Australian alternative protein start-up, All G Foods, has secured a multi-million dollar capital injection from Woolworths Group’s venture capital and growth fund, W23.
The brand believes it will be the first Australian company to use precision fermentation to develop dairy proteins that can be incorporated into a range of dairy products. Its own creation, Love Buds, will also use this technology to enhance its plant-based protein range.
“Our ambition is to make great-tasting and nutritious products that meet the growing consumer demand. As we rapidly scale, it’s important for us to partner with a company that has unparalleled access to distribution, assets and capabilities,” said Jan Pacas, founder and CEO of All G Foods.
The investment is expected to accelerate and reset the standard of Australian alternative protein companies in both product and customer engagement. The company launched Buds burger patties across 300 retail locations last September.
Ingrid Maes, MD at W23, said All G Foods is at the forefront of new alternative protein production techniques and is setting out to build a global business that can help feed a growing population.
“At W23, we invest in innovative startups led by visionary founders, we’re interested in backing the next wave of food innovators in Australia,” she said.
An extensive range of alternative protein products is under development for the Love Buds brand including plant-based minces, sausages, nuggets, bacon alternatives and more which will roll out to retail stores in the next few months.
“We are passionate about Australian-made products and have joined the global innovation linkage project under Sydney University’s lead to identify the future plant-based proteins of Australia, so local farmers can be a part of this growing opportunity,” said Pacas.