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Brazilian vegan startup Fazenda Futuro recently secured US$21.5 million in investment, which the company says it will use to expand its line of plant-based meats and accelerate the launch of its burgers, meatballs and sausages to more international markets. The startup has plans to enter more countries in Europe and Asia as soon as next year.
The new financing, led by Brazilian investment firm BGT Pactual, local financial services company Turim MFO and Enfini Investments, a part of PWR Capital Group, adds to the initial US$8.5 million the company received last year. Existing investors Monashees and Go4it Capital also participated in the round.
Fazenda says that it will use the funding to continue growing its line of plant-based meat alternatives and take its products into more international markets, including countries across Asia and Europe.
We want to once again elevate the plant-based market with this input, with new products and technologies, even more innovation in the industrial processes and with a skilled team to execute our plan, without having to kill a single animal, and keeping our forests away from the meat-packing industry.Marcos Leta, Co-Founder of Fazenda Futuro
Since its inception in 2019, the startup, founded by Marcos Leta and Alfredo Strechinsky, has already established a presence outside of Brazil in Chile, Mexico, Uruguay and the Netherlands. Concrete plans have already been announced to launch in the U.S., U.K. and Germany in the coming months, before entering Asia in the longer term.
Fazenda’s main point of difference is its use of artificial intelligence to help improve the taste and texture of its GMO-free and gluten-free plant-based meats alternatives, which are mainly made of pea protein and chickpea protein.
“We want to once again elevate the plant-based market with this input, with new products and technologies, even more innovation in the industrial processes and with a skilled team to execute our plan, without having to kill a single animal, and keeping our forests away from the meat-packing industry,” said co-founder Marcos Leta.
“We’ll intensify our marketing and commercial operation in Europe, and accelerate our entry in the United States,” Leta added.
All images courtesy of Fazenda Futuro.