Alternative protein maker All G Foods has closed a $16 million seed round ahead of a rollout this month of its Love Buds Burger product, joining startups such as v2food, Fable and Fenn Foods in the burgeoning local plant-based food market.
According to a statement, the round featured “several prominent angel investors” as well as $5 million through the Clean Energy Finance Corporation’s Clean Energy Innovation Fund.
The Australian Financial Review reports that this is one of the largest Australian seed rounds on record.
The CEFC said 14 per cent of all Australian greenhouse emissions are from the agricultural sector, and over three-quarter of those from livestock farming.
“Alternative proteins are an important way to reduce food-related emissions because they have a relatively small carbon footprint,” explained CEFC CEO Ian Learmonth.
“With plant-based proteins and proteins from technology like precision fermentation, we can help feed a growing local and global population while putting less pressure on our environment.”
As well as burger products through IGA supermarkets and restaurants, All G will be selling plant-based substitutes for chicken, mince, sausages and bacon meats.
All G’s CTO for Dairy, Dr Jared Raynes, is heading work on fermentation to develop dairy protein substitutes for the company’s “cow-free” dairy products.
The company is also in an R&D collaboration with a University of Sydney team, led by Professor Roman Buckow of the Centre of Advanced Food Engineering.
According to a 2019 CSIRO report, Australian and export sales of plant-based protein products could be worth $6.6 billion by 2030.
Picture: All G
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