V2Food, a new competitor in the alternative protein market, was founded in Australia and now aims to expand its reach into Europe, Asia, and beyond. It offers several key advantages over its competitors, and has 45 million in new funding. This could help it make its way onto plates in the Eurozone.The company has experienced strong growth in its home market and is now striving to become No. The company is No. 1 in Australia, according to Nick Hazell (CEO and founder), who was previously with MasterFoods and PepsiCo R&D. However, they will be expanding their presence in Asia where Burger King has launched a Whopper containing their patty and in Europe where there are no suspicious ingredients.Currently, v2Food offers plant-based ground beef, patties and sausages as well as ready-made Bolognese sauce. They are up against strong competition in these categories, which are the main market for most alternative protein companies. Two ways are v2Food ahead of many other companies is a plus.First, v2Food products can be made using standard meat production facilities. This is a huge plus for cost-savings and an advantage for scale, as economies of scale already exist. There are many processes involved in creating and mixing plant-derived or artificial proteins. These are not always possible with existing infrastructure. This opens up the possibility of forming partnerships with existing meat producers that may have been reluctant to change processes. Hazell pointed out that they aren't looking to replace traditional meats but rather grow the market in a new direction. This is a strategy that may be appreciated by these companies.Second, v2food products are free from GMOs, preservatives and colors. This is stated in the press release that announced the fundraise. It is a perfect product for Europe, where many big competitors are unable to access the market. Who hasn't at times chosen the one that boasts fewer ingredients? This is likely to be especially important for alt-protein buyers.This 45 million round is a B Plus led by European impact fund Astanor with participation from Huaxing Growth Capitol Fund and Main Sequence. This money will be used for R&D as well as scaling.Hazell said that this funding is an important step towards v2foods goal to transform the world's food production. These global problems require immediate solutions, so it is crucial that we scale up quickly.A large part of this money will be used to create enough product to satisfy demand. To both improve existing products and accelerate the development of new products, they are increasing their R&D spending. They are also exploring the possibility to build a local manufacturing plant, rather than import the ingredients. The region could be a net exporter with a little luck and plant-based elbow grease. This would help to boost the local economy, as well as build v2Foods resilience, and cut costs.Europe expansion is still a twinkle of the companies' (and Astanors') eyes. Despite its simplicity and non GMO origins, it is not difficult to launch a product on the European market.
