Vegan businesses are scaling production, development, and infrastructure in order to meet global soaring demand.
Moreover, it’s been driven by a host of celebrity investments pumping valuations to multi-billion outcomes. The growth of the plant-based movement continues to exceed expectations and protein alternatives are at the forefront.
So, here’s the latest on what’s been happening in the vegan business world.
Wicked Kitchen raises $14 million
In a Series-A funding round, vegan brand Wicked Kitchen has raised $14 million. Formed by world-renowned vegan chefs, brothers Derek and Chad Sarno the brand also recently announced it was launching in the US. This followed incredible success in the UK since debuting in Tesco stores nationwide.
Unovis Asset Management and NRF Nove Foods led the investments.
Moreover, CEO Pete Speranza said in a statement: “This funding supports the next giant leap in growth. And adoption of the Wicked Kitchen product line – a journey that will span the globe.”
Nobell Foods bags $100 million funding
Plant-based cheese company Nobell Foods recently raised a staggering £75 million in a Series-B funding round.
Among its supporters is actor Robert Downey Jr. – and, the brand is commended for its ability to mimic the stretchy texture of the real thing.
Founder Magi Richani recreates casein, which is the protein in dairy, using soybean seeds.
Total funding is now more than $100 million. This is thanks to investment from Bill Gates-founded Breakthrough Energy Ventures, and Downey Jr.’s FootPrint Coalition Ventures, and Andreessen Horowitz.
$10 million raised for bioscience company
Protera, a bioscience company that uses artificial intelligence to create plant-based protein, has raised $10 million in funding.
This will help scale the manufacturing of its artificial preservatives that aim to extend the shelf lives of products.
NovoNutrients raises $4.7 million
Technology firm NovoNutrients uses industrial carbon dioxide emissions to create ‘high-grade’ plant-based proteins.
This involves microbial fermentation. Now, it’s raised $4.7 million from Hong-Kong based Happiness Capital, taking it to a total of $9 million, and hopes to become the world’s biggest protein provider.
Indian vegan meat giant extends funds for US launch
GoodDot, one of India’s pioneering vegan meat brands has secured vast funds to scale production and enter the US market.
Led by Sixth Sense, the pre-Series A funding took investments to $350 million. Moreover, the vegan business claims it is the first VC funding into the plant-based meat industry of India, GreenQueen reports.
CEO and Co-Founder Abhishek Sinha sees the investment as opening the door to becoming ‘a force to be reckoned with’.
Sojaprotein and ADM sign deal
One of southern Europe’s biggest plant-based protein producers, Sojaprotein has signed a deal with ADM.
The self-proclaimed ‘inventor’ of the soy-based vegetable burger, ADM is a US-based multinational food processing firm.
Other recent vegan investments made by ADM include PlantPlus Foods, and a pea protein plant in the US. Additionally, it’s teamed up with Perfect Day to create dairy proteins using microbial fermentation.
Sojaprotein has grown exponentially since it was formed in 1977. Last year alone, it boasted more than $100 million in sales.
The firm produces non-GMO soy ingredients and now joins more plant-based businesses under ADM.
Sojaprotein’s majority owner is MK Group. Vice President Aleksandar Kostić revealed: “Consumers today are looking for more from their foods and drinks – they want great-tasting products and sustainable sources of proteins.
“ADM is in a unique position to meet those needs…And as today’s announcement demonstrates, we’re not content to stop there. We’re focused on continued growth, and we’re excited about the opportunities ahead.”
WM Partners acquires vegan protein brand
Private equity firm WM Partners announced it acquired Vega, a plant-based protein brand based in Canada.
The nutrition brand will join the company’s portfolio of health-focused firms, including Ultima Replenisher, Jade Leaf, and FGO.
WM Partners’ Co-Founder Jose Minski made a statement on the deal. They said: “We are excited to work with Vega, the pioneers, and leaders of the plant-based nutrition industry. And look forward to implementing our operational playbook to create additional value.”