Brazil-based alt-meat startup Future Farm has closed a $58 million round of Series C funding to make its plant-based meat analogues more widely available and also add new products to its roster. BTG and Rage Capital co-led the round, which also included participation from existing investors Monashees, Go4It Capital, Turim MFO and Enfini Ventures, and new investors XP Inc. (Rage is also a new investor.)
Some of the new funds will go towards expanding the number of retail outlets in which Future Farm’s plant-based meat products are sold around the world. The company, known in its home country as Fazenda Futuro, is currently in 10,000 points of sale across 24 countries, including several in Latin America as well as the UAE, UK, and other places in Europe. The company also launched in the US this past summer.
Founded in 2019, Future Farm has plans to expand to other markets in the future.
Beyond meat: Future Farm Milk
The new funds will also go towards developing additional alt-protein products. To date, Future Farm has stuck to meat analogues; products currently include Future Burger, Future Meatball, Future Beef, and Future Sausage. All of them are 100% vegan and made from ingredients like pea protein, soy protein, chickpea protein, beets, and coconut fat.
Earlier this year, Future Farm unveiled its Future Burger 2030, which the company says has an improved taste and lower sodium content than previous iterations of its burgers. The company says that thanks to its True Texture Technology, it can make its products “closer in look, texture and flavor” to traditional animal meat.
But meat won’t be the only item on Future Farm’s menu in the future. Some of the Series C funding will help the company develop and scale other types of alt-protein products, including Future Tuna and Future Chick’n products that will launch in the US, both of which are already on sale in the UK. Plant-based dairy products and other drinks are also in the works, with a focus on the European and American markets.
“We’re incredibly proud of this investment and those behind it, not only to validate the immense opportunity that exists within the category, but also to mark a new chapter for Future Farm, as we work towards innovating more plant-based offerings to create a portfolio inclusive of meat, seafood, poultry and dairy,” founder Marcos Leta said in a statement.
“More sustainable” packaging
The final elements of its products Future Farm will put the Series C funding towards is packaging. As anyone who buys plant-based brands at the grocery knows, products often tout environmental benefits yet sit on supermarket shelves wrapped in various plastics and other non-biodegradable materials.
To combat this, Future Farm says it has a goal of “100% sustainable and plant-based packaging” for its products. The exact definition of “sustainable” in this context isn’t given, but Future Farm’s current packaging is made from sugar cane and the trays are biodegradable according to the company’s website.
Including the Series C funding, Future Farm has raised a total of $89 million and says its current valuation is over $400 million.
Lead image courtesy of Future Farm.