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Inghams Group has made a strategic investment in Australian food technology start-up Just Meat Protein (JMP).
The poultry producer announced it has invested A$1.05 million (approx. £544,244) in seed funding, acquiring a 10% equity stake in JMP. The investment also gives Inghams an exclusive first-right supply arrangement with the company across Australia.
JMP is commercialising hydrolysed poultry protein technology developed by Australia's national science agency, CSIRO, under an exclusive worldwide licence.
The company's proprietary process transforms chicken meat into premium powdered protein ingredients designed for applications in sports nutrition, functional foods and specialised nutrition products.
According to Inghams' market research, the global sports nutrition market alone is valued at US $27 billion, with strong growth expected in the coming years. The company also sees opportunities in aged care nutrition, meal replacement products, protein-fortified mainstream foods and specialist sectors such as military and space nutrition.
Ed Alexander, CEO and managing director of Inghams, said: "The investment in Just Meat Protein is precisely the kind of innovation-led, high-value adjacency we have been looking to establish and is strongly aligned to our strategy to maximise the value we generate from every bird we process. The investment allows us to secure an early and strategically advantaged position in a category we believe has significant growth ahead of it."
As part of the agreement, Caroline Hayes, Inghams' chief growth officer, will join the JMP board, providing strategic oversight as the start-up advances the commercialisation of its technology.
Just Meat Protein CEO and co-founder Ellie Whelan said: "A growing population, the rapid rise in GLP-1 use, and the shift towards more conscious consumers are all feeding a huge growth in demand for new protein sources."
Whelan continued: "For us here at Just Meat Protein, to be able to solve for this problem through targeting low-value cuts is not only a commercial win, but a positive shift towards a more sustainable food system. We're excited to take this world-first technology to market with the support of our seed investors, including Inghams Group."
