V2food, Australian plant-based meat startup has announced an AU$77 million (US$55 million) Series B round held in October 2020, breaking records as the largest funding round in this category within the country. The round takes the venture’s funding to date to AU$113 million.
The investment was led by Li Ka-shing’s Horizons Ventures, Singapore’s sovereign fund Temasek and Sequoia Capital China. Other investors include ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Main Sequence Ventures, Marinya Capital and Novel Investments.
“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,” said Phil Morle, partner at Main Sequence Ventures.
V2food says the capital will go towards completing the construction of its Wodonga-based production site, strengthening its team and growing into new markets with Asia as its new main target. Nick Hazell, CEO V2food said, “V2Food has had a global view since our founding, and this investment will help us establish our business in Asia, Europe and the rest of the world.”
Its products are sold by Woolworths and Drakes supermarkets and it has partnered with brands like Soul Burger, Marley Spoon, Burger Urge, Hungry Jacks and New Zealand’s Burger King. Beyond food service, v2food has grown its retail footprint, by launching its products at more than 600 Woolworths outlets, Australia’s biggest supermarket chain.
V2food was founded in 2019 by Nick Hazel, headquartered in Sydney, Australia. Its mission is to create a tasty and sustainable version 2 of meat for improving human health and taking care of the planet. V2food’s products contain protein, iron, zinc, phosphorus as well as Vitamin’s B12, B3 and B6 which are the nutrients present in beef mince along with dietary fibre coming from the plant base.
Temasek is an investment company based in Singapore, founded in 1974. Its portfolio covers a broad spectrum of sectors including telecommunications, media & technology, financial services, transportation and industrials, consumer and real estate, life sciences and agriculture, energy and resources.
Sequoia Capital China
It is a Venture Capital firm focused on seed, mid-stage, late-stage, and growth investments usually in the fintech sector. It was founded in 2005 and has offices in Hong Kong, Beijing, Shanghai, Guangzhou, Hangzhou, Suzhou and Shenzhen. Sequoia Capital China was founded by Neil Shen and has its headquarters in Beijing, China.
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