vegan businesses are scaling their production, research and development, and new infrastructure to meet global continuously increasing demand.
Lately, the whole industry is being driven by a large number of celebrity investments (musicians, athletes, actors, etc.) which pump the valuations of these companies to multi-billion outcomes.
Here are a few samples of the latest on what's been happening in the vegan business world.
Vegan brand Wicked Kitchen has raised in a Series A funding around $14 million. Owned by world-renowned vegan chefs, brothers Derek and Chad Sarno the brand also recently announced it was launching in the US. This follows their incredible success in the UK since debuting in Tesco stores nationwide.
Plant-based cheese company Nobell Foods recently raised USD 100M million in a Series-B funding round. Among its supporters is actor and investors is IronMans Robert Downey Jr. and Bill GatesThe brand is commended for its ability to mimic the stretchy texture of the real thing. Founder Magi Richani recreates casein, which is the protein in dairy, using soybean seeds.
Protera is a bioscience company using artificial intelligence to create plant-based proteins, they have recently raised $10 million in funding. This will help scale the manufacturing of its artificial preservatives that aim to extend the shelf lives of vegan products.
Technology firm NovoNutrients uses industrial carbon dioxide emissions to create ‘high-grade' plant-based proteins.
This procedure involves microbial fermentation. They've just raised $4.7 million from Hong-Kong based Venture Capital Firm Happiness Capital, taking it to a total of $9 million, they hope to become the world's biggest provider of vegan proteins.
Sojaprotein and ADM sign deal
One of southern Europe's biggest plant-based protein producers, Sojaprotein recently signed a deal with ADM. ADM is a US-based multinational food processing firm claiming they've invented the first Soy burger.
Other vegan investments made by ADM include PlantPlus Foods, and a pea protein plant in the US. Additionally, it's teamed up with Perfect Day to create dairy proteins using microbial fermentation.
Sojaprotein has grown geometrically since its formation back in 1977. Last year alone, they've made more than $100 million in sales. The firm produces non-GMO soy ingredients and now joins more plant-based businesses under the umbrella of ADM. Sojaprotein's majority owner is MK Group. Vice President Aleksandar Kostić revealed: “Consumers today are looking for more from their foods and drinks – they want great-tasting products and sustainable sources of proteins.
WM Partners acquires Vega
WM Partners recently announced the acquisition of Vega, a Canadian plant-based protein brand. The nutrition band will join the company's portfolio of health-focused firms, including Ultima Replenisher, Jade Leaf, and FGO.