Queensland plant-based food startup Fënn Foods has raised $3 million as it looks to expand into offshore markets.
The oversubscribed raise was backed by existing and sophisticated investors, led by fund manager Bombora Investment Management.
The Sunshine Coast-based business was founded by Michelin-star trained chef Alejandro Cancino, from the highly lauded Brisbane restaurant Urbane.
Fënn produces premium plant-based foods and last year became the first company in the world to launch a certified carbon neutral plant-based mince under its vEEF brand. The product range includes “beef” and “chicken” burgers, mince, a schnitzel, “meatballs”, “bacon” bits and pulled “beef”.
Fënn Foods Executive Chairman Nicholas Simms said modelling suggest the sector has the potential to generate $3 billion in retail sales in Australia, from more than $1 billion in manufacturing and employ over 6,000 Australians.
“This injection of capital enables us to increase our investment in innovation, marketing and production. Allowing us to meet the increasing demand for vEEF products, enter new categories and explore distribution into select international markets,” he said.
“Plant-based foods are one of the most rapidly growing segments of the global food market and, according to Food Frontier, in Australia alone, the plant-based market is estimated to generate approximately $3bn in retail sales by 2030.”
Bombora Investment Management managing director and chief investment officer Mike Hill said Fënn is positioned perfectly to take advantage of consumers growing demand for plant-based foods.
“The plant-based food market is growing rapidly both in Australia and globally and we see Fënn Foods as having a unique point of difference in this burgeoning market,” he said.