Global alt-protein venture capital fund Lever VC has announced a $46 million fourth funding close, counting an agri-food giant, as well as NFL and NBA athletes and British nobility among its new investors. News of the close comes with a 2.33x growth in the fund’s portfolio value in the first seven quarters.
Continued Decline in US Meat Consumption is “Long-Term Industry Disruption” Creating Significant Opportunity
The United States has witnessed a steady decline in meat consumption for the second consecutive year. Retail sales data from IRI Worldwide reveals that 2023 marks the second consecutive year of declining meat purchase volumes. As of October 2023, overall meat sales by volume have dipped 4% year-over-year and 6% over the past two years. This decline is evident across various meat categories, including a 10% year-over-year drop in pork sales volumes, a 10% year-over-year drop in seafood sales volumes, and a 13% drop in turkey sales volumes. While plant-based meat alternatives have also experienced a decline in sales volumes amidst the current economic climate, the broader shift away from animal proteins has presented increased opportunities for other plant-based food categories. Nick Cooney, Managing Partner …
