A Melbourne-based company whose products were described by one investor as "alternative protein by stealth" has raised $5.6 million in a pre-Series A round led by Mandalay Venture Partners, as Harvest B looks to scale operations and deepen collaboration with Victorian pulse producers and research institutions.
Breakthrough Victoria contributed $2 million to the round which also included participation from Alberts Impact Ventures, Investible and a grant from the Australian Government’s Industry Growth Program.
Servicing a range of business-to-business (B2B) food settings such as institutional catering and aged care with links to some of the leading foodservice wholesalers in Australia and New Zealand, Harvest B creates textured plant-based proteins that seek to replicate the taste and functionality of traditional meat.
The meats it imitates range from diced chicken to pulled pork to beef mince, alongside the blended meat range B Strong which combines animal and plant proteins to increase the protein per serving.
Harvest B's end product range is underpinned by a patented multi-protein low-moisture extrusion (LME) system for processing Australian plants, and plans are afoot to utilise the state's faba bean processing industry to support an allergen-free and sustainable protein range.
Harvest B chief commercial officer and co-founder Alfred Lo, who was previous the chief investment officer at Cicada Innovations, describes the collaboration with Breakthrough Victoria as a "pivotal step" in scaling the company's advanced food processing capabilities and expanding its market reach.
"By leveraging Victoria’s rich agricultural base, we are enhancing its value-added food ecosystem - investing in local supply chains, sustainable manufacturing, and advanced food technology to create greater economic and environmental benefits for future generations," says Lo.
"At Harvest B, we are committed to reshaping the food industry with high-quality, locally sourced, and sustainable proteins for everyday meals," adds Harvest B co-founder and CEO Kristi Riordan.
"This investment from Breakthrough Victoria accelerates our ability to provide more affordable, nutritious options for food service providers and manufacturers, while strengthening Australia’s food sovereignty and manufacturing capability."
Breakthrough Victoria CEO Rod Bristow says the investment represents a bold step towards the future of food.
"Harvest B’s innovation is a recipe for success - delivering a nutrient enriched, healthier and more cost-effective product, adding value to Victorian-grown produce and driving growth in our food manufacturing sector," Bristow says.
"Harvest B’s groundbreaking approach is not just redefining the market - it’s paving the way for a more resilient, cost-effective, and environmentally sustainable food system."
"By supporting cutting-edge complementary protein innovation, we’re helping to address global food security and sustainability challenges while unlocking new economic opportunities for Victoria," adds Victoria's Minister for Economic Growth, Danny Pearson.
Other existing investors in Harvest B include Aura Ventures, Woolworths’ W23 and Sequoia Capital’s Scout Program.
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