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Home Locked Australian plant-based meat startup secures $77m of funding

Australian plant-based meat startup secures $77m of funding

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Australian plant-based meat startup, v2food, has today announced the closing of $77 million in Series B funding, including investment from Singaporean state-owned investor Temasek.

Joining the round of new and existing investors includes ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Main Sequence Ventures, Marinya Capital, Novel Investments and Sequoia Capital China.

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

Founded in 2019 with Australia’s national science agency CSIRO, Main Sequence Ventures and Jack Cowin’s Competitive Foods Australia as shareholders, v2food’s goal is to create a ‘version two’ of meat.

With the planet’s population forecast to hit 10 billion people by 2050, the company identified that a more sustainable way to keep up with growing meat demand is needed.

Recognising that people’s eating habits will only change if they are provided with convenient, tasty and cost-equivalent alternatives, v2food uses protein extracted from legumes to create ‘mince’ that looks, tastes and cooks like quality meat.

The funding, bringing v2food’s total funds raised to $113 million, will enable the company to complete its production facility in Wodonga, grow its team, and continue to launch products into new markets, including Asia. 

v2food in Drakes supermarkets. Source: Supplied.

“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,” Mr Hazell said. “v2food has had a global view since our founding, and this investment will help us establish our business in Asia, Europe and the rest of the world.” 

v2food’s products are currently available at thousands of outlets across Australia. v2food first created the Hungry Jack’s Rebel Whopper in October 2019. In February 2020, v2food began supplying Burger King New Zealand. 

In August 2020, the products rolled out in 61 Drakes supermarkets in South Australia and Queensland. In September 2020, v2food reached a major milestone launching its v2mince and v2burgers in more than 600 Woolworths outlets.

Phil Morle, Partner at Main Sequence Ventures has praised the work of v2food in acquiring funds, saying “v2 has gone from strength to strength, and we’re delighted to continue to help Nick and the team take on the global challenge of producing Australian-made plant-based meat that is delicious and environmentally sustainable.”

“In this round, we are pleased to be joined by an assembly of world-class investors to support the company’s international export ambitions.”

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Ellie Dudley
Ellie Dudley is a journalist at Dynamic Business with a background in the startup space and current affairs reporting. She has a specific interest in foreign investment and the Australian economy.