Aussie plant-based meat company v2food has secured $77 million in new funding. Here’s how it plans to use it.

v2food burger with slaw
  • Australian plant-based meat company v2food has nabbed $77 million in Series B funding.
  • This takes the company’s total funding so far to $113 million.
  • The funds will be used to grow the company’s staff, complete its production facility in Wodonga and expand to new markets.
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Aussie plant-based meat company v2food keeps on growing.

The company secured $77 million in Series B funding – the largest funding round in Australia’s plant-based meat sector – taking its total amount raised so far to $113 million.

Both new and existing investors joined this round, with Temasek, ABC World Asia and Altitude Partners among the company’s new backers.

The funds will be used to complete v2food’s 55,470 square-metre production facility in Wodonga, expand its team and launch products into new markets such as Asia, Europe and the rest of the globe.

“This funding is a pivotal step towards v2food’s goal of transforming the way the world produces food,” v2food Founder and CEO Nick Hazell said in a statement.

“It’s imperative that we continue to scale quickly because this global issue needs an immediate solution. As we enter our next phase of growth, we are grateful to have the support of world-renowned investors who share our urgent mission of solving the global food challenge.”

v2food was founded in 2019 together with the CSIRO, Main Sequence Ventures and Competitive Foods Australia, the company behind Hungry Jack’s. Its products are made from protein extracted from legumes and designed to look and taste like meat.

v2food CEO and founder Nick Hazell

The company is behind the Hungry Jack’s Rebel Whopper – the plant-based alternative to the iconic beef burger – and even supplied Burger King New Zealand. It has also launched its v2 mince and burgers products in supermarkets, from Drakes Supermarkets in Queensland and South Australia, to 600 Woolworths stores around the country.

Additionally, v2food products are also available through delivery services like MarleySpoon and Dinnerly, as well as restaurants including Soul Burger and Burger Urge.