Breakthrough Victoria invests $2 million in Harvest B

State government-backed venture capital fund Breakthrough Victoria has become an investor to the tune of $2 million in protein business Harvest B, which makes ingredients and blended meats using Australian wheat.

According to a statement from BV on Friday, the investment will benefit “the affordability, nutrition, and sustainability of protein offerings”, and strengthen both the nation’s manufacturing base and agricultural value chain.

The chief ingredient in Harvest B’s products is wheat grown in Narrabri, NSW, and its products make use of a proprietary combination of plant proteins and extrusion technology.

According to the release, it will also use Australian faba beans, which aligns “with one of Victoria’s agricultural strengths and will support work to advance Harvest B proteins, and the investment will enable Harvest B “to scale its operations and deepen collaboration with Victorian pulse producers and research institutions” such as Agriculture Victoria Research.

“By leveraging Victoria’s rich agricultural base, we are enhancing its value-added food ecosystem—investing in local supply chains, sustainable manufacturing, and advanced food technology to create greater economic and environmental benefits for future generations,” said  Alfred Lo, co-founder and CCO at Harvest B.

Harvest B was established in 2020 and raised $4.5 million the following year, through equity backing from Aura Ventures and Woolworths’ venture division, W23. It opened a Penrith pilot facility in 2022.

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