Home Breaking News Australian Foodtech startup Harvest B raises US$ 4.5 million in Venture funding

Australian Foodtech startup Harvest B raises US$ 4.5 million in Venture funding

Located in Sydney, Harvest B is a plant-based meat B2B platform. It has raised a total funding of US$ 4.5 million lately, which the company will use these funds to build a new facility to assemble its sustainable magnified protein ingredients. 

About Harvest B

Co-founded by Kristi Riordan, Werner Fuggersberger and Alfred Lo in 2020, Harvest B is a B2B startup that operates with Food brands and assists them to make plant-based meals through its smart ingredient system. 

Its goal is to help the everyday consumer get past the complaint that plant-based meats are overly processed by assisting companies and make clean label, whole foods-based vegan meat analogues. For more information, visit https://harvestb.io/.

US$ 3.5 million Seed Funding 

Harvest B secured a fundraise of US$ 3.5 million in a seed funding round that was held on Jul 14, 2021. The venture capital round was led by notable investors like Woolworths’ venture arm, Aura Ventures and W23.

US$ 1 million Grand funding

The one-year-old startup raised US$ 1 million in grant funding from the Australian Manufacturing Growth Centre (AMGC) under the Modern Manufacturing Initiative’s Commercialisation stream.

Fund Utilisation

The Aussie startup will use the funding to expand its range of cost-effective, premium plant-based protein ingredients and size up production to provide plant-based product corporations across the nation and extend its foot into the global market.

What the CEO has to say

Cofounder Riordan said as he remarked about the investments, “Werner has over 30 years experience in Australian food manufacturing, working closely with the meat industry to develop high-quality ingredient systems. But when it came to applying that knowledge to plant-based meat, the ingredients he could access in Australia were limited in both supply and performance.”

She added, “We could also see that despite having a brilliant agricultural industry, Australia produces a relatively low amount of value-added exports compared to neighbours such as New Zealand. There was an untapped opportunity to allow farmers to add value to their crops.”

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