3 October, 2023
Precision fermentation company Eden Brew announced this week that it has successfully raised $25M to scale the process of brewing proteins and to bring animal-free dairy products to market.
This is a significant injection of funds for Australia’s small innovative precision fermentation industry which is made up of four companies, three producing dairy proteins and one producing fat.
Precision fermentation involves selecting and manufacturing microbes to make compounds such as dairy proteins for products including icecream, milk, cheese and yoghurt, and animal fats. The technology has been used for decades to make products like rennet for cheese and vitamins such as B12 for nutritional supplements and fortified processed foods.
CSIRO predicts Australia’s precision fermentation industry will be worth 1.45B by 2030.
Victorian Government-supported Breakthrough Victoria, which funds ideas and technologies that help to solve significant problems, contributed up to $6M to the raise, which will see Eden Brew move its headquarters from Sydney to Melbourne.
The Executive Director of Food Frontier, a think tank specialising in alternative proteins, Dr Simon Eassom, says the funds will be vital to propel the industry forward.
“Firstly, congratulations to Eden Brew, they have been working incredibly hard for many years to advance alternative proteins in Australia.
“We urgently require innovations and support to bring products like this to the market. These products aim to feed a growing population without placing increased pressure on our agricultural ecosystems.
“One of the barriers for the sector is the ability to produce the products at a commercial scale, something this support will help to overcome.”
The raise highlights the broad interest in alternative proteins and a desire for more sustainable food options in Australia.
The diverse group of investors, led by Main Sequence Ventures, include personalities from Australia’s music industry, such as Bernard Fanning, Angus Stone, and Paul Piticco, along with Paralympic gold medallist, Dylan Alcott.
Eden Brew, Main Sequence and Breakthrough Victoria are presenting at Food Frontier’s AltProteins 23 conference tomorrow, Wednesday, October 4 in Melbourne.
Media contact: Kathy Cogo, Head of Communications and Marketing, Food Frontier email@example.com, 0466 015 183.
Food Frontier is the independent think tank on alternative proteins in Australia and New Zealand. Funded by grants and donations, our work is growing our region’s protein supply with new, sustainable and nutritious options that create value for businesses, farmers and consumers.