Plant-based meat brand Future Farm secures $58M, making it a new competitor in US alternative protein market
The Brazilian vegan meats company Fazenda Futuro (Future Farm) will have gained over a 10% share of the US alternative protein market by 2025 following a series C round of funding.
The funding round was led by Latin American bank BTG Pactual, and Rage Capital, a venture capital firm investing in innovative industries such as food tech. This will bring the start-up’s overall value to $400M, and total investment amount to $89M.
Part of these new funds will allow Future Farm to invest in R&D and develop their own vegan dairy products, as well as increase the range of their plant-based burgers, sausages, meatballs and mince products in the States.
The funding is also going to be used to improve the brand’s True Texture Technology to create textures and tastes that are even more similar to meat than before, as well as develop the sustainability efforts of the business. Part of their sustainability plan includes reducing their carbon footprint by using packaging that is completely plant-based, made from sugar cane.
Following their launch in May 2019, the company has just started selling produce in the US during the summer of this year. Their Future Burger, Future Beef Mince, Future Meatballs and Future Sausages are currently available on online food delivery sites such as GTFO It’s Vegan, Vejii and Hungry Harvest. The brand expects to have their produce stocked in supermarkets and other online sites in the country very soon.
Founder and CEO OF Future Farm, Marcos Leta said: “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,
“In order to change the way the world eats, by making slaughterhouses and animal-protein products obsolete, we will continue bringing consumers into the category with quality, variety and flavor, and delivering joy and deliciousness to the experience of plant-based eating”.
Future Farm make their alternative meats from GMO-free soy, peas, chickpeas, and other vegan ingredients. In the States, the current SRP for their products are $5.29, in a bid to make vegan meats more accessible to consumers.
The business currently has around 10,000 sale points around the world and it’s sold in 20 countries in Latin America, Europe, Middle East, Canada and launched in the United States in July.
Future Farms appointed former Red Bull Distribution Company and EVP of Sales at Red Bull North America Alexandre Ruberti as its CEO in February, to lead the US expansion.
“I do believe, as a company, it’s our responsibility to create a product that benefits the environment,” Ruberti said to Forbes. “We’re not trying to convince anyone to become a vegan or vegetarian, but we’re offering the consumer an additional plant-based protein option to allow them to help our planet”.
Future Farms is one of a number of plant-based food companies coming out of Latin America. Jeff Bezos-backed NotCo, hailing from Chile, reached Unicorn status in July, after raising $235 million in a funding round, reaching an overall value of $1.5 billion.