Australian alt-meat company V2Food has acquired US-based Daring Foods and entered into a “strategic partnership” with Japanese food giant Ajinomoto.
V2Food has acquired vegan business Daring Foods for an undisclosed sum and signed a tie-up with Ajinomoto to develop what the Japanese group’s CEO described as “next-generation, clean-protein products”.
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Daring Foods will continue to operate under its own brand and be a platform for V2Food to launch products across in the US.
V2Food said it was working with Ajinomoto on “initiatives” in Africa and “emerging” markets in Asia.
Tim York, V2Food’s CEO, said: “For several years, V2Food has been the number one plant-based meat company in Australia and, through the acquisition of Daring, we are excited to be able to introduce our world-class product range into the USA market.”
York took over the top position at V2Food in 2023 after former CEO Nick Hazell stepped down. V2Food was launched in 2019 with investment from Hungry Jack’s founder Jack Cowin, Australia’s national science agency CSIRO and Main Sequence Ventures.
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By GlobalDataHe added: “By combining our technological capabilities with Ajinomoto’s global scale and deep expertise in food science, alongside Daring’s proven market success, we’re creating a powerful platform for sustainable nutrition that doesn’t compromise on taste or quality.”
Founded in 2018 in Scotland by Ross Mackay and Elliott Kessas, Daring Foods moved its headquarters to the US and launched there in 2020. Mackay, who had been CEO, left last year.
Daring Foods produces a range of plain, flavoured and breaded plant-based chicken pieces, wings and patties, as well as alt-chicken ready meals.
Jeffrey Gendelman, Daring Foods’ CEO, said: “Together, we see an opportunity to shape the future of our space in a way none of us could have achieved alone.
“With V2Food’s technology platform and Ajinomoto Co.’s expertise supporting us, we’re in the best position yet to deliver on our consumer promise at both pace and scale.”
V2Food and Ajinomoto believe their tie-up will lead to the “rapid scaling of plant-based solutions to meet rising global demand for sustainable protein alternatives” using the Japanese group’s infrastructure.
Ajinomoto president and CEO Shigeo Nakamura said: Our ‘Eat Well, Live Well’ philosophy aligns perfectly with V2Food’s vision to develop next-generation food solutions that meet rising consumer demand for sustainable, nutritious alternatives.”
