All G Foods says its successful Series A funding round will accelerate the production of its next-generation milk using precision fermentation, and plant-based alternative technologies.
Jan Pacas said it was the work of the All G team that created the company’s strong investment value.
Agronomics Limited and its affiliate investment vehicle New Agrarian Company lead the funding round.
“We could not be happier with Agronomics leading our Series A round due to their wealth of experience in funding the cellular agriculture sector.
“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 can accelerate our commercialisation objectives and lead food innovation in Asia-Pacific,” Pacas said.
The $25m is part of a larger expected round which Pacas said would see All G Foods as one of the top funded companies in the cellular agriculture and plant-based sectors in the Asia-Pacific region.
(Image source: All G Foods)
In February, Woolworths Group’s venture capital and growth fund W23 has made a multi-million-dollar investment in the company, with W23 managing director Ingrid Maes said All G was at the forefront of new alternative protein production techniques.
“All G is setting out to build a global business that can help feed a growing population.
“We’re excited about the potential of All G Foods’ emerging technology and ambitious growth plans. We invest in innovative start-ups led by visionary founders, and we’re interested in backing the next wave of food innovators in Australia,” Maes said.
All G Foods launched in September last year with $15.5 million seed funding to develop dairy precision fermentation expertise, focusing on casein micelle formation that is critical for full functionality in dairy products.
The company also has a plant-based meat brand, Buds, which is available in major supermarket chains nationally.
Early investors included the Clean Energy Innovation Fund (CEFC), Ellerston capital, Singapore based private equity firm Triple Star Capital, founders of Our Innovation fund and Monash Capital David Shein and Geoff Levi; Peter Andrews, CEO of Andrews Meats; Rob Lederer, ex Primo Meats; and global flavour company Oppenheimer.
