v2food secures $35m in Series A funding round
The plant-based meat startup also plans to launch new products in the “next few months”.
v2food has raised $35m in a Series A funding round led by Main Sequence Ventures and Horizons Ventures.
The funding round also includes Fairfax Family investment fund Marinya Capital and venture capital firm Sequoia Capital China.
“This is an important step towards v2food’s goal of transforming the way the world produces food, v2food founder and CEO Nick Hazell said in a statement.
The plant-based meat start-up, which partnered with CSIRO and Competitive Foods Australia for Hungry Jack’s Rebel Whopper, said that the funds will be used for research and development, including building a new research and production facility slated to begin operations in 2020.
Moreover, citing growing demand, it also planned to expand across the country and develop a supply chain.
The start-up is set to launch new products in the “next few months.”
New Wodonga facility
v2food has also announced its $20m purchase of a 55,470 square-metre site in Wodonga where a new plant-based meat facility will be erected.
The startup expected the factory to begin operations in Q2 2020.