Woolworths Group’s enterprise capital fund, W23, has tipped recent tens of millions into various protein startup, All G Meals
The precise measurement of the funding was not disclosed, as an alternative being described as “an extra multi-million injection of capital” in a media launch.
The Sydney-based various proteins startup beforehand raised $16 million in a seed spherical in September final 12 months from backers together with the Clear Vitality Innovation Fund, Ellerston Capital, Singapore-based Triple Star Capital, Our Innovation Fund’s David Shein and Geoff Levi, Monash Capital, and Andrews Meats CEO Peter Andrews.
All G Meals founder and CEO Jan Pacas beforehand co-founded ASX-listed pet care market Mad Paws and HR software program enterprise Flare. The corporate launched a plant-based burger in IGA supermarkets in late 2021.
The corporate is trying to develop a variety of alt-meat merchandise, marketed below the Love Buds model, together with plant-based mince, sausages, hen and bacon alternate options. It’s additionally utilizing fermentation expertise to develop dairy proteins for fake “milk” and different “cow-free dairy” merchandise.
Pacas mentioned the W23 funding delivered the enterprise an unimaginable alternative.
“As we quickly scale, it’s necessary for us to companion with a VC that has unparalleled entry to distribution, property and capabilities. W23 has established itself as a number one strategic VC in Australia, and we’re delighted to name them a companion,” he mentioned.
“On prime of our rising investor line up, we’ve partnerships with main world organisations and have put collectively a science and expertise group representing the most effective of their fields globally.”
All G is trying to carve out a slice of the choice meat class in opposition to some closely cashed up rivals, together with CSIRO-based v2food, a three way partnership with Hungry Jacks billionaire Jack Cowin, which final 12 months raised $72 million second sequence B for world enlargement.
One other native contender is Fable Meals Co led by Sneakers of Prey founder Michael Fox, which raised a $6.5 million seed spherical, in addition to Made with Vegetation, The Vegan Issue, Wildly Good, Veef, Subsequent Gen and Why Meat Co.
The native startups are competing globally with Silicon Valley tech ventures comparable to Past Meat and Unattainable Meals.