Australian plant-based protein pioneer v2food is making a splash on the world stage with the acquisition of leading US-based plant chicken company Daring Food for an undisclosed sum, at the same time as it enters a strategic partnership with amino science group Ajinomoto Co for further research.
The CSIRO spinout expects the acquisition of Daring Foods will create immediate strategic value by integrating the brand’s strong retail penetration and consumer loyalty with v2food’s proprietary food technology and established manufacturing networks.
Daring will continue to operate under its own brand in the US market while serving as a platform for v2food to launch products based on its innovative intellectual property across America.
The Sydney-based company has raised an estimated US$109 million ($167 million) since inception, with its most recent liquidity boost coming from a €45 million Series B-plus round led by Belgian impact investor Astanor Ventures, as reported by Ag Funder News in August 2021.
Other backers include the CSIRO's Main Sequence Ventures, Hungry Jack's founder Jack Cowin's Competitive Foods Australia, Singaporean group Temasek and Sequoia Capital China, among others.
"For several years, v2food has been the No. 1 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," says v2food CEO Tim York.
"Daring has built an incredible, consumer-loved brand with strong reach across the U.S., and combining that with our food technology creates immediate opportunities to accelerate our mission to be one of the global leaders in plant-based protein."
Cowin forecasts a rationalisation of the industry over the next five years with various best-in-class plant-based meat companies coming together to gain scale and provide technical solutions that "meet or exceed consumer requirements for great-tasting, affordable and nutritious food that also happens to be better for the planet".
"From day one, v2food was conceived to be a global leader in plant-based meat, and our strategic move into the US market, especially with a strong brand like Daring and the backing of a global powerhouse like Ajinomoto, is a logical next phase of growth as the market consolidates," he says.
The company has not revealed how much was paid for Daring Food, which was originally founded in Scotland but has been US-based since 2019. In October 2021 it raised a US$65 million Series C round, following a US$40 million Series B in May of that same year.
"We’re excited about this next chapter and aligned culturally. Daring was built on a commitment to clean-label plant protein that never sacrifices taste or experience," says Daring Food CEO Jeffrey Gendelman.
"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.
"In my view, this is how the space should have been built from the start: thoughtfully, profitably, and as healthy as possible."
The partnership with Japan-based Ajinomoto Co is a strategic collaboration built on shared sustainability values and a mutual commitment to transforming global food systems, with initiatives actively progressing in Africa and emerging Asia.
"This strategic collaboration between Ajinomoto Co and v2food is focused on our shared commitment to revolutionising the global food system through innovation, sustainability, and co-creation in technology and business development to contribute to the well-being of all human beings, our society, and our planet," says Ajinomoto Co president and CEO Shigeo Nakamura.
"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."
York says the partnership with Ajinomoto represents "the natural evolution of our shared vision to transform the global food system through science-driven innovation".
"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," he says.
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