Woolworths Group’s venture capital fund, W23, has tipped fresh millions into alternative protein startup, All G Foods
The actual size of the investment was not disclosed, instead being described as “a further multi-million injection of capital” in a media release.
The Sydney-based alternative proteins startup previously raised $16 million in a seed round in September last year from backers including the Clean Energy 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 Foods founder and CEO Jan Pacas previously co-founded ASX-listed pet care marketplace Mad Paws and HR software venture Flare. The company released a plant-based burger in IGA supermarkets in late 2021.
The company is looking to develop a range of alt-meat products, marketed under the Love Buds brand, including plant-based mince, sausages, chicken and bacon alternatives. It’s also using fermentation technology to develop dairy proteins for faux “milk” and other “cow-free dairy” products.
Pacas said the W23 investment delivered the business an incredible opportunity.
“As we rapidly scale, it’s important for us to partner with a VC that has unparalleled access to distribution, assets and capabilities. W23 has established itself as a leading strategic VC in Australia, and we’re delighted to call them a partner,” he said.
“On top of our growing investor line up, we have partnerships with leading global organisations and have put together a science and technology team representing the best in their fields globally.”
All G is looking to carve out a slice of the alternative meat category against some heavily cashed up rivals, including CSIRO-based v2food, a joint venture with Hungry Jacks billionaire Jack Cowin, which last year raised $72 million second series B for global expansion.
Another local contender is Fable Food Co led by Shoes of Prey founder Michael Fox, which raised a $6.5 million seed round, as well as Made with Plants, The Vegan Factor, Wildly Good, Veef, Next Gen and Why Meat Co.
The local startups are competing globally with Silicon Valley tech ventures such as Beyond Meat and Impossible Foods.