Plant-based food producer, Fenn Foods, has secured $3 million in capital from Bombora Investment Management (BIM) during its latest funding round.
Fenn Foods makes and markets Veef-branded alt-beef and alt-chicken products, sold through Coles, Woolworths and other grocery retailers as well as through foodservice channels.
The capital injection joins BIM’s existing investors, including Beamtree, MadPaws, BikeExchange and Marketplacer. The Queensland-based company is known as a producer and marketer of premium plant-based foods for the grocery and foodservice market. Its products are available across major supermarkets and retail stores, including Woolworths and Coles.
“We see Fenn Foods as having a unique point of difference in this burgeoning market,” said Mike Hill, MD and chief investment officer of Bombora Investment Management. “The company is positioned perfectly to take advantage of consumers growing demand for plant-based foods.”
Executive chairman of Fenn Foods, Nicholas Simms, said the investment will allow the company to further invest in innovation, marketing and production while expanding into new sectors and selected global markets.
According to Food Frontier, plant-based foods accounted for the most rapid growing segments of the global food market. In Australia, considered the third-fastest-growing vegan food market in the world, plant-based foods are estimated to generate about $3 billion in retail sales and more than $1 billion in manufacturing by 2030.