Fazenda Futuro, a meat-free business launched in Brazil last year, has secured another round of funding as it expands distribution internationally.
The BRL115m (US$21.3m) in new financing builds on the $8.5m it received last year soon after Fazenda’s official launch. The latest round was led by Brazilian investment firm BGT Pactual, local wealth-management business Turim MFO, and Enfini Investments, part of PWR Capital Group.
Also taking part, are Brazilian venture-capital fund Monashees and Go4it Capital in Rio de Janeiro, both of which participated in last year’s funding.
Fazenda, founded by Marcos Leta and Alfredo Strechinsky, entered the United Arab Emirates this year having earlier expanded out of Brazil into Chile, Mexico and Uruguay. In Europe, the company is already present in the Netherlands, and previously announced plans to launch in the UK and Germany, as well as Asia via China.
A spokesperson for Fazenda told just-food that those European and Asia market plans are still live and are expected to come to fruition this year or early in 2021.
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It is now preparing to “open operations” in the US with the new funding.
“We want to once again elevate the plant-based market with this input, with new products and technologies, even more innovation in the industrial processes and with a skilled team to execute our plan, without having to kill a single animal, and keeping our forests away from the meat-packing industry,” said one of the founding partners Leta.
“We’ll intensify our marketing and commercial operation in Europe, and accelerate our entry in the United States.”
The company’s inaugural meat-free product was the Futuro Burger, which has now been joined by plant-based versions of minced meat, meatballs and sausages, all made with pea and chickpea proteins and both GMO and gluten-free.
