Tuesday, June 25, 2024

Fenn Foods raises growth capital

Plant-based meat company Fenn Foods has secured investment from fund manager Bombora Investment Management.

Fenn Foods produces “delicious, innovative, and sustainable” premium plant-based foods for the grocery and foodservice market. Its vEEF products are now stocked in leading Australian retailers including Woolworths and Coles.

According to Fenn Foods Executive Chairman Nicholas Simms, the latest injection of capital enables the company to increase its investment in innovation, marketing and production.

“Allowing us to meet the increasing demand for vEEF products, enter new categories and explore distribution into select international markets,” he says.

“Plant-based foods are one of the most rapidly growing segments of the global food market and, according to Food Frontier, in Australia alone, the plant-based market is estimated to generate approximately $3 billion in retail sales by 2030.”

Bombora Investment Management Managing Director and Chief Investment Officer Mike Hill says the plant-based food market is growing rapidly. He adds that his company believes Fenn Foods has a unique point of difference in the burgeoning market.

“The company is positioned perfectly to take advantage of consumers growing demand for plant-based foods,” says Mr Hill.

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