The company launched last month promising to disrupt the food industry by offering plant-based meat alternatives which it claims look, cook, and taste like meat. Named as a nod to the next “version” of food production, v2food products are already used in Hungry Jacks Rebel Whopper, a meat-free version of the fast food company’s famous hamburger.
With the CSIRO’s help, the company produces plant-based “protein textures”, “flavour systems” and a “binding system” which, when combined, mimic the raw materials used in meat production. Essentially, V2 offers manufacturers the raw ingredients in such a way that they do not have to change their existing meat production processes. For end users there is “no compromise” on taste, according to the company.
Backed at launch by the CSIRO and Competitive Foods CEO and Hungry Jacks founder, Jack Cowin, v2food’s latest funding round is led by Main Sequence Ventures, the capital arm of the CSIRO’s Innovation Fund, and Horizon Ventures, a private investment firm which has previously funded Spotify, Zoom, and Impossible Foods.
Other new investors include Fairfax Family investment fund Marinya Capital and venture capital firm Sequoia Capital China.
“This is an important step towards v2food’s goal of transforming the way the world produces food,” said Nick Hazell v2food Founder and CEO.
“There is a big shortfall between the amount of meat we produce today and the amount needed to feed the growing global population. There will be nearly 10 billion people on Earth by 2050. Our mission is clear — to provide everyday people with plant-based meat that tastes great and is good for the environment. It’s imperative that we scale quickly because these global issues need immediate solutions and we are fortunate to have secured these outstanding global partners to help propel us forward.”
Australian plant-based meat company v2food bought a factory in Victoria, which it says will begin production in 2020
v2food facility in Wodonga. Image: supplied.- Plant-based meat company v2food purchased a factory in Wodonga, Victoria.
- The site will be used as the company’s production facility and will be refitted with new equipment.
- The facility is set to open in 2020 and will employ around 40 to 50 people.
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The Australian plant-based meat company launched in October, with the stated mission of creating products that look, cook, and taste like meat. It’s backed by the CSIRO and Hungry Jack’s founder Jack Cowin and is also the brand behind Hungry Jack’s plant-based burger, the Rebel Whopper.
In its latest venture, v2food has purchased a 55,470 square-metre dormant building in Wodonga, Victoria which will become home to a “world-class” food production facility.
The purchase comes after v2food secured A$35 million in series A funding – the largest for a plant-based meat company – with $20 million of those funds used to refit the Wodonga site and install new equipment.
The factory is set to begin operations in the second quarter of 2020 and will employ around 40 to 50 people. Once it’s up and running, the factory will allow v2food to produce plant-based meat which customers can buy in supermarkets and restaurants across the country.
v2food CEO Nick Hazell said there is a big gap between the amount of meat we produce today and the amount needed to feed a global population, which is set to reach 10 billion by 2050.
“Our planet is at a tipping point and we are heading for environmental disaster if we continue to produce all of our meat from animals,” he said in a statement. “Australia’s farming industry is the best in the world and we see a huge opportunity to grow this new plant-based industry leveraging the best that regional Australia has to offer.”
v2food looked at more than 50 sites before settling on the one in Wodonga. The company said it was “critical” for it to make plant-based products locally “to make the most of Australia’s expertise as one of the leading global meat producers.”
Business Insider Australia has made inquiries as to what distinguishes the v2food facility from other vegan food production, but the company is yet to announce specifics about the new project.
v2food added that there will be an opportunity for Australian farmers to be part of the plant-based meat market, which is tipped to add $6 billion to the economy by 2030.
