Rival Foods, a fully plant-based, clean label and minimally processed meat alternative manufacturer, has secured $11.5m (€10m) in Series B growth financing, allowing the business to “push the boundaries of plant-based innovation.”
The funding round was led by APG, investing on behalf of Dutch pension fund ABP, with additional backing from PYMWYMIC, ROM Utrecht Region and existing investor PeakBridge.
Rival Foods was founded in 2019 as a spin-off from Netherlands’ Wageningen University & Research and specializes in developing whole-cut meat alternatives that “closely mimic the structure, flavor and mouthfeel of animal-derived meat cuts.”
The products, developed specifically for food service and retail, are fully plant-based, clean label, minimally processed and contain zero artificial additives.
Which meat alternatives are in growth?
Through the funding, Rival Foods aims to double production capacity at its Geldrop, Netherlands, facility and scale its proprietary manufacturing technology.
Funds also will be used to optimize production costs to achieve animal meat price parity, “without compromising on taste, texture or nutritional value,” claims the company.
“With the backing of world-class investors, we’re ready to scale fast and reshape the future of protein. We’re called Rival for a reason – we’re here to be one," says Rival Foods CEO and founder Birgit Dekkers.
Additionally, the Series B funding will support team expansion and international growth, particularly within the restaurant and foodservice sectors.
“Rival Foods have built something special: a scalable process to turn standard plant proteins into exciting fibrous, meat-like structures,” says ABP Netherlands Energy Transition & Biodiversity fund senior portfolio manager, Lodewijk Meens.
Has Rival Foods ‘cracked the code’?
Other backers celebrate Rival Foods as having “cracked the code” on clean label, plant-based proteins, specifically for taste and texture developments that rival animal meats.
Rival Foods’ production method could mark a shift in how plant-based meat is made, says Juri van Dolderen, senior investment manager at ROM Utrecht Region.
“Its products are best-in-class while production process allows price parity with animal protein,” continues van Dolderen, who adds the tech also could boost global plant-based meat adoption.
Backers say Rival Foods’ ability to draw more people into the plant-based category comes down to its delivery on three key fronts – taste, texture and price – according to PeakBridge COO Martina Pace.
