Belgium’s Astanor Ventures drops €45 million into plant-based protein company v2food

Hailing from Sydney, Australia, v2food has received a €45 million investment from Brussels-based Astanor Ventures. This raise brings v2food’s Series-B round to a healthy €92 million, and with it, the company plans an aggressive expansion into both Asian and European markets.

European consumption of plant-based products has seen a dramatic increase (49%) over the past two years, with almost a quarter of the population identifying as flexitarians (22.9%). With numbers like this, it should come as no surprise that Research and Markets project the plant-based protein market to be valued at €3.2 billion by 2026; a figure both Astanor and v2 want to captialise on.

The company was founded in 2019 by former Masterfoods and PepsiCo Research Director Nick Hazell, and has a distinct advantage in the European market: none of its food products contain GMO’s or artificial colourings, or flavourings. Due to strict EU regulations, this has traditionally been a stumbling block for competitors.

"This is an important step towards v2food’s goal of transforming the way the world produces food. There is a big shortfall between the amount of meat we produce today and the amount needed to feed the growing global population,” explains Hazell. “Our mission is clear — to provide everyday people with plant-based meat that tastes great and is good for the environment.”

Astanor Ventures joins a host of Series B investors including Sequoia Capital China and Temasek, as well as existing investors including Huaxing Growth Capital Fund, Main Sequence, and ABC World Asia.

“Alternative meat has a crucial role to play in the fight against climate change. The V1 versions of alternative meat have created awareness and demand, now we have to step up and supply the customers with healthy, delicious and price competitive products,” comments Astanor Ventures’ Hendrik Van Asbroeck. “v2food, with its world-class team and scientific expertise, is the right company to deliver this new generation of alternative meat across the globe.”