Australian plant-based meat startup V2Food has secured $77 million in series B funding, including contributions from Singapore fund Temasek and Sequoia Capital China.
In less than two years, V2Food has grown from a concept pioneered by Nick Hazell, the national science agency CSIRO and Hungry Jacks owner Jack Cowin into one of the largest suppliers of plant-based meat alternatives to Australian supermarkets. Its products are ranged by Woolworths and Drakes supermarkets and it has partnered with brands including Soul Burger, Marley Spoon, Burger Urge, Hungry Jacks and New Zealand’s Burger King.
The series B round takes the venture’s funding to date to $113 million and will allow the company to expand its Wodonga production facility, add staff and develop export markets in Asia.
Other investors this time around include ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Main Sequence Ventures, Marinya Capital and Novel Investments.
“This funding is a pivotal step towards V2Food’s goal of transforming the way the world produces food,” said founder and CEO Hazell.
“It’s imperative that we continue to scale quickly because this global issue needs an immediate solution. As we enter our next phase of growth, we are grateful to have the support of world-renowned investors who share our urgent mission of solving the global food challenge.
“V2Food has had a global view since our founding, and this investment will help us establish our business in Asia, Europe and the rest of the world,” he said.
“V2 has gone from strength to strength, and we’re delighted to continue to help Nick and the team take on the global challenge of producing Australian-made plant-based meat that is delicious and environmentally sustainable,” said one of the investors, Phil Morle, partner at Main Sequence Ventures.
“In this round, we are pleased to be joined by an assembly of world-class investors to support the company’s international export ambitions.”
V2Food uses protein extracted from legumes to create ‘mince’ that looks, tastes and cooks like real meat.
Intrinity Global founder and plant-based foods expert Allen Zelden said V2Food’s investment was the largest yet for an Australian plant-based meat company.
“As with all emerging disruptive industries, speed and resilience is everything. To date, leading companies in the US, Europe and Asia have moved ahead with new, innovative products while Australia has essentially remained a bystander. However, with the Australian plant-based industry still in its infancy, this will soon change as Australia is increasingly recognised as an innovative, competitive and valued market in the world.
He said that with new global investors on board, it is clear Australia is positioning itself as an attractive market with a strong ecosystem for the burgeoning plant-based industry.