Australia’s V2Food Secures $55 Million Series B to Expand into Asia

©V2Foods

V2food, the Sydney-based producer of plant-based meats, announces today Monday that it has secured $77 million Australian dollars ($55 million) in series B funding, having already raised $35 million in Series A at the end of 2019. According to Bloomberg, this deal will help V2Food to forge a presence in Asia.

Investors in this round include Goldman Sachs Group Inc. and Singapore’s Temasek Holdings, in addition to several Asian producers, banks and capital firms. This brings the total raise to date to A$113 million for the brand originally forged as a partnership between CSIRO, Main Sequence Ventures and the founder of fast food chain Hungry Jack’s for which it supplies its plantbased Rebel Whopper burgers.

This rounds off a hugely successful 2020 for V2Food. In April, at the height of (the first) lockdown, it partnered with delivery firm Marley Spoon to bring vegan meals to Australians confined to their homes. In August V2Food products rolled out into Drakes supermarkets and were stocked in the meat aisle. Then in September the brand, founded by Nick Hazell, launched into 600 Woolworth’s locations across Australia.
 

“This is the moment for this industry, everyone realizes this is going to happen, so there is a lot of capital looking for a home here,” V2food Chief Executive Officer Nick Hazell said to Bloomberg.