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Australian plant-based protein company v2food has today announced it closed a $72 million Series B Plus funding round as the company pushes into the Chinese market.
The raise, led by European investment fund Astanor Ventures, follows the company's $77 million Series B completed in October 2020, bringing the company's total funds raised raised to $185 million.
"We are delighted to bring on board Astanor and are grateful for the continuous support from our returning investors," v2food CEO and founder Nick Hazell said.
"The company is speeding up product advancements and scaling up our business footprint."
The Sydney-based company, well-known for its plant-based patty used in the Hungry Jack's Rebel Whopper burger, developed a new iteration of its v2mince which resembles pork in conjunction with its entry into the Chinese market.
Hazell is optimistic about the company's Chinese prospects, having already developed an international presence in New Zealand, Thailand, the Philippines, Japan and Korea.
"Adding to our existing Sydney HQ, we have officially opened operations in China and appointed our new China general manager, Cyrus Pan, to build the brand locally across Asia," Hazell said.
"This round enables us to continue our efforts improving and iterating our products and further grow the company in terms of scale, global competitiveness, and business development."
Astanor Ventures partner Hendrick Van Asbroek said v2 is well-positioned to create an impact one a global scale.
"Alternative meat has a crucial role to play in the fight against climate change," Van Asbroek said.
"The v1 (version one) versions of alternative meat have created awareness and demand, now we have to step up and supply the customers with healthy, delicious, and price-competitive products.
"v2food, with its world-class team and scientific expertise, is the right company to deliver this new generation of alternative meat across the globe."
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