Aussie alt protein start-up raises initial AU$25m in Series A
Australian-owned and -made alternative protein start-up, All G Foods, has announced the raise of AU$25 million to turbocharge the production of its milk and plant-based alternative technologies.
Agronomics and its affiliate investment vehicle, New Agrarian Company, is leading the round with these funds supporting All G Food’s mission of designing a sustainable food future, by creating alternative proteins in Dairy and Meat categories.
Agronomics and New Agrarian Company are major investors in cellular agriculture companies looking to solve some of the food industries greatest challenges. They have extensive experience in the sector and invest in businesses that have defensible technology that can change the impact the population has on the planet. This investment will allow All G Foods to accelerate their commercialization objectives in both plant-based and precision fermentation verticals, positioning them as a food innovation lead in the Asia-Pacific.
Agronomics will join a key list of existing investors made up of W23 and Clean Energy Finance Corporation (CEFC) and this AU$25m is only the start of our series A. The total investment and remaining investors joining this capitalization round will be announced in the coming months. It is expected that the total capital raised will be the biggest ever series A in food tech in Australia, making All G Foods one of the top funded companies in the cellular agriculture sector in Asia-Pacific.
“We could not be happier with Agronomics leading our Series A round due to their wealth of experience in funding the cellular agriculture sector," enthused Jan Pacas, CEO & Founder at All G Foods. "When looking for investment it is critical for us that our investors share our vision for developing technology that can change the way we impact the plant through categories that are simply not sustainable as our populations grow. We are confident with investors like this, we are able to accelerate our commercialization objectives and be the first in Asia-Pacific."
Agronomics has identified All G Foods as having leading dairy precision fermentation expertise and notably a focus on casein micelle formation, the 3D spherical assembly of casein proteins, critical for full functionality in dairy products, which to date has been a challenge for other companies in the sector globally. Agronomics recognizes the need for multiple success in the precision fermentation dairy category, to disrupt the US$700 billion global dairy market.
“This is the beginning of a significant investment round for our company. The full register and quantum are to be announced soon but we are thrilled to have these companies lead this round and join the All G family” Pacas concluded.
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