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- v2food
v2food Valuation, Funding & Investors
v2food is valued at $559M as of August 2021.
Last v2food valuation
$559M
Series B · Aug 2021
Last v2food funding round
$17M
Undisclosed stage · Jul 2025
Cumulative funding v2food raised
$148M
across 4 funding rounds
Key investors in v2food
Horizons Ventures
Main Sequence Ventures
HSG
ABC World Asia
Marinya Capital
Temasek
About v2food
v2food is a Sydney-headquartered developer of plant-based meat alternatives founded in 2019. The company produces vegan chicken fillets, nuggets, and tenders using pea protein and faba bean tech for texture mimicking real poultry. Distributed in 1,000+ Woolworths and Coles supermarkets across Australia, v2food products generate AUD 20 million in annual sales. Backed by Blackbird Ventures and Main Sequence, the firm expanded to schnitzels and mince in 2023, targeting 10% market share in plant-based proteins.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$559M (Aug 2021)
v2food Valuation
v2food is currently valued at $559M, based on its Series B in August 2021.
The $53M round was led by Astanor Ventures, with participation from ABC World Asia, Main Sequence Ventures, Horizons Ventures and Huaxing Growth Capital.
v2food's valuation has grown 1.6x from $355M at its Series B in October 2020 to $559M in August 2021, across 2 priced rounds.
v2food valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2021 | Series B | $559M |
| Oct 2020 | Series B | $355M |
v2food Funding History
v2food has raised a total of $148M across 4 funding rounds.
v2food's first fundraising round was a $24M Series A in November 2019. The most recent completed round was a $17M undisclosed-stage round in July 2025.
v2food funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Undisclosed stage | - | $17M | - | - |
| Aug 2021 | Series B | Astanor Ventures (lead); ABC World Asia; Main Sequence Ventures; Horizons Ventures; Huaxing Growth Capital | $53M | $559M | v2food is an Australian plant-based food tech company founded in 2019 by Nick Hazell, producing alternative protein products like burgers and sausages made from legumes, developed with CSIRO to mimic meat's taste, protein, iron, and vitamin B content without GMOs or artificial additives. The products can be manufactured in standard meat facilities, positioning v2food as a scalable player in the alt-protein space. In August 2021, it closed a Series B Plus extension round of AU$72 million (approximately US$54 million or €45 million), led by Astanor Ventures, with participation from Huaxing Growth Capital, ABC World Asia, Main Sequence Ventures, and others including a major Chinese delivery platform, bringing total Series B to around €92 million / $109 million and overall funding to over $134 million including a $26 million Series A. This extension elevated v2food's valuation to over AU$500 million, a significant increase from AU$2 million two years prior, supporting aggressive expansion into Europe and Asia, particularly China where it hired a general manager and developed market-specific products. Astanor, v2food's first European investor, highlighted the company's focus on quality, scalability, health, and minimal environmental footprint to meet flexitarian demand and combat climate change through superior alternative meat. The funding enables R&D, production scaling, and market entry strategies, leveraging Europe's rising plant-based consumption (49% increase) and projected €3.2 billion market by 2026. v2food claims to be Asia-Pacific's most funded alt-protein company, with advantages like non-GMO compliance for EU regulations. |
| Oct 2020 | Series B | Temasek; Esenagro; ABC World Asia; Main Sequence Ventures; China Renaissance; Novel Investments; Marinya Capital; Horizons Ventures; Altitude Partners; HSG | $54M | $355M | v2food is an Australian plant-based meat startup producing alternatives like v2mince, v2burgers, and v2sausages from soy protein, targeting environmental sustainability and global food challenges. Founded in 2019 by CSIRO’s Main Sequence Ventures and backed by Jack Cowin, it launched with products in Hungry Jack’s Rebel Whopper and expanded to Burger King New Zealand, Drakes supermarkets, Woolworths, and meal kits like Marley Spoon. In October 2020, v2food closed a $55 million (AU$77 million) Series B funding round, the largest in Australia's plant-based meat sector, with investors including Temasek Holdings, Horizons Ventures (implied), and others focused on Asian expansion; this brought total funding to $113 million AUD at the time, used to complete the Wodonga production facility, grow the team, and enter markets like Asia, Europe, and beyond. The 2020 round matched the investor list including ABC World Asia, Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, HSG, Main Sequence Ventures, Marinya Capital, Novel Investments, and Temasek Holdings. Company reports later indicated growth from AU$2 million at launch to over AU$500 million by August 2021 following a Series B Plus extension of US$54 million (AU$72 million) led by Astanor Ventures, with participation from returning investors like ABC World Asia, Huaxing Growth Capital (China Renaissance), and Temasek, elevating total funding to AU$185 million; this supported launches in China (v2mince pork alternative), new products, and operations in New Zealand, Thailand, Philippines, Japan, and Korea. Traction included availability in thousands of Australian outlets and major supermarket rollouts by September 2020. Subsequent developments included a 2021 Series B Plus for global scaling, entry into China with local GM Cyrus Pan, European plans via Astanor, and later 2024 acquisition of US plant-chicken brand Daring Foods plus partnership with Ajinomoto for amino science and distribution in Africa/Asia. v2food became Australia's most-funded alt-protein company, emphasizing science-led innovation for affordable protein amid 2050 population goals. |
| Nov 2019 | Series A | Main Sequence Ventures (lead); Marinya Capital; Horizons Ventures; HSG | $24M | - | v2food is an Australian plant-based meat company founded in 2019 as a partnership between CSIRO, Main Sequence Ventures, and Jack Cowin’s Competitive Foods Australia, developing legume-based proteins to create meat alternatives like mince that mimic the look, taste, and cooking properties of animal meat without genetic modifications. The company’s Series A round in late 2019 raised approximately $35M (sources vary slightly on amount and date around October-November 2019) from investors including Horizons Ventures, HSG (likely Hungry Jack's), Main Sequence Ventures (lead), and Marinya Capital, marking its seed-to-Series A transition with total early funding building toward subsequent rounds. This capital supported initial product launches in Australian supermarkets like Woolworths and Drakes, as well as partnerships with meal kits and QSRs such as Soul Burger and Burger Urge. Following the 2019 round, v2food quickly scaled with a Series B in October 2020 raising AU$77M (about US$55M from some participants like ABC World Asia), led by investors including Novel Investments, China Renaissance, Altitude Partners, ABC World Asia, Esenagro, Main Sequence Ventures, Temasek, and Horizons Ventures/Marinya continuing support, bringing total funding to around $113M AUD. Funds were allocated to complete a production facility in Wodonga, Australia, expand the team, and enter international markets like Asia. v2food expanded product lines to include v2burgers, v2sausages, and pork-like mince for China, launching in over 600 Woolworths stores by late 2020 and pursuing exports to New Zealand, Thailand, Philippines, Japan, Korea, Singapore, and Europe. Later rounds included a 2021 Series B+ of ~US$54M with Astanor Ventures and others, pushing total funding past $138M USD, and a 2025 private equity investment of $16.6M. The company positions as Australia’s most funded alt-protein startup, focusing on sustainable, affordable plant-based meat amid global demand for protein alternatives as population grows toward 10 billion by 2050. |
Who has invested in v2food?
12 investors have backed v2food across its funding rounds, including Horizons Ventures, Main Sequence Ventures, HSG, ABC World Asia, Marinya Capital and Temasek.
Lead investors include Astanor Ventures and Main Sequence Ventures.
v2food Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2019 | ||
| 3 | Participant | Nov 2019 | ||
| 2 | Participant | Oct 2020 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Nov 2019 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Lead | Aug 2021 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 12 v2food investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by v2food
v2food has acquired 2 companies to date.
Last acquisition by v2food was on August 7th 2025. v2food acquired Daring Foods for undisclosed valuation.
Latest Acquisitions by v2food
| Description | Daring Foods is a Vancouver-based foodtech company producing plant-based chicken alternatives from soy and aquafaba, launched in 2019 across North America. Products feature in grocery chains like Whole Foods and restaurants such as Sweetgreen, offering tenders, nuggets, and strips free of dairy, eggs, GMOs, and palm oil. The brand expanded to Europe in 2022 and partners with suppliers for regenerative agriculture sourcing. | Soulara is a Melbourne-based plant-based meal delivery service offering subscription boxes of ready-to-heat meals, juices, kombuchas, and snacks. Established in 2017, it caters to vegan lifestyles with nutritionally balanced options developed by dietitians. Soulara operates nationwide in Australia, partnering with local farms for fresh ingredients and achieving over 10,000 weekly deliveries. |
| HQ Country | ||
| HQ City | Los Angeles, CA | Sydney |
| Deal Date | 7 Aug 2025 | 16 Jan 2024 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all v2food acquisitions and their M&A valuation multiples. Start Free Trial | ||
v2food Competitors
v2food competitors include listed companies like Oatly and Nichols, and private ones like Perfect Day, Oatside, Eat Just and Fazenda Futuro.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | $37M | - | $705M | - | ||
| Private | - | - | $750M | - | ||
| Publicly listed | $862M | ($39M) | $395M | 1.0x | ||
| Private | - | - | $395M | - | ||
| Publicly listed | $235M | $40M | $565M | 1.9x |
v2food Public Comps
v2food is still privately-owned, but its public comps include Nichols, Fourth Milling, Arabian Mills, Atria, Zinzino Holding, Modern Mills, Inghams Group, Kofola, Sligro Food Group and Lesieur Cristal.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $235M | $40M | 2.0x | 1.9x | 12.0x | 9.7x | |||
| $176M | $72M | 3.4x | 3.4x | 8.5x | 8.5x | |||
| $266M | $101M | 2.7x | 2.6x | 7.2x | 6.9x | |||
| $2.1B | $146M | 0.4x | 0.4x | 6.1x | 5.6x | |||
| $324M | $46M | 1.4x | 1.2x | 10.0x | 7.8x | |||
| $279M | $85M | 2.8x | 2.6x | 9.2x | 8.8x | |||
| $2.2B | $279M | 0.6x | 0.6x | 5.1x | 6.4x | |||
| $509M | $92M | 1.7x | 1.6x | 9.1x | 9.8x | |||
This data is available for Pro users. Sign up to see all v2food competitors and their valuation data. Start Free Trial | ||||||||
Common questions about v2food
| When was v2food founded? | v2food was founded in 2019. |
| Where is v2food headquartered? | v2food is headquartered in Sydney, Australia. |
| Is v2food publicly listed? | No, v2food is a private, VC-backed company. |
| What is v2food's valuation? | v2food was last valued at $559M in its Series B in August 2021. |
| How much funding has v2food raised? | v2food has raised $148M across 4 funding rounds. |
| What was v2food's last funding round? | v2food's last funding round was a $17M undisclosed-stage round in July 2025. |
| Who are v2food's investors? | v2food's investors include Main Sequence Ventures, Horizons Ventures, ABC World Asia, Marinya Capital, HSG, Temasek, Astanor Ventures, Esenagro, China Renaissance, Novel Investments and 2 others. |
| Which companies are comparable to v2food? | Companies comparable to v2food include Perfect Day, Oatside, Eat Just, Oatly, Fazenda Futuro and Nichols. |
| How many companies has v2food acquired? | v2food has acquired 2 companies, including Daring Foods and Soulara. |
See companies similar to v2food
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