Lever VC, a venture capital firm focused on the future of protein, has increased its equity stake in Birdman, a leading plant-based protein company in Mexico set to expand into the US, as the company experiences a significant surge in sales. This investment comes as Birdman demonstrates impressive sales performance, achieving a $65 million sales run rate amidst a challenging economic landscape.
“Birdman is a great example of the continued opportunity in the plant-based foods space”
Founded in 2016 in Guadalajara, Mexico, Birdman rapidly bootstrapped to $15 million in sales by 2021, prior to attracting its first external funding. The company’s plant-based protein powders and supplements have gained popularity across Mexico, surpassing industry averages in the Consumer Packaged Goods (CPG) sector, with EBITDA margins exceeding 35%.
According to Nick Cooney, managing partner at Lever VC, which expanded its equity stake in Birdman following an initial investment nearly two years ago, “As a very fast-growing and cash-generating company, Birdman is a great example of the continued opportunity in the plant-based foods space as well as of the Food and Ag opportunities that exist in emerging markets.”
Birdman’s product range includes Falcon Performance Protein powders, Fitmingo protein supplements, creatine supplements, and various plant-based non-dairy milks. These products are available through prominent Mexican retailers such as Costco, GNC, Walmart, and Sam’s.
Lever VC’s investment strategy
The expansion of Lever VC’s stake in Birdman aligns with the firm’s broader investment strategy, which includes a diverse portfolio of companies such as UK alt-meat brand THIS, Tiba Tempeh, and Canadian plant-based seafood producer New School Foods. Last week, Clever Carnivore, a Chicago-based cultivated meat company, raised $7 million in seed round funding, with Lever VC leading the round. The firm also released its “Cultivated Meat Scientific Benchmarks” guide, providing insights into benchmarking the scientific progress of cultivated meat and cell-based dairy startups.
Cooney concludes, “The growth of sales achieved by the company while delivering continued margin expansion has been impressive, and we are pleased to have expanded our partnership with the Birdman team.”
Birdman plans to expand its retail presence in the United States in 2024 and is also exploring expansion opportunities in Latin America.
