V2food, an Australia-based start-up specialising in plant-based meat alternative products, has attracted AUD77m (US$55m) in a Series B funding round.
Singapore’s state-backed investment fund Temasek, Hong Kong VC firm Horizons Ventures and Sequoia Capital China are among the backers that participated in the fresh investment.
V2food said the funding round, which it suggests is the largest seen in the plant-based meat sector in Australia, will allow it to expand into Asia, Europe and other global markets.
It will also enable the company to complete its production facility in Wodonga in southern Australia.
The company’s total funding now comes to AUD113m.
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V2food was founded last year with Australia’s national science agency CSIRO, Main Sequence Ventures and Jack Cowin’s Competitive Foods Australia as shareholders. Cowin’s company owns the Burger King franchise Hungry Jack’s in Australia.
The start-up launched the Hungry Jack’s Rebel Whopper in October and in February this year it began supplying Burger King New Zealand.
Nick Hazell, V2food’s founder and CEO, said: “As we enter our next phase of growth, we are grateful to have the support of world-renowned investors who share our urgent mission of solving the global food challenge.”
The company’s products are available in Drakes and Woolworths supermarkets in Australia.