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Australian plant-based meat start-up, v2food, has today announced the closing of $77 million in Series B funding, consisting of investment from Singaporean state-owned financier Temasek.
Signing up with the round of brand-new and current investors consists of ABC World Asia, Elevation Partners, China Renaissance, Esenagro, Horizons Ventures, Main Series Ventures, Marinya Capital, Unique Investments and Sequoia Capital China.
” This funding is a critical step towards v2food’s objective of changing the method the world produces food,” stated v2food Founder and CEO Nick Hazell. “It’s important that we continue to scale quickly due to the fact that this global concern needs an immediate solution.”.
Founded in 2019 with Australia’s national science agency CSIRO, Main Series Ventures and Jack Cowin’s Competitive Foods Australia as shareholders, v2food’s objective is to produce a ‘version two’ of meat.
With the planet’s population projection to hit 10 billion individuals by 2050, the company recognized that a more sustainable way to stay up to date with growing meat demand is needed.
Acknowledging that individuals’s eating habits will only alter if they are offered with convenient, delicious and cost-equivalent options, v2food uses protein extracted from vegetables to produce ‘mince’ that looks, tastes and cooks like quality meat.
The funding, bringing v2food’s total funds raised to $113 million, will make it possible for the company to complete its production facility in Wodonga, grow its group, and continue to introduce products into new markets, consisting of Asia..
v2food in Drakes supermarkets. Source: Supplied.
” As we enter our next stage of development, we are grateful to have the assistance of world-renowned financiers who share our urgent objective of resolving the international food challenge,” Mr Hazell said.
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