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September 7, 2021

Australia alt-meat start-up All G Foods closes seed funding round

The Sydney-based firm has won the backing of Australian ‘green bank’ The Clean Energy Innovation Fund.

By Dean Best

All G Foods, a fledgling Australian alt-meat firm launching its first product into a major grocer this month, has closed a seed funding round of AUD16m (US$11.8m).

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The company, set up in 2020, is to sell its Love Buds Burgers at IGA supermarkets this month. It has secured an undisclosed number of foodservice accounts.

Jan Pacas, All G Foods’ founder and CEO, said: “Our ambition is to make products that are indistinguishable from animal proteins in both taste and nutrition, by giving consumers food they will love, while making a positive difference for our planet.”

The Clean Energy Innovation Fund, set up by the Australian government in 2016, has put AUD5m into the business. Ian Learmonth, the CEFC’s chief executive described All G Foods as “an exciting example of the new and innovative opportunities that will develop as our economy transitions to lower emissions”.

He added: “Alternative proteins are an important way to reduce food-related emissions because they have a relatively small carbon footprint. With plant-based proteins and proteins from technology like precision fermentation, we can help feed a growing local and global population while putting less pressure on our environment.”

Citing data from CSIRO, the CEFC said Australia’s market for “alternative protein sources” is forecast to reach AUD$4.1bn by 2030, “with a potential export market reach of AUD2.5bn”.

Reports in Australia said other investors involved in the All G Foods’ funding round included Singapore-based private-equity firm Triple Star Capital and Australian buy-out house Ellerston Capital.

Just Food has contacted All G Foods for further comment.

Last month, V2Food, another Australia-based meat-free business, announced it had closed an AUD72m “Series B Plus” funding round. V2Food completed a Series B raise of AUD77m in October 2020, bringing the company’s total funds raised to AUD185m.

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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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