Australian plant-based meat maker V2foods has raised a $55 million ($77M Australian) Series B round of funding, according to Bloomberg. The round features new equity investment from Goldman Sachs Group Inc. and Tamasek Holdings, and brings the total amount raised by V2foods to roughly $80 million USD ($113M Australian).
Like others in the plant-based meat space, V2foods makes a ground and patty version of its plant-based beef product. The company first came on our radar last year when it provided the “beef” for Hungry Jack’s (Australia’s version of Burger King) Rebel Whopper.
According to Bloomberg, V2foods plans to use its new funds to help the company establish a foothold in Asia. It’s certainly not the only company looking to do so. Beyond Meat has made a number of deals this year to get its plant-based products in China including building two production facilities over there. Impossible Foods has called Asia “core to [its] business.” and Green Monday, which owns the plant-based Omnipork, recently raised $70 million and got its alt-pork products on McDonald’s menus across Hong Kong and Macau.
While Asia may be crowded, Australia has been less so. As we wrote last year:
Right now the Australian alternative protein market is pretty sleepy. Beyond Meat and Moving Mountains are available Down Under, but the region doesn’t have many companies actually developing their own plant-based meat products. So v2food has a clear runway to become the biggest local alternative protein brand.
In Sept. of this year, V2foods signed a deal that put its products in 600 Woolworths stores across the country.