According to their latest report: “Nearly all the food & beverage startups that have attracted smart money are focused on transformational technologies such as plant-based protein and animal-free eggs — startups that may not only be selling products, but are designing new processes that could change what we eat.”
Among the plant-based startups listed as receiving the most amount of venture capitalist funding include Impossible Foods ($183 million), Hampton Creek ($120 million), Ripple Foods ($43.6 million), Beyond Meat ($40.5 million) and Kite Hill ($25.4 million).
According to another recent report, the meat substitute market is predicted to grow in value to $5.96 billion by 2020. Likewise, the dairy-free market is expected to surpass $35 billion by 2024, with a predicted annual growth rate of at least 10%.
Clearly, the animal-free food and beverage market is growing rapidly, and venture capitalists, who traditionally focused solely on tech startups, are increasingly interested in investing in vegan companies.