Woolworth‘s has made its second investment in All G Foods, a local plant-based meat start-up.
The Love Buds range of plant-based products are sold in supermarkets and restaurants.
The company secured another multi-million dollar funding from W23, which is the venture capital arm of Woolworth’s.
W23, a venture capital firm focused on supporting start-ups, has announced that it is investing in a new generation of Australian food innovation.
All G Foods is focused on developing new protein production techniques that will allow it to feed a growing population.
Woolworths’ first investment in the plant-based meat market was made in Harvest B, which makes alternative proteins.
The company is believed to be the first in the country to use a precision fermentation process to develop dairy proteins that are more similar to milk than traditional dairy.
Through a precision fermentation process, micro-organisms can produce complex organic molecules such as protein.
All G Foods‘ milk is made up of 3.5 per cent protein, 0.5 per cent fat, and 96 per cent water.
It has started making its non-cow milk at its biofoundry in Sydney and the company would expand its operations in the next few years.
According to All G Foods’ CEO, it will take the company several years to reach its goal of producing 100 million kilograms of milk annually.
In 12 to 18 months, the company plans to build a pilot plant and a precision fermentation facility. It will then expand its operations to supply products to the global market in the next three years.
W23 was created in 2019 to help the supermarket giant get exposure to new technologies and start-ups.
Last year, All G Foods secured an initial round of funding that was led by Clean Energy Finance Corporation and included other investors.
The company is currently developing a variety of plant-based meat products, such as chicken, sausages, and bacon alternatives.
Woolworths has expanded its range of products including into financial areas such as Insurance. You can save on your policy from Woolworths Insurance with a EveryDay Insurance discount code.