Australian meat alternative brand v2food has raised $72m in its latest series B investment round, with the funds to be used to bring its products to the European and Asian markets. With this latest financial boost, the company’s worth has now risen to $500m, reportedly making it the most funded meat alternative firm in the Asia-Pacific.
The company was established in 2019 out of a collaboration between CSIRO, Hungry Jacks billionaire Jack Cowin and deep tech group Main Sequence Ventures. Its plant-based products are made from legumes, with 18 projects currently underway including ‘beef’ mince and sausages, as well as ‘pork’ mince, dumplings and buns. These latter products were launched as part of the company’s foray into the Chinese market, with the emphasis on pork rather than its traditional beef version.
“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 flavor,” said V2food CEO Nick Hazell in a statement.
“This is an important step towards V2food’s goal of transforming the way the world produces food. There is a big shortfall between the amount of meat we produce today and the amount needed to feed the growing global population… It’s imperative that we scale quickly because these global issues need immediate solutions.”
“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,” he added.The latest investment round was led by impact investment fund Astanor Ventures. The company previously raised $77m in its series B investment round last October, with funds provided by several Asia-based investors including Singaporean Temasek Holdings. V2food currently has operating markets in New Zealand, Thailand, Japan, Korea and the Philippines.