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A vegan egg company has raised $5 million in Series A funding to invest in ‘making plant-based the norm’.
Zero Egg says its product ‘tastes, looks, and functions like an ordinary egg’. But, it says, it is ‘animal-friendly and healthier’ than hen’s eggs – as well as being more sustainable.
Consumers in the U.S alone buy 100 billion eggs each year. Zero Egg plans to use the funding to grow its brand. It wants to appeal to consumers across the board.
According to the company, its product has ‘a unique blend of plant proteins’. It says it ‘scrambles, bakes, and fluffs just like an ordinary egg’. Additionally, it says, it is ‘the egg for everyone’.
Zero Egg believes the plant-based market is ripe for growth. It cites the success of plant-based milk – which makes up 14 percent of the U.S. milk category. This, it says, ‘lays the groundwork for major increases in other plant-based dairy categories’.
Plant-based eggs were the fastest-growing plant-based category in 2019, according to food advocacy organization The Good Food Institute. The sector saw 192 percent growth.
“By filling the white space in the foodservice industry for plant-based egg alternatives, Zero Egg aims to make plant-based foods the norm and empower the era of sustainable foods,” Liron Nimrodi, CEO, and co-founder of Zero Egg, said.
“Our goal is to meet growing consumer demand for an egg replacement that is effective, nutritious, versatile, and kind to animals and to the planet. We are elated to join Powerplant Ventures’ portfolio of brands. We can’t imagine a better partner to help us grow the brand and transform the industry.”
‘On a mission’
Powerplant Ventures co-founder T.K. Pillan has described the product as a ‘game-changer’ for the industry.
He said: “I’ve been on a mission to offer practical plant-based options for consumers. [This is] at both the retail and restaurant level for many years. What has been missing until now is a complete, affordable plant-based alternative for eggs.
“Zero Egg is a game-changer for the industry. We’re proud to invest in their team and confident it will be the much-needed affordable and versatile solution for operators looking to continue to reduce their use of animal products.”