Latin American food technology company Future Farm gains a foothold in the U.S. substitute protein market with new funding
The latest $ 58 million capital injection into the Brazilian food technology company is expected to help Fazenda Futuro, also known as Future Farm, gain at least 10% share of the US alt protein market by 2025, which makes it a stronger rival against regional incumbents. Foods impossible and beyond meat.
Future Farm, which saw its valuation reach $ 400 million after raising this Rage Capital-led Series C funding round, says several alternative dairy products are in its pipeline, including a plant-based milk and cheese. , but it will mainly focus on expanding its core business. plant-based burgers, sausages, meatballs, and ground meat in the US right now.
The fundraising announcement follows Future Farm’s initial launch in the United States last summer, bringing its total investment to $ 89 million to date. The company’s two previous funding rounds have helped accelerate product development and expand its presence in 24 countries in just two years.
Future Farm is currently available on several foodservice platforms in the United States, including Vejii and Hungry Harvest, and is expected to expand into grocery retail and e-commerce.
Marco Leta, Founding Partner and CEO of Future Farm, said in a statement: “We are incredibly proud of this investment and those who support 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 to expand our plant-based offerings and create a portfolio comprising of meat, seafood, poultry and dairy products.
“In order to change the way the world eats, by making slaughterhouses and animal protein products obsolete, we will continue to bring consumers into the category by providing quality, variety and flavor with our products, and bringing joy and delight in the plant-based eating experience, ”he added.
The newly raised funds will also help advance Future Farm’s True Texture technology and sustainability efforts, according to Alexandre Ruberti, who was recently appointed CEO after spending nearly two decades at Red Bull previously as an executive.
Ruberti recently explained to me how technology can make their future plant-based meat products, such as pork and chicken belly, better mimic the texture and flavor of their animal-based counterparts by creating longer fibers.
Separately, he said: “ESG is also in our DNA, and our next step is to adopt environmentally friendly packaging,” stressing that the goal is to eventually use 100% sustainable and plant-based packaging. sugar cane compounds for Future Farm products.
“I believe that as a company it is our responsibility to create a product that benefits the environment,” added Ruberti. “We are not trying to convince anyone to go vegan or vegetarian, but we are giving the consumer an additional plant protein option to enable them to help our planet.”
Increasing deforestation in South America has been linked to animal agriculture by environmental experts, but the region, traditionally known for its high consumption of meat, has recently seen a major shift towards the plant-based diet, resulting in meteoric growth. among a group of large institutions. supported alt protein companies, including NotCo.
Ruberti believes Latin American players in protein alternatives, including Future Farm, have the ability to compete more with their counterparts in regions where the plant-based trend is more mature.
“If we weren’t confident we wouldn’t be pitching here in the United States,” he said. “Our job is to democratize the category as much as possible by reducing the price while evolving. “