Australian start-up V2food has raised AUD $77 million ($54.5 million approx.) in Series B funding to grow its plant-based meat operation.
The company, which officially launched in October 2019, worked with Australia’s national science agency CSIRO to create products that “look like meat, cook like meat and taste like meat”. Made using protein extracted from legumes, V2food’s ‘mince’ contains added fibre and nutrients.
Main Sequence Ventures and Horizons Ventures were among the supporters of V2food’s Series A round to now back its Series B financing push. They were joined by new investors including ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Novel Investments and Temasek.
Sydney-headquartered V2food claims that the funding round marks the largest to date in Australia’s plant-based meat sector.
According to V2food, the new investment will enable it to complete its production facility in Wodonga, grow its team, and continue to launch products into new markets, including Asia.
“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,” said V2food founder and CEO Nick Hazell, who previously served as research director with Mars and then PepsiCo.
“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.”
Phil Morle, partner at Main Sequence Ventures, added: “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.
“In this round, we are pleased to be joined by an assembly of world-class investors to support the company’s international export ambitions.”
© FoodBev Media Ltd 2020