Plant-based food company LIVEKINDLY Collective announced this week it has closed a $335 million funding round led by global impact investing platform The Rise Fund. Existing investor Rabo Corporate Investments as well as S2G Ventures participated in the round, which brings LIVEKINDLY’s total funding to date to $535 million.
That’s a substantial amount of funds raised for a company that’s barely one year old. LIVEKINDLY was formed in March 2020 when Foods United bought vegan-focused media company LIVEKINDLY and rebranded under its current namesake. Currently, the company is comprised of a few different brands: Oumph!, The Fry Family Food Co., LikeMeat, and No Meat. All of these brands share a common goal of getting more plant-based products to the masses around the world.
To that end, LIVEKINDLY says it will go towards new acquisitions, partnerships, and investments, as well as expanding geographically in the U.S. and China.
LIVEKINDLY’s funding comes on the heels of a report from the Good Food Institute that found $3.1 billion was invested into the alternative protein sector in 2020 — three times more than the amount invested in 2019. Plant-based protein took the bulk of the money, with $2.1 billion invested into the space.
Of course, much talk these days is on the promise of cultured meat, but it will be years before products reach consumers en masse, as companies are still focused on bringing costs down and getting regulatory approvals.
In the meantime, as the numbers above suggest, there is plenty of demand for plant-based protein, including meat analogues from LIVEKINDLY’s growing roster of brands.
The company raised $135 million in October of 2020 to expand into the U.S. That sum is part of this $335 million funding round.