Rival Foods says it will use the funds to develop “category-winning” products, expand its operational capabilities, scale-up its technologies, and develop new formulations with next-gen protein sources.
The company expects to bring its first products to market in the second half of 2023.
Investors in this round
The round was led by PeakBridge and joined by Roquette Ventures. According to Rival Foods, both PeakBridge and Roquette Ventures were picked as strategic investors due to their domain experience in foodtech, and particularly in the scaling up of alternative protein solutions.
PeakBridge claims to be a pioneering global fund manager in the Agri-FoodTech sector, focusing on scalable and ESG-positive seed and growth companies with protectable technologies. The firm says it supports and collaborates with business owners who are “the true stewards” of the food innovation and technology required to feed people in the most efficient and sustainable manner.
PeakBridge invests in the development of businesses with a focus on important sectors such as ingredient breakthroughs, alternative protein technology, digitalisation, nutrition and health, and innovative agricultural methods. In addition to being a partner of Edmond de Rothschild Private Equity, PeakBridge is a key member of EIT Food.
Roquette Ventures, founded in 2015, is an investment company supporting pioneer innovations for food, nutrition and health markets. The firm helps its portfolio companies to accelerate the development of their projects and boost growth.
Making the next-gen plant-based protein products reality
Rival Foods, in a statement, reports that there is an increasing demand from customers for plant-based proteins that are equally delectable, filling, and reasonably priced as animal meat products. Almost half of flexitarians (45 per cent) believe that restaurants and stores don’t provide enough plant-based options.
The expertise and technology required to create thicker, 3D plant-based meat products that more closely resemble animal goods like chicken breast, pork chop, and salmon fillet, represent one of the major unmet needs in the alternative protein industry. There is a sizable market for whole-cut beef products that is now untapped by substitute proteins.
Additionally, customers want clean-label products, and the fact that the alternatives available now frequently contain a big ingredient list is undesirable. By providing genuine whole-cut experiences in terms of size, texture, juiciness, and flavour, Rival Foods steps into this white space.
The company claims to develop plant-based food products that outperform animal protein in terms of quality, health, environmental impact, and cost. They do this by developing technologies, equipment, processes, and product compositions. Utilising only a small number of clean-label ingredients, Rival Foods says its production method turns a wide range of plant-based components into premium textured protein snacks with an unmatched fibrous texture, rich mouthfeel, and juiciness.
Brief about Rival Foods
Founded in 2019 by Birgit Dekkers and Ernst Breel, Rival Foods is a technology spin-off company from Wageningen University & Research. Its aim is to enable uncompromised plant-based eating experiences around the world. The company develops new technologies and processes to provide the “world’s best” plant-based whole-cuts and future products.
Rival Foods produces products using a wide range of plant-based ingredients, including soy, pea, wheat, fava, sunflower, rapeseed, etc. This makes their business model future-proof for both the food industry and customers.
Along with technology, the firm also collaborates with top chefs, industry leaders, and experts in the food industry. Through these partnerships, Rival Foods looks for ways to develop delicious foods that blend in with regional cuisine and eliminate the need for animal products.