All G Foods, a Sydney-based alternative protein start-up, has received further funding from Woolworths’ venture capital fund W23.
The sum is secret, but it is in addition to the $16 million in startup funding they received last year.
The financing will be used to extend the company’s existing product lines, including a move into animal-free dairy utilizing precise fermentation technology. The company presently manufactures a variety of plant-based goods called Love BUDS.
Putting the System to the Test
All G was established with the goal of creating long-term alternatives to animal products.
Love BUDS is currently available in more than 300 Woolworths stores, with mince, sausages, bacon, and nuggets all set to hit the shelves soon.
MilkCELL, the company’s dairy division, is set to emerge in two to three years, thanks to Woolworths’ latest investment.
Animal goods can be replicated through precision fermentation without the use of animals.
It’s comparable to brewing beer in that microbes consume nutrients and produce alcohol; but, instead of alcohol, the microorganisms that generate animal-free dairy produce milk proteins, thanks to milk-protein DNA that has been encoded by food scientists.
The technique has enormous potential for ending animal exploitation and assisting in the mitigation of the climate problem.
Precision fermentation technology reportedly produced $587 million in sales during the pandemic, according to The Good Food Institute’s (GFI) 2020 State of Industry report.
Furthermore, it indicates that the general public is willing to accept the new technology. Consumers have “solid enthusiasm” for employing the technology to create dairy products, according to a recent survey.
Woolworths Is Ahead of the Game
The Australian supermarket behemoth has already invested in companies that produce alternative proteins and has been actively growing the amount of vegan options offered in its stores.
It established W23 in 2019 to invest in new revolutionary food technology, and it led the seed funding for Harvest B, a domestic alternative protein producer that received $3.5 million to research alternative proteins for usage by plant-based manufacturers, last year.
Source: “Woolworths Invests Millions Into Alt-Dairy” by Plant Based News