Australian Alternative Protein Start Up, All G Foods, Completes $15.5m Seed Raise Ahead Of First Product Launch
This raise will accelerate the company’s mission to develop cutting edge science that feeds sustainable protein to a world growing to 10 billion people.
6th September 2021:
Australian owned and made alternative protein start up, All G foods today closed a $15.5 million seed capital raise. All G foods believe it will be the first Australian company using a foundational technology called precision fermentation to develop dairy proteins that can be included in milk and other “cow-free” dairy products. It is also using this technology to enhance its plant-based meat ranges. The technology is expected to revolutionise the meat and dairy industry and All G Foods plans to be at the forefront of this disruption. The line-up of high-profile investors includes the Clean Energy Finance Corporation (CEFC) whose charter is to invest in Australian companies that drive the countries’ carbon emission reduction as well as Ellerston capital, Triple Star Capital a Singapore based PE firm, David Shein and Geoff Levi, founders of Our Innovation fund and Monash Capital; Peter Andrews, CEO of Andrews Meats; Rob Lederer, ex Primo Meats; Oppenheimer – a global flavour company and a number of distribution partners as well as a number of ASX 200 CEOs who wish to be unnamed.
“We are very grateful and privileged to have the backing of so many incredible investors. These institutions and opinion leading individuals see the potential in an Australian first company like All G Foods which combines world leading science with foundational precision fermentation technology and has assembled a world leading team. They see the potential in All G Foods becoming a global supplier of high quality and delicious alternative proteins,” says All G Foods Founder and CEO, Jan Pacas.
CEFC CEO Ian Learmonth says “alternative proteins are an important way to reduce food-related emissions because they have a relatively small carbon footprint. With plant-based proteins and proteins from technology like precision fermentation, we can help feed a growing local and global population while putting less pressure on our environment,” Learmonth says.
The Sydney based All G Foods’ first product is Love BUDS Burgers, which will arrive on the shelves of IGA supermarkets and in burger venues around Australia during September 2021. An extensive range of additional alternative protein products is already under development for the Love BUDS brand, including plant-based mince, sausages, as well as chicken and bacon alternatives.
IGA Chairman Joseph Romeo of Romeos Supermarkets sees All G Foods as a growth opportunity for his stores: “We have seen steady growth in plant-based year on year, but now we have BUDS Burgers, Mince and Sausages we are doubling down and resetting the way we merchandise the category. Meat and plant-based are getting closer together.” “While we see a lot of products come and go not many have the whole package. When I first saw All G Foods, I knew there was something different, but once I ate the BUDS burger I knew this was going to be a game changer and we jumped on board immediately.” Romeo concludes.
Peter Andrews, the CEO of meat wholesaler Andrews Meats sees All G Foods as “a future market leader in this space.” He continues, “their product is the closest plant-based alternative to real meat I have tasted. I predict these products will account for 10% of the meat market by 2029. There are untapped opportunities for All G Foods across the foodservice and retail sectors with exciting growth potential in both the fresh and cooked value-add products.”
“In addition to our amazing investor lineup, we have partnerships with leading global organisations and have put together a science and technology team representing the best in their fields nationally or globally. Our ambition is to make products that are indistinguishable and potentially better than their animal counterparts in both taste and nutrition. We will succeed because we are creating products that consumers love, while making a positive difference for our planet. This will be part of a positive future, a future that is All G,” Pacas says.
About All G Foods – owners of the Love BUDS alternative protein brand: All G Foods is a feel-good Australian company passionate about making a positive food movement. Its mission is to take some of the weight out of feeding the planet with nutritious, delicious protein. It isn’t here to tell anyone what they can and can’t eat but rather it is here to encourage flexibility in everyday eating and inspire a positive food movement to smarter, tastier lower carbon alternative proteins.
For more information contact: Renee Enman Head of Communications & Corporate Affairs firstname.lastname@example.org
About All G Foods All G Foods is a leading Australian food technology start-up that focuses on precision fermentation to produce cultured dairy products, as well as plant-based meal solutions. The company, led by some of the world's leadingscientists in precision fermentation and food technology, believes nature has already provided us with the perfect blueprint for nourishment and is on a mission to deliver a limitless supply of high-quality protein through the power of science.All G Foods has garnered considerable investment and created strategic alliances with industry leaders due to its outstanding track record of success in the Australian market. The development of strategic subsidiaries in China and Singapore, as well as the company's expansion into the APAC area, positions the company for the next chapter in its growth journey. Visit www.allgfoods.com for additional details.
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