Investments into the plant-based meat industry have risen rapidly of late, with the industry raising over $1.4 billion in 2020 alone, according to a report from IDTechEx.
The industry is optimistic that these trends will continue into 2021 and beyond, with plant-based meat looking increasingly set to disrupt the $1 trillion global meat industry.
Below is a deeper dive into several notable investments in the plant-based space this summer:
MOTIF FOODWORKS
Food technology company Motif Foodworks recently completed a $226 million, Series B funding round to bring plant-based food technologies to the market.
The company plans to increase research and development capabilities; scale and commercialize its food technologies; and expand its footprint. Motif’s food technology focuses on improving the taste and texture of plant-based alternatives. Recently, it secured partnerships with the University of Guelph and Coasun Inc. for technologies that create melting and stretching characteristics in plant-based cheeses, for example
SIMULATE
Musician Jay-Z is now an investor in plant-based chicken company SIMULATE, which closed a $50 million funding round in June, reported VegNews (June 15).
Known as the “Tesla of Chicken,” SIMULATE launched its first iteration of NUGGS, a plant-based chicken nugget, through a direct-to-consumer model in 2019. In 2020, SIMULATE launched the product in stores and expanded their retail footprint to over 5,000 locations in the U.S. The company plans to expand its plant-based nuggets to an additional 10,000 retail locations by the end of this year.
NOTCO
Jeff Bezos-backed NotCo has received an investment from Enlightened Hospitality Investments and expects to hit a $1 billion valuation by the end of the year, reported Reuters (June 2). The company did not disclose how much it raised in the latest round but said the total funding is now $130 million.
The Chile-based company, which currently operates in the U.S., Brazil, Argentina, Chile, and Colombia, will use the most recent investment to expand into the U.S. foodservice market.
MEATLESS FARM
Britain-based Meatless Farm is looking to raise about $6.8 million in what’s predicted to be one of the largest campaigns held on crowdfunding platform Crowdcube.
Until this point, the company – which recorded 148% year-on-year net sales growth in 2020 — had limited investment to larger investors, raising approximately $53 million over the past three years from private and family office investors. The new round will receive cornerstone investment from Bridford Investments, and the capital raised will fund innovation and expansion.
