Australia-based foodtech startup v2Food has raised €45M in a Series B funding. The round was led by Astanor Ventures, Europe’s impact investment fund and v2food’s first European investor. The round also saw participation from China’s e-commerce platform for services as a new strategic investor, along with existing investors Huaxing Growth Capital Fund, Main Sequence & ABC World Asia.
This funding round leads to total Series B funding to €92M. In total, v2food has raised €114M in venture capital funding, including a €22M Series A.
Fund Utilisation
With the proceeds, the startup plans to create alternative products for those who want to eat meat with zero environmental hazards. It has come up with plant-based ground beef and pork to burgers and sausages.
The company further plans to go beyond Australia and is exploring new areas in Europe, keeping in mind that the consumption of plant-based products across the continent has increased by 49 per cent in the last two years.
Nick Hazell, founder and CEO at v2food says, “The company is speeding up product advancements and scaling up our business footprint. This round enables us to continue our efforts improving and iterating our products and further grow the company in terms of scale, global competitiveness and business development.”
About v2food
Launched in 2019 by former Masterfoods and PepsiCo Research Director Nick Hazell, v2food makes plant-based meat products that are environment friendly in nature. It claims to have developed products with more than 100 years of Commonwealth Scientific and Industrial Research Agency (CSIRO) food & science research and with collaborations within the food industry.
According to the company, its products mimick the taste, high protein, iron and vitamin B content of meat, whilst cutting the cholesterol. “v2food products do not contain GMOs or artificial colours or flavourings. This makes it an ideal product for the European market, where many large competitors have been unable to enter the market due to strict regulation,” says the company.
The plant-based protein market is expected to be worth €3.2 billion by 2026. The European Commission’s Farm to Fork strategy basically shows Europe’s ambitions to accelerate the transitions to create a fair, healthy and environmentally conscious food system.
“We’ve drawn upon the best food, nutrition and sustainability science from CSIRO to develop a sustainable and nutritious product, with an unmatched texture and flavour. The goal is for our product to be a delicious alternative to meat,” says Hazell.
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