Australian alternative protein producer v2food announced the closing of a US$54 million Series B Plus funding round, which in addition to its US$57 million round in October 2020, brings the company’s total funds raised to US$138 million. According to the company reports, in just two and a half years, its value has increased from $2 million to over $500 million.
The company was first launched in October 2019 by CSIRO’s Main Sequence Ventures and food industry leader Jack Cowin, and led by former Masterfoods and PepsiCo research director, Nick Hazell; and now thanks to v2food’s latest round makes it the most funded alternative protein company in Australia.
After ten months from its last raise, v2food has greatly expanded its market presence, launching two new products, v2sausages and v2sauce, and recently announcing its first restaurant partnership with critically-acclaimed Australian chef and restaurateur Neil Perry, as well as welcoming FMCG leader, Tim York as chief operating officer.
v2food recently announced that it will also be available in the Chinese market, with its first batch of products including a new iteration of the company’s v2mince, resembling pork. The company is already successfully developed in international markets such as New Zealand, Thailand, the Philippines, Japan, and Korea, and plans to use the new funds to scale its advanced manufacturing and expand its global reach across Asia and into Europe.
“We are delighted to bring onboard Astanor and are grateful for the continuous support from our returning investors,” said Hazell. “The company is speeding up product advancements and scaling up our business footprint. 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.”