Andfoods, a start-up based in New Zealand, has successfully raised NZD 2.7m (approx. $1.6m) in seed funding to support its novel alt-dairy technology.
Andfoods’ technology extracts plant-based milk from seeds, using the seeds or ‘pulses’ of a legume to create a range of allergen-free dairy alternatives. It uses a fermentation process to optimise flavour profile and other key properties.
The round was led by Icehouse Ventures, and will support the food-tech company in accelerating R&D efforts and bringing its product to market.
In a statement announcing the raise, Andfoods said hat while many dairy alternatives do a ‘reasonable’ job at emulating dairy milk’s taste and texture, few have been able to measure up to the quality of high-grade cow-based creams or milk powders.
The start-up reported that its signature cream product ‘eclipsed all other plant-based creams’ tested in its lab and kitchen, with a consistent 140% overrun (its ability to take on air and maintain shape) and creamy taste profile. These results are more comparable to the standard bearing ultra-high temperature creams preferred by commercial kitchens and food manufacturers, Andfoods added.
Andfoods launched less than a year ago and has since hired Leon Clement – former CEO at Synlait and ex-Fonterra MD – as its chair. Andfoods’ CTO and co-founder, Arup Nag, founded the company following research into new ingredients for plant-based milk at Massey University and the Riddet Institute in 2010.
Nag identified the potential of a legume seed native to his homeland India, originally used as an ‘orphan crop’ to regenerate soil between rice harvests. A multi-year R&D effort then took place, eventually leading to the food-tech’s establishment.
Icehouse Ventures partner, Barnaby Marshall, commented: “No one is doubting the demand for dairy-free products. Consumers want them, the environment needs them, but at the end of the day they have to stand up to the taste test.”
He added: “When I first heard about Andfoods, I put it into the bucket of ‘another plant based milk’, and was duly sceptical – then I tasted it. Andfoods has developed something that is poised to become a fundamental ingredient for all kinds of food producers, at a high enough quality that it’s immune to changing trends.”
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