Friday, July 26, 2024

Woolworths invests in alternative protein start-up

Australian owned and made alternative protein start up All G Foods has secured a multi-million injection of capital through Woolworths Group’s venture capital and growth fund, W23.

The investment is set to accelerate All G Foods’ plan to reset the standard of Australian alternative protein companies in both product and customer engagement.

The start up is believed to be the first Australian company using a foundational technology called precision fermentation to develop dairy proteins that can be included in a range of dairy products. It is also using this technology to enhance its plant-based protein ranges under their brand Love BUDS.

Budding brand

All G Foods launched BUDS Burger patties across more than 300 retail outlets in September 2021. It has also expanded quickly across the food service landscape with BUDS plant-based burgers now on the menus of hundreds of retail food stores.

In addition to the BUDS Burger patties, an extensive range of additional alternative protein products is already under development for the Love BUDS brand, which will roll out to retail stores over the next few months.

“Our ambition is to make great tasting and nutritious products that meet the growing consumer demand,” All G Foods founder and CEO Jan Pacas says.

“As we rapidly scale, it’s important for us to partner with a VC that has unparalleled access to distribution, assets and capabilities. W23 has established itself as a leading strategic VC in Australia, and we’re delighted to call them a partner.”

Investing in innovation

W23 invests in innovative startups led by visionary founders, says Managing Director Ingrid Maes.

“We’re interested in backing the next wave of food innovation in Australia,” she says.

“All G Foods is at the forefront of new alternative protein production techniques and is setting out to build a global business that can help feed a growing population. We’re excited about the potential of All G Foods’ emerging technology and ambitious growth plans.”

W23’s investment builds on the $16m seed capital All G Foods previously secured with the Clean Energy Finance Corporation, Ellerston Capital, Triple Star Capital, founders of Our Innovation Fund David Shein and Geoff Levi, Monash Capital, and Andrews Meats CEO Peter Andrews.

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