Australian meat alternatives company V2food has raised €45 million in a Series B extension round to bring its plant-based products to Europe and China.

Based in Sydney, V2food produces a range of alternative protein products, including plant-based burgers and sausages made from legumes.

Launched in 2019, V2food worked with Australia’s Commonwealth Scientific and Industrial Research Agency (CSIRO) to create products that aim to mimic the taste and high protein, iron and vitamin B content of meat. The company’s offerings are free from GMOs, as well as artificial colours and flavourings.

“We’ve drawn upon the best food, nutrition and sustainability science from CSIRO to develop a sustainable and nutritious product, with an unmatched texture and flavour,” said Nick Hazell, founder and CEO of V2food.

The company has also developed a production process that allows its products to be made in any standard meat production facility.

The extension round brings V2food’s total Series B funding to €92 million following a raise last year and was led by Astanor Ventures, V2food’s first European investor.

The investment from Belgium-based Astanor comes as V2 looks to expand into Europe, while the round was also joined by ‘one of China’s largest delivery platforms’, offering V2 the opportunity to distribute products to consumers across its network.

V2food recently hired its first China-based general manager and has developed new products aimed specifically at the Chinese market.

The Series B extension round was also backed by existing investors such as Main Sequence, ABC World Asia and Esenargo, which will reportedly help support the company’s expansion into China.

Hazell continued: “We are delighted to bring Astanor on board and are grateful for the continuous support from our returning investors. The company is speeding up product advancements and scaling up our business footprint.

“This round enables us to continue our efforts improving and iterating our products and further grow the company in terms of scale, global competitiveness and business development.”

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