Australian alternative proteins company All G Foods has raised AU$15.5M in seed capital. The funding round was led by the Clean Energy Innovation Fund, and included food ingredient company Oppenheimer, in addition to other high-profile investors across the U.S., Singapore and Australia.
The Sydney-based company said the investment will be used to accelerate its precision fermentation technology to develop alternative dairy products and add flavours to its new line of Love BUDS plant-based meat products.
The start-up’s first product is the Love BUDS Burger, which is rolling out in IGA supermarkets in Australia this month. Plans are in place to expand the plant-based meat range to include mince, sausage, bacon and chicken-style products,, the company said.
All G Foods founder Jan Pacas envisions the company becoming a global supplier of high quality alternative proteins because of its partnerships and team of experts in science and technology.
“Our ambition is to make products that are indistinguishable and potentially better than their animal counterparts in both taste and nutrition. We will succeed because we are creating products that consumers love, while making a positive difference for our planet,” added Pacas.
All G Foods joins other Australian start-ups Change Foods and Eden Brew in using precision fermentation to develop new food products — signalling further disruption in the alternative proteins sector.
READ MORE: Alternative protein startup All G Foods flexes 15.5m seed raise. [Business News Australia]