The company presently records the biggest raise in Australia’s plant-based meat sector
LegalVision has helped local plant-based meat producer v2food to raise $72m in a Series B Plus funding round.
Coupled with the $77m raised by the company last year, the total amount of funds generated now exceeds $185m – making the raise the biggest in the country’s plant-based meat sector to date.
“This Series B Plus round follows two consecutive years of noteworthy rounds. The fact that v2food is attracting such high levels of funding during a global pandemic and economic uncertainty is a credit to their excellent product and hard work,” LegalVision lead partner Jill McKnight said.
v2food will be using the funds to support its expansion to Asia and Europe – a goal she said LegalVision was pleased to support.
Among the investors in the recently concluded funding round are European investment fund Astanor Ventures, Huaxing Growth Capital Fund, Main Sequence and ABC World.
LegalVision’s team guided v2food on all aspects of the transaction, including structuring, negotiating and closing the round. McKnight received support from senior lawyer Sophie Mao.
v2food founder and CEO Nick Hazell praised LegalVision’s work on the deal.
“This is our third successful raise with LegalVision and we look forward to continuing our thriving relationship,” he said. “Working with Jill and Sophie, we can always be assured of an exceptional level of service and practical and timely advice. We look forward to continuing to work with the high calibre LegalVision team during our next phase of growth.”
v2food, launched in 2019, aims to produce a “version 2” of meat. National science agency CSIRO, Main Sequence Ventures and Jack Cowin’s Competitive Foods Australia were counted among the company’s first shareholders.
