Monday, July 22, 2024

v2food raises $72m and expands operations

v2food has announced the closing of a $72 million Series B Plus funding round, led by the European impact investment fund, Astanor Ventures.

Also joining the round is China’s “leading e-commerce platform for services” as a new strategic investor, as well as existing investors Huaxing Growth Capital Fund, Main Sequence, and ABC World Asia.

The plant-based meat company completed a Series B raise of $77 million in October 2020, bringing the company’s total funds raised to $185 million. This latest raise is said to make v2food the most funded alternative protein company in Australia. In two and a half years, the value of v2food has increased from $2 million to over $500 million.

Astanor Ventures Partner Hendrik Van Asbroek says v2 is well-positioned to create an impact on a global stage.

“Alternative meat has a crucial role to play in the fight against climate change,” he says.

“The v1 versions of alternative meat have created awareness and demand, now we have to step up and supply the customers with healthy, delicious, and price-competitive products.

“v2food, with its world-class team and scientific expertise, is the right company to deliver this new generation of alternative meat across the globe.”

v2food recently announced its launch into the Chinese market, with its first batch of products including a new iteration of the company’s v2mince, resembling pork. Having already successfully developed international markets in New Zealand, Thailand, the Philippines, Japan, and Korea, the company plans to use the new funds to scale its advanced manufacturing and broaden its global reach across Asia and into Europe.

v2food founder and CEO Nick Hazell says his company is delighted to bring Astanor onboard.

“The company is speeding up product advancements and scaling up our business footprint,” he says.

“Adding to our existing Sydney HQ, we have officially opened operations in China and appointed our new China General Manager, Cyrus Pan, to build the brand locally across Asia.

“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.”

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