A new round of funding will help All G Foods accelerate the production of its unique approach to milk alternatives that includes precision fermentation and a spin-off plant-based meat brand, Buds.
The Australian-based All G Foods is the country’s first to develop cellular milk with products similar to those developed by Bay Area company Perfect Day. All G Foods launched last year with a $15 million Seed funding round. Its latest raise brings its capital to more than $40 million.
The funding was led by U.K.-based Agronomics. Early investors included the Clean Energy Innovation Fund, Ellerston capital, Triple Star Capital, founders of Our Innovation fund and Monash Capital David Shein and Geoff Levi; Peter Andrews, CEO of Andrews Meats; Rob Lederer, ex Primo Meats; and global flavor company Oppenheimer.
Taking on dairy
“Over the next seven years we aim to make it cheaper to buy than cow-based dairy,” Jan Pacas, founder and chief executive of All G Foods, said in a statement.
“We could not be happier with Agronomics leading our Series A round due to their wealth of experience in funding the cellular agriculture sector.
“We are confident with investors like this, we can accelerate our commercialisation objectives and lead food innovation in Asia-Pacific,” Pacas said.
All G is focused not just on the precision fermentation techniques used by Perfect Day and others; it’s also behind a plant-based meat brand available in stores under the brand name, Buds. It’s already generating more than $3 million in revenue after less than two years on the market.
“When looking for investment it is critical for us that our investors share our vision for developing technology that can change the way we impact the plant through categories that are simply not sustainable as our populations grow,” Pacas said.
The new funding will help All G Foods bring its milk to China. It must pass regulatory hurdles before it can begin seeking retail partners. Pacas says approval could come as early as this year. The company is currently working to place the products in Singapore.
The investment from Agronomics will also bring technical support to help speed production.
“We have the science, but the biggest bottleneck is manufacturing,” Pacas said. “We don’t use the earth, water, cows, or anything from the existing manufacturing industry so using Argonomics’ fermentation tanks and bioreactors will give us huge leverage.”