An Australian startup making alternative protein sources using ‘precision fermentation’ has today closed a $15.5 million seed round ahead of the launch of its first product.
Called All G Foods, the company uses technology to develop dairy proteins that can be included in milk and other “cow-free” dairy products, as well as to enhance its incoming plant-based meat ranges.
Founded by CEO Jan Pacas, who is also the chairman and co-founder of ASX-listed pet-sitting platform Mad Paws (ASX: MPA), All G Foods hopes to “revolutionise the meat and dairy industry” with its alternative proteins.
All G’s $15.5 million seed round was backed by high-profile investors including the Clean Energy Innovation Fund (CEFC), Ellerston Capital, Triple Star Capital - a Singapore based PE firm, David Shein and Geoff Levi - founders of Our Innovation fund and Monash Capital, Peter Andrews - CEO of Andrews Meats, Rob Lederer - ex-Primo Meats, Oppenheimer – a global flavour company, a number of distribution partners as well as ASX 200 CEOs who wish to be unnamed.
“We are very grateful and privileged to have the backing of so many incredible investors,” All G Foods founder and CEO Jan Pacas said.
“These institutions and opinion-leading individuals see the potential in an Australian first company like All G Foods which combines world-leading science with foundational precision fermentation technology and has assembled a world-leading team.
“They see the potential in All G Foods becoming a global supplier of high quality and delicious alternative proteins.”
Sydney-based All G Foods’ first product is Love BUDS Burgers, which will arrive on the shelves of IGA supermarkets and in burger venues around Australia during September 2021.
An extensive range of additional alternative protein products is already under development for the Love BUDS brand, including plant-based mince, sausages, as well as chicken and bacon alternatives.
IGA Chairman Joseph Romeo of Romeos Supermarkets sees All G Foods as a growth opportunity for his stores.
“We have seen steady growth in plant based year on year, but now we have BUDS Burgers, Mince and Sausages we are doubling down and resetting the way we merchandise the category. Meat and plant based are getting closer together,” Romeo said.
“While we see a lot of products come and go not many have the whole package. When I first saw All G Foods, I knew there was something different, but once I ate the BUDS burger I knew this was going to be a game changer and we jumped on board immediately.”
In addition to its investor lineup, Pacas said All G Foods has partnered with leading global organisations to make the products taste great.
“Our ambition is to make products that are indistinguishable and potentially better than their animal counterparts in both taste and nutrition,” Paccas said.
“We will succeed because we are creating products that consumers love, while making a positive difference for our planet. This will be part of a positive future, a future that is All G.”
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