Australia | Plant-Based Protein Startup Raises Capital

v2 capital funding

V2 food has raised A$72 million with the latest capital injection set to enable manufacturing scaling and ramp up expansion into China and Europe.

The plant-based protein startup joint venture between Hungry Jacks billionaire Jack Cowin and the CSIRO launched in 2019 and has raised $185 million, with the company now valued at $500 million.

Made from legumes, the ‘mince’ looks and tastes like meat, with added fibre and nutrients. It is the basis of the Hungry Jacks Rebel Whopper and is also available in supermarkets as mince burger patties and sausages.

Co-founded by former Masterfoods and PepsiCo executive Nick Hazell, the company is building a $20 million processing plant on the NSW-Victorian border.

The products produced by v2 are competing globally with ventures such as Beyond Meat and Impossible foods, along with several Australian rivals, including brands such as Made with Plants and Why Meat Co.

Astanor Ventures partner Hendrik Van Asbroek  said v2 is well-positioned to impact the market.

Asbroek said that alternative meat has a crucial role to play in the fight against climate change.