Australian plant based meat company v2food today announced a $77 million series B raise, the largest funding round in the plant-based meat sector in Australia so far.
The company, which formed in 2019 from a joint venture between the CSIRO and Hungry Jack’s franchiser Competitive Foods Australia, has now raised $113 million for its “version 2 of meat” – a range of plant based meat products. The company is not yet disclosing its total valuation.
The series B round announced today will allow v2 to finish its Wodonga production facility and expand into new Asian and European markets, according to the company.
New investors ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Novel Investments and Temasek join founding investment partner Main Sequence Ventures.
V2food’s first major commercial product was the Hungry Jack’s plant based “Rebel Whooper”, launched in 2019. This year, the company has expanded into supermarkets, including a deal that will see its plant based mince and burgers in 600 Woolworths stores.
Today’s series B is more than double the series A and will help v2food “scale operations to meet global demand” for sustainable meat alternatives.
“This funding is a pivotal step towards v2food’s goal of transforming the way the world produces food,” said Nick Hazell v2food founder and CEO.
“It’s imperative that we continue to scale quickly because this global issue needs an immediate solution.
Phil Morle, partner at Main Sequence Ventures added, “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.”