Australia's V2Food raises $55m Series B

ABC World Asia, Altitude Partners, China Renaissance, Horizons Ventures, Main Sequence Ventures, Marinya Capital, and Novel Investments, also invested, as did Chinese food and agriculture technology provider Esenagro. They were joined by Goldman Sachs, according to Bloomberg.

The investment, which will support an Asia expansion effort, is being called the largest ever funding round in the plant-based meat sector in Australia. It brings total funding to A$113 million, including a $35 million Series A last year led by Horizons and Main Sequence. Main Sequence is an investment unit of CSIRO, the Australian science agency that incubated V2.

V2 uses protein extracted from legumes to create mince that is said to look, taste and cook like quality meat. Early commercialization traction included a deal supplying the plant-based meat for the vegetarian Rebel Whopper hamburger at Hungry Jack’s, an Australian fast food chain controlled by Burger King. The company has supplied Burger King New Zealand since February.

Last month, V2 rolled out a range of products at 600 Woolworths supermarkets, one of the country’s largest chains. This followed a 60-store campaign with Drakes, a smaller supermarket chain in South Australia and Queensland. Additional supply partners include meal box delivery services Marley Spoon and Dinnerly as well as quick service outlets Soul Burger and Burger Urge.

“This funding is a pivotal step towards v2food’s goal of transforming the way the world produces food,” Nick Hazell, V2’s founder and CEO, said in a statement. “It’s imperative that we continue to scale quickly because this global issue needs an immediate solution. 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.”

Alternative protein and related food technology is a booming private equity and venture capital segment, increasingly framed as part of an environmentally conscious strategy. Australasian projects leveraging this trend are said to benefit from an historical reputational advantage in sustainable foods. Previous activity in the region includes a $7 million round for Sunfed Meats, a New Zealand-based brand focused on chicken substitutes.  

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• Topics
• Australasia
• Consumer
• Early-stage
• Cleantech
• Australia
• Sequoia Capital
• Temasek Holdings
• China Renaissance
• Horizons Ventures
• Goldman Sachs
• Food