while the platform was moving from pilot toward commercial scale. No customer count, price per kilogram, volume, revenue, or contract terms are disclosed. The model should forecast approvals, capacity, ingredient volume, price, manufacturing cost, customer contracts, and scale-up capex.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Platform: Precision fermentation using engineered yeast to brew real animal proteins from DNA blueprints, without the animal.
- Product 1 - Animal-free pepsin: World's first. Selling across three continents. Greater purity & higher activity than animal-derived. Certified Kosher, halal, vegan, vegetarian.
- Product 2 - Animal-free egg protein: World's first. Unlocks trace proteins (<1% of the egg) infeasible to extract from nature. Enhanced solubility vs. soy, pea, whey, egg white. Target proteins traditionally cost $10,000+ per kg using eggs.
- Egg proteins deliver 20+ critical functionalities (emulsification, gelling, aeration, binding, whipping, leavening, coagulation, etc.) making them hard to replace - that is the supply-side moat.
- Core thesis: Same proteins, better (animal-free, lower-cost) production path. Enables premium positioning AND eventual cost undercut of conventional animal protein.

## Market

- TAM stated as "$200B+ market opportunity".
- No SAM or SOM breakdowns provided.
- No CAGR or growth rate cited.
- Addressable segments implied: food ingredients, functional ingredients, nutraceuticals/pharma (pepsin), baked goods, condiments, pasta, confectionery (egg-based products).

## Revenue model

- B2B ingredient sales: sell precision-fermented proteins (powder form implied) to food manufacturers and ingredient buyers.
- Pricing strategy: "Sustained, premium pricing opportunities" from product hyper-functionality; long-term goal to "undercut mass animal protein market" via industry-low production costs.
- Reference price point: conventional egg trace proteins cost $10,000+ per kg - EVERY's value proposition is producing these at lower cost.
- Partner-driven model: "Lean, partner-driven model - focus on core while reducing execution risk". Suggests contract manufacturing / white-label partnerships rather than in-house scale-up.
- No pricing per kg, minimum order quantities, or contract structures disclosed.

## Traction & metrics

- Pepsin product: selling across three continents.
- No revenue figures, customer counts, ARR/MRR, unit volumes, or growth rates shown in the deck.
- Stage described as demonstrating "platform scalability from Pilot → Commercial".

## Competition / moat

- Competitive positioning (implied from deck):
  - Conventional animal egg proteins: expensive ($10,000+/kg for trace proteins), animal welfare / supply-chain risk.
  - Plant-based substitutes (soy, pea): inferior solubility and functionality vs. EVERY.
  - Moat claims: proprietary DNA blueprints → yeast fermentation; 20+ functional attributes hard to replicate with plant protein; certifications (Kosher, halal, vegan) open markets conventional egg proteins cannot address.
- No named competitors discussed.

## Team & funding ask / use of funds

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## Recommended financial model

- **Archetype + why:** B2B specialty ingredient revenue model (volume × price per kg, by product line). EVERY is a biotech ingredient company at early commercial stage - appropriate archetype is a multi-product B2B revenue build with COGS driven by fermentation yield and batch economics, scaling toward gross margin expansion. Not a SaaS or marketplace model.

- **Forecast horizon & granularity:** 5 years (2024–2028), quarterly for years 1–2, annual for years 3–5. Early-stage company needs quarterly visibility to bridge from pilot to commercial scale.

- **Key drivers & assumptions:**

| Driver | Value |
| -- | -- |
| Products modelled | Pepsin (launched), Egg protein (pipeline) |
| TAM | $200B+ (total animal protein ingredient market) |
| Pepsin launch geography | 3 continents |
| Pepsin ASP ($/kg) | To be confirmed - reference: animal-derived pepsin market rate |
| Egg protein ASP ($/kg) | Meaningful discount to $10,000/kg conventional trace protein; premium to commodity egg white powder |
| Annual volume growth rate | 80–150% in early years (pilot to commercial ramp) |
| Gross margin (near-term) | 40–55% at commercial scale |
| COGS per kg | Fermentation yield, yeast media, downstream processing, CMO fees |
| R&D spend | Elevated as % of revenue in years 1–2, declining to ~20% by year 5 |
| Headcount / OpEx | Lean model; G&A ~15–20% of revenue - "lean, partner-driven" language |
| Capital intensity | Low relative to vertically integrated fermentation; CAPEX largely with CMO partners |
| New protein line launches | 1 additional protein per 18–24 months |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - Base: Pepsin scales commercially by end of year 1; egg protein commercial launch year 2; gross margin reaches 50% by year 3.
  - Bull: Faster regulatory clearance; additional protein lines launch earlier; premium ASP sustained as category leader.
  - Bear: Fermentation yield targets missed; CMO partner delays; commodity egg prices fall (reducing EVERY's cost advantage); slower customer adoption.
  - Flex variables: volume ramp (kg/year), ASP ($/kg), gross margin %, R&D timeline for new proteins, number of commercial partnerships.

- **Required sheets / outputs:**
  1. Assumptions dashboard (toggle Base/Bull/Bear)
  2. Revenue build - by product line × region × volume × ASP
  3. COGS build - fermentation batch economics (yield, media cost, downstream), CMO fee structure
  4. P&L (Income Statement) - gross margin, R&D, S&M, G&A, EBITDA
  5. Cash burn / runway - pre-revenue burn, cash-to-milestones
  6. KPI summary - kg sold, ASP, gross margin %, revenue per product
  7. (Optional) Sensitivity table - gross margin vs. ASP and yield

## Frequently asked questions

### Is the EVERY financial model free?

Yes. The EVERY model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.