Cow‑free dairy finds its stride as Those Vegan Cowboys break crowdfunding records

Cow-free dairy had hit a rut with investors in recent years, but a fresh wave of fundraising signalled that enthusiasm towards the category is returning – fast. Those Vegan Cowboys is one of the players stirring this excitement. The European foodtech start-up – which specialises in producing casein through precision fermentation – is at the final stretch of a unique and record-breaking crowdfunding campaign . The raise is designed to attract ambassadors to support the company’s long-term vision of producing dairy-identical proteins more sustainably than what’s possible through traditional agriculture. The crowdfund follows the closing of a recent VC round that secured the start-up’s mid-term future. The next phase is about building momentum – and a community of ambassadors. No company in precision‑fermentation dairy has crowdfunded before – but for the founders of Those Vegan Cowboys, this isn’t their first rodeo. Years ago, Jaap Korteweg and Niko Koffeman led an oversubscribed crowdfund at alt meat company The Vegetarian Butcher. That campaign wasn’t so much about securing financial stability – it raised €1.5m – as it was about visibility and change-making. Those Vegan Cowboys is following the same blueprint now. “The crowd component is primarily about building broader support to help accelerate systemic change,” CEO Hille van der Kaa told us. “So far, more than 1,100 people have subscribed, and we are close to being fully booked.” There’s something even bigger afoot. “The campaign at The Vegetarian Butcher moved quickly (€1.5m in two weeks). Ours is moving even faster (€2.5m in a single day).” The foodtech firm raised €1 million in an hour – a record for the investment platform that hosts the crowdfund. “Seeing that level of interest and belief in what you’re building gives an enormous boost both to the team and to the outside world,” Van der Kaa explained. Dairy players are also on board. “Among the subscribers we also see quite a few people from the dairy industry, which opens up opportunities to collaborate in ways that go beyond financial participation in the future,” Van der Kaa said. “When you’re driving systemic change, you can’t predict in advance exactly what you’ll need or what will ultimately determine success. With more than 1,100 shareholders, you diversify not just ownership, but opportunity.” There are few companies in its markets with whom the foodtech firm hasn’t had some form of contact, she added. “Especially those that don’t have direct relationships with farmers are eager to take the next steps to scale with us. But even the companies that do have direct ties to dairy farmers are watching closely.” A successful crowdfund is also a signal to private investors that a company is gaining momentum. “In the early days at The Vegetarian Butcher, it was difficult to convince investors and lenders,” Van der Kaa said. “After the crowdfunding campaign, that was no longer an issue.” In the case of Those Vegan Cowboys, that sequence was reversed: the crowdfund came after the VC raise was complete, because the start-up wanted to have a solid financial base before asking for citizen investors to chip in. And yet, the mere announcement of the public raise attracted a new investor. “When we shared the news about the crowdfund publicly, momentum surged,” the CEO said. “A new investor came forward with a €2 million commitment, and we quickly received over 2,000 registrations for the crowdfunding campaign.” Financially, the start-up is looking to raise €4 million through public backers, expanding the entire funding round to €12.25 million. “The extra capital allows us to work on multiple products simultaneously – multiple cheeses, several types of chocolate, and various sports products,” Van der Kaa said. “It also enables us to accelerate the development of new types of caseins with specific, tailored functionalities.” So what’s the role of the crowdfunders going forward? “Quite literally, spreading the word. And building connections that traditional investors typically don’t,” the chief executive said. “The crowd will probably not be the investor who triples their stake in a potential next round, if needed; then again, that’s true for many investors.” The key is to be transparent about the risk and the opportunity, she added. “With us, the crowdfunders participate on exactly the same terms as the other investors. There is no difference in conditions. We are upfront about the high-risk nature of the investment. We hide nothing. At the same time, we make it very clear what the potential impact on the world could be because that impact is inherently tied to our success.” Those Vegan Cowboys’ casein enables cheese production with five times lower environmental impact than traditional dairy, says the company, while retaining dairy-identical functionality. Currently, 10 partners, including major names in the dairy industry such as Westland Kaas and Hochland, work on incorporating the casein into products such as cheese and milk chocolate. And yet, this stage of R&D is just the beginning. “Even though we’re giving it our all, the years ahead will undoubtedly come with their share of ups and downs,” Van der Kaa said. “It’s essential to take the crowd along on that journey. And that’s exactly what we intend to do.”