Australian plant-based protein company V2Food has secured $72 million in a Series B Plus funding round led by Europe’s largest impact investment fund, Astanor Ventures.
The round follows V2Food’s Series B raise of $77 million last October. The value of the brand has increased from $2 million to more than $500 million in two and a half years.
The round was joined by an unnamed Chinese e-commerce services platform as a new strategic investor, together with existing investors such as Huaxing Growth Capital Fund, Main Sequence, and ABC World Asia. The funds raised will help V2Food scale its manufacturing and broaden its global reach across Asia and into Europe.
“The company is speeding up product advancements and scaling up our business footprint,” said Nick Hazell, CEO and founder of V2Food. “This round enables us to continue our efforts improving and iterating our products and further grow the company in terms of scale, global competitiveness, and business development.”
V2Food has recently opened operations in China and named Cyrus Pan as its new China GM to build the brand locally across Asia. The company said the investment from China’s e-commerce platform for services offers the brand the opportunity to connect and distribute products to millions of consumers across its vast network.
The company has already developed international markets in New Zealand, Thailand, the Philippines, Japan, and Korea.