Eternal Bioworks

Initially starting as a low-touch advisory engagement, the relationship with Eternal grew over four years and took one of our partners full time, and three other people in our network on a fractional basis, to build out the team.

Eternal was a spin-out of an innovation studio focused on producing sustainable protein from fungi. While the initial mandate was a simple valuation and straightforward financial structuring analysis, the completion of the initial deliverables led to a deeper engagement which saw the company grow over the following years, secure multiple investment rounds and receive term sheets for upwards of nine figures.

The work included establishing a cost-effective finance function able to manage auditing needs, and coordination of multiple subsidiaries across various jurisdictions.

With Bureau's support the company re-structured its team and grew its intellectual property portfolio from a single patent to over 15, as well as multiple trademarks. Operationally, the business built a laboratory first and established industrial production capabilities later. Commercially, a pipeline of more than $250 million in aggregate was secured.

The company also completed a rebranding, in which Kernel — the original brand — was phased out and replaced with Eternal Bioworks. The branding exercise and logo adjustments, alongside the entire suite of investment communications, was managed by Bureau.