- Fënn Foods raises $3 million to meet increasing demand and expand internationally.
Australian plant-based foods producer Fënn Foods has announced an oversubscribed private capital raise from investors including leading fund manager Bombora Investment Management. This is an especially noteworthy investment partner considering Bombora Special Investments Growth Fund’s track record and tendency to invest in high growth, pre-IPO companies and listed equities.
“This injection of capital enables us to increase our investment in innovation, marketing and production, allowing us to meet the increasing demand for vEEF® products, enter new categories and explore distribution into select international markets,” said Mr Nicholas Simms, Executive Chairman for Fënn Foods.
Fënn saw rapid growth last year, with its products now stocked in major retail stores such as Woolworths and Coles. Following the company’s continued success, it was named on the 2021 Australian Financial Review’s Fast 100 list.
Carbon neutral meat alternatives
Fënn Foods is best known for its alt-meat range vEEF, which includes products such as burgers, mince, meatballs, and bacon bits. vEEF products are available in Australia for both retail and foodservice, and have been used in various meal kits and ready meals.
When it was launched, vEEF plant-based mince was the first in the world to be carbon neutral. In 2020, Fënn Foods said it aimed for the entire company and all its products to have net-zero emissions by the end of 2022.
“I think that not only will other brands start to consider carbon neutral certification for products, but at some point all products will be required to be labelled with their carbon footprint to help consumers make more sustainable decisions,” co-founder and CEO Alejandro Cancino told vegconomist. “In the same way that we have health start ratings on food products currently, we need to develop a standardised labelling system for sustainability.”