October 20, 2020, Singapore – ABC World Asia, an Asia-focused private equity fund dedicated to impact investing, announced today its participation in the Series B funding round for Australian plant-based meat startup v2food. Other investors participating in this round include Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Marinya Capital, Main Sequence Ventures, Novel Investments and Temasek.
Founded in 2019 as a partnership between Australia’s national science agency CSIRO, Main Sequence Ventures and Competitive Foods Australia, v2food’s goal is to create a ‘version two’ of meat. The Company uses protein extracted from legumes to create ‘mince’ that looks, tastes and cooks like quality meat. Made entirely with simple, natural ingredients without genetic modifications, v2food’s plant-based meats provide consumers with convenient, tasty and, best of all, cost-equivalent alternatives.
This round of funding raises v2food’s total funds to US$80 million, which will enable the company to expand its team and production facility in Wodonga, Australia, as well as launch its products globally into new markets including Asia, and bring its affordable meat alternatives to more consumers worldwide.
“Animal agriculture requires a significant amount of water and land, and is a leading cause of greenhouse gas emissions. To accelerate a consumer transition to a more plant-rich diet and help reduce reliance on unsustainable food production, we believe our role as an impact investment fund is to support industry-leading innovators like v2food, who seek to produce plant-based meats with a lower environmental footprint and at a price that is accessible to the mass consumer market,” said David Heng, Founder and CEO, ABC World Asia.
“This will have a positive impact in our fight against climate change.”
“ABC World Asia’s investment into v2food further validates our mission of producing sustainable plant-based meat products to feed a growing population. We look forward to working with ABC World Asia to accelerate the growth of delicious plant-based meat into the region and make a real difference to the sustainability of the planet”, said Nick Hazell, Founder and CEO, v2food.
Believing that investment and sustainability are not mutually exclusive, ABC World Asia looks to support companies that are committed to generating a positive, measurable social or environmental impact.
As part of its plans for expansion, v2food is currently exploring distribution and retail partnerships with supermarkets and quick service restaurant outlets in Singapore, Thailand, and China. v2food’s products are currently available at Woolworths and Drakes supermarkets across Australia, quick service restaurant outlets such as Hungry Jack’s in Australia & Burger King in New Zealand, as well as meal kit services Marley Spoon and Dinnerly.
About ABC World Asia
Headquartered in Singapore, ABC World Asia is a private equity fund dedicated to impact investing. Impact investing encompasses the intention to generate positive, measurable social or environmental impact, alongside a compelling risk-adjusted return.
The fund’s investment strategy aligns with Temasek’s ABC Framework for an Active Economy, a Beautiful Society and a Clean Earth, building on the ideals of the 17 UN Sustainable Development Goals.
ABC World Asia will focus on themes including – financial and digital inclusion; better health and education; climate and water solutions; sustainable food and agriculture; and smart and liveable cities.
For more information, please visit www.abcworld.com.sg
v2food is a new, innovative Australian company committed to making delicious food that is good for you and good for the planet. Developed with over 100 years of CSIRO food & science research and with powerful collaborations within the food industry, v2food will play a pivotal role in changing the way we feed the growing global population sustainably. Recognising that there is a need for a version 2 of the food system, v2food is developing a range of plant-based meat products that taste great for all consumers.