Woolworths Group’s venture capital and growth fund W23 has made a multi-million dollar investment in the Australian alternative protein start-up All G Foods.
All G Foods founder and CEO Jan Pacas said W23 offered “unparalleled access to distribution, assets and capabilities”.
“The W23 investment provides an incredible opportunity to partner with Australia's most prominent leader in the retail landscape,” Pacas said.
In 2021, All G secured $15.5 million in seed capital from Clean Energy Finance Corporation, Ellerston Capital, Singapore based PE firm Triple Star Capital, Our Innovation fund founders David Shein and Geoff Levi, Monash Capital, and Andrews Meats CEO Peter Andrews.
The company is developing dairy proteins with precision fermentation that can be included in a range of dairy products as well as plant-based protein products under its consumer brand Love Buds.
Pacas said W23’s investment further accelerated All G’s plan to reset the standard of Australian alternative protein companies in both product and customer engagement.
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 launched its Buds Burger patties in 300 retail outlets last September and has expanded into food service.
“On top of our growing investor line up, we have partnerships with leading global organisations and have put together a science and technology team representing the best in their fields globally.
“We are passionate about Australian made and have joined the global innovation linkage project under Sydney University’s lead to identify the future plant-based proteins of Australia, so local farmers can be a part of this growing opportunity,” Pacas said.
The company is expecting to roll out plant-based mince, sausages, nuggets and bacon alternatives over the next few months.