Egg alternative producer, Zero Egg, has raised $5 million in a Series A funding round led by Powerplant Ventures.
Made from a blend of plant proteins, Zero Egg’s plant-based product is designed for foodservice and food manufacturers, and is said to taste, look and function like an ordinary egg.
As well as Powerplant Ventures, Zero Egg’s latest round was backed by existing investors Unovis Asset Management-New Crop Capital and Strauss Group’s food tech-focused incubator, The Kitchen Hub.
“We are proud to see Liron and her team materialise the Zero Egg vision,” said Amir Zaidman, vice president business development at Strauss Group-The Kitchen Hub.
“The company was started under the framework of “The Kitchen” incubator. The support of investors such as Powerplant Ventures and Unovis-New Crop Capital are strong votes of confidence, and what we see as a big step forward for the plant-based egg category.”
Zero Egg will use the funds raised to grow the brand in the US – following its recent entry into the US market – and to support new product launches in the coming year.
“By filling the white space in the foodservice industry for plant-based egg alternatives, Zero Egg aims to make plant-based foods the norm and empower the era of sustainable foods,” said Liron Nimrodi, CEO and co-founder of Zero Egg.
“Our goal is to meet growing consumer demand for an egg replacement that is effective, nutritious, versatile, and kind to animals and to the planet.
“We are elated to join Powerplant Ventures’ portfolio of brands. We can’t imagine a better partner to help us grow the brand and transform the industry.”
Powerplant Ventures co-founder and partner T.K. Pillan, who is joining the Zero Egg board of directors, said: “I’ve been on a mission to offer practical plant-based options for consumers at both the retail and restaurant level for many years. What has been missing until now is a complete, affordable plant-based alternative for eggs.
“Zero Egg is a game-changer for the industry. We’re proud to invest in their team and confident it will be the much-needed affordable and versatile solution for operators looking to continue to reduce their use of animal products.”
© FoodBev Media Ltd 2020