Is it just us or does it feel like at least every other day there are announcements about companies in the food tech sector receiving incredible amounts of funding?
Since we are so excited to see this industry grow and get the attention it deserves, we put together a short list of a few of the brands that stood out with their funding rounds and crowdfunding campaigns.
GOOD Meat is a division of Eat Just, a company that focuses on the alternative protein space having started with plant-based egg named Just Egg and now offering a range of a few egg-substitute-based products.
GOOD Meat became the first startup in the world to sell and get regulatory approval for a cell-cultured meat product in 2020. They produce chicken nuggets grown in a lab environment through cellular agriculture and without the need to harm any animal. They recently closed a $170 million funding round to invest on the expansion of their chicken cultured meat and eventually move on to beef and pork production.
You might have seen some talk about the plant-based chicken alternative Daring, since it is being backed by some celebrities – one of them being none other than Drake. In their latest funding round the alternative protein brand raised $40 million. This investment will be used to expand the team, scale their rapid retail and foodservice growth and support new product development. Daring’s products are sold in more than 1,000 retail locations in the US.
Vly is a Berlin-based startup creating an alternative protein milk from peas. The company is the sixth biggest plant milk brand in Germany, with a product very similar to the nutrients, taste, and functionality of cow’s milk but with a much more favorable environmental footprint. In a Series A round led by Five Seasons Ventures they raised EUR€6.1M, which will help the company scale its R&D and drive growth across the DACH region (Germany, Austria and Switzerland), enter new European markets, including the United Kingdom, and enter new product categories like chocolate drink and fermented products that are scheduled to launch this year.
Better Nature creates meat substitutes from the nutrition-filled protein tempeh. Earlier this year, the startup launched its private crowdfunding campaign on Seedrs and within an impressive three hours from the launch, it had achieved its initial target of £1,350,000.
After going public on March 29, Better Nature closed its stretch crowdfunding target of £1.6 million within just two days, being one of the fastest funded plant-based crowdfunders in Seedrs’ history.
Better Nature will use the funding to invest on a nationwide marketing campaign, launch in major supermarkets, develop new products, and present a whole new range of meat alternatives in June 2021.
THIS, a plant-based meat company from London, has recently closed a very successful crowdfunding campaign which was publicly live for just 2 and a half days before reaching its £4 million overfunding target. This campaign was also launched on Seedrs and broke records as the fastest campaign to ever hit a £1.5 million target, as the fastest FMCG business to ever hit a target, and attracting the highest number of investors in a week.
THIS will use the capital to set up a London-based innovation centre to house its team of food scientists, engineers and flavourists as well as its different processing equipment. Their ambitious goal is to launch 10 products per year for the next three years across a number of categories.
Another promising startup about to join the crowdfunding trend is Heura, a Barcelona-based vegetable meat startup. The already well-known brand launched its first round of investment open to the public in early June through an equity crowdfunding, allowing the entry of many more investors with small amounts. The results were mindblowing, raising €4 million within 24 hours, far surpassing its target of €1 million.
This latest enormous success just proves that people, big investors and smaller ones, are betting on alternative protein brands.
We’re witnessing immense growth in the alternative protein sector and an increasing demand for more products and different options from the consumer side. The amounts invested into these startups prove the importance of this field and we are very excited to see what the rest of 2021 will bring.