Dutch alternative meat start-up Rival Foods has raised €10m ($11.4m) in Series B funding to “scale up” its operations.
The funding round was led by pension investor APG on behalf of ABP, as well as backers including existing shareholder PeakBridge.
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Founded in 2019 as a spin-off from Wageningen University & Research, Rival Foods is headquartered in Amersfoort, the Netherlands.
The company has developed a platform that creates plant-based meat alternatives.
Rival Foods said its products are “fully plant-based”, clean label, “minimally processed” and “free from artificial additives”.
Birgit Dekkers, the CEO and co-founder of the Dutch start-up, described the funding as a “major milestone” in its goal to make “high-quality plant-based meat mainstream”.
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By GlobalDataThe capital will be used to “double” production capacity at Rival Foods’ facility in Geldrop and “further scale” its manufacturing technology.
Rival Foods added the investment allows the “further optimising of production costs to achieve competitive pricing to animal meat – without compromising on taste, texture, or nutritional value”.
Lodewijk Meens, a senior portfolio manager at APG, said: “Rival Foods have built something special: a scalable process to turn standard plant proteins into exciting fibrous, meat-like structures. Rival Foods’ products offer a satisfying bite with high protein content and a clean label.”
The group operates on a B2B model, working with chefs, retailers and food brands throughout Europe.
“Real success in the alternative protein space demands three tough things to achieve: great taste, texture, and competitive prices. We’re proud to see Rival Foods achieving all three,” PeakBridge partner and COO Martina Pace said.
The VC firm’s portfolio includes investments in Standing Ovation, a French company that uses precision fermentation to produce non-animal casein proteins.
PeakBridge has also backed Vow, the Australia-based firm that has developed a cell-based version of quail.
Earlier this week, Australia’s food regulator approved the sale of cultivated-meat products in the country.
Vow outlined plans to launch into “dozens of Australia’s most exciting venues”, including Sydney restaurant NEL and Italian outlet Bottarga in Melbourne.
