Gimv is a European investment company with over three decades of experience in private equity and venture capital.  Gimv is listed on NYSE Euronext Brussels. Gimv currently manages around 1.8 billion EUR (including third party funds) of investments in 85 portfolio companies, which jointly realise a turnover of more than EUR 6 billion and employ over 28,000 professionals.   As a recognized market leader in selected investment platforms, Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them in their transformation into market leaders. Gimv’s four investment platforms are: Consumer 2020, Health & Care, Smart Industries and Sustainable Cities. Each of these platforms works with a skilled and dedicated team across Gimv’s home markets of the Benelux, France and Germany and can count on an extended international network of experts.  More information on Gimv can be found on [www.gimv.com].

Gimv

Founded in 2001, DSM Venturing is the corporate venture capital arm of Royal DSM, based in Heerlen, Netherlands. The firm invests in companies developing innovative products and services in sectors of life sciences (animal and human health & nutrition) and biomedical.

DSM Venturing

Siddhi Capital is the venture partner for convention-crushing food and beverage companies. It blends deep operating knowledge and expertise through its strategic partnership with Siddhi Ops, and smart capital to propel brands forward in the food and beverage marketplace.

Siddhi Capital

Planet A Ventures is a greentech venture fund looking to support European solutions for a sustainable future. Planet A Ventures has an in-house science team that calculates life cycle assessments to determine a startup's impact. Their scientists have the authority to veto investments if the impact is not significant and quantifiable. Planet A Ventures invests in European green tech start-ups that are making a significant positive impact on the environment while also building scalable businesses.

Planet A Ventures

Beyond Impact Advisors is created to facilitate investment in products and services that are either inherently vegan in nature or are cruelty-free and remove mankind’s reliance on the raising of animals for slaughter. Beyond Impact’s core investment thesis centers on sustainability as a pillar of risk management and economic valuation. Due to the heavy environmental impact, the use of animals is inherently unsustainable and alternatives need to be found and funded. Coinciding with this we are seeing an accelerating societal shift in favour of vegan, cruelty-free and plant-based alternatives, based on the environmental imperative, health concerns and compassion for animals. As such, Beyond Impact targets significantly impactful companies which have positioned their products and services to meet this growing demand, favouring those with clear technological advantages and whose products outstrip the qualities of the animal-derived material they replace.

Beyond Impact

SFPIM investment firm that invests in technology and infrastructure.

SFPIM

Paleo

Paleo is a food ingredient company that develops ingredients for plant-based foods, making them tasty, healthy, and more sustainable, feel and look like real meat or fish without hurting animals through bioscience.

<div>Paleo is a Belgian food ingredient company that develops functional meat and fish proteins for plant-based products through precision fermentation.&nbsp;</div>

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream.

Plant-based Meat

Paleo is a Belgian food ingredient company that develops functional meat and fish proteins for plant-based products through precision fermentation. In December 2023, the company <a href="https://sp-edge.com/updates/24978">ventured</a> into the plant-based pet food market with an animal-free heme ingredient. The company also filed and published a patent application, reportedly the world's first, for the use of its animal-free heme in pet food formulations.

Empowering sustainable food innovation through food engineering tech

Novel Foods

<div>
 
 Paleo is a Belgian food ingredient company that develops functional meat and fish proteins for plant-based products through precision fermentation.&nbsp;
 
 
 The company claims to be the European pioneer in precision fermentation for meat and fish proteins. In
 <a href="https://sp-edge.com/updates/11394">
 
 June 2022
 </a>
 , the company secured patents for 6 new variations of non-GMO heme that include beef, chicken, pork, lamb, tuna, and paleo-era mammoth proteins. Paleo noted that its production is powered by renewable energy, which uses 5x less energy, 10x less water, and 100x less land.
 
 
 In November 2023, Paleo launched an office in Singapore to handle its APAC region operations, marking the company&rsquo;s first expansion beyond Europe. Meat alternatives with Paleo&rsquo;s heme range are expected to be available in several markets including, the US, Canada, Europe, Latin America, and Asia. 
 In 
 <a href="https://sp-edge.com/updates/26220">
 January 2024
 </a>
 , the company opened a new pilot-scale facility in Leven, Belgium, to expedite the production of its animal-free heme ingredient.
 
 
 Funding and financials
 &nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/16533">
 February 2023
 </a>
 , the company raised EUR 12 million (~USD 12.8 million) in a Series A funding round co-led by DSM Venturing and Planet A Ventures with participation from other investors. The funding was planned to be used for scaling up production as the company moves towards commercial production, as well as filing for regulatory approvals. 
 
</div>

<div>
 
 LIVEKINDLY Collective (formerly known as Food United) produces plant-based meat alternatives through its brands LikeMeat, Fry Family, and Oumph!. The group offers a wide range of plant-based alternatives to burgers, sausages, nuggets, pulled BBQ chicken, and kebabs, made primarily of soy protein and other plant-based ingredients. In 
 <a href="https://sp-edge.com/updates/3657">
 June 2021
 </a>
 , the company launched two flagship plant-based brands in China &ndash; Giggling Pig (Ge Ji Zhu) and Happy Chicken (Ha Pi Ji); the first brands to be created in-house by LIVEKINDLY Collective, which encompasses seven plant-based products including dumplings, mushroom-based dishes and a seasoned minced dish. In 
 <a href="https://sp-edge.com/updates/19881">
 July 2023
 </a>
 , the company launched the Oumph! Smash Burger. The product was targeted at food service and launched at over 80 Brodernas (a Swedish restaurant group) locations, with additional locations and retail expansion to follow.
 
 
 In June 2021, LIVEKINDLY Collective entered into an agreement to acquire The Dutch Weed Burger, a plant-based meat company based in the Netherlands. This acquisition was expected to expand LIVEKINDLY&rsquo;s brand portfolio and extend the company&rsquo;s international footprint into more than 40 countries including the US, Canada, Asia, Europe, and the UK.&nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/20574">
 August 2023
 </a>
 , the company acquired Alpha Foods, a California-based plant-based frozen food producer. The acquisition supported Livekindly Collective&rsquo;s plans to expand its presence in the US market and venture into the ready-to-eat breakfast and burrito snacking category. Moreover, it was expected to strengthen Livekindly&rsquo;s position in the global plant-based market and enable further growth and innovation within the industry.
 
 
 Key customers and partnerships
 
 
 In February 2021, the group formed a partnership with the Dutch plant-based food company Rival Foods to develop whole-cut plant-based chicken products. Also in February, LIVEKINDLY Collective formed two joint ventures with US plant-based food company Puris Foods (undisclosed terms) to invest in regenerative agriculture and cost-effective plant-based food production. The companies claim this joint venture&rsquo;s sustainability approach will result in a long-term achievement of cost parity with conventional animal meat.&nbsp;
 
 
 Funding and financials
 
 
 In its latest funding round in March 2021, the startup raised USD 200 million led by Rise Fund with participation from existing investors Rabo Corporate Investments and S2G Ventures. The funds were earmarked for international expansions, new acquisitions and partnerships, and new product investments.
 
 
 
</div>

LIVEKINDLY

NotCo is a Chilean startup that develops plant-based meat and dairy alternatives. Leveraging a patented AI algorithm named Giuseppe, NotCo develops plant-based products that match the taste, texture, and mouthfeel of animal products by studying infinite combinations of plants and using internal feedback from trained chefs.NotCo’s product portfolio includes NotChicken (patties, nuggets, and tenders) and NotBurger, which are available for retail and foodservice in the US, Canada, Brazil, Argentina, Chile, Mexico, Peru, <a href="https://sp-edge.com/updates/10672">Australia</a>, and Colombia.In <a href="https://sp-edge.com/updates/28580">April 2024</a>, NotCo developed a plant-based turtle soup called "NotTurtle Soup" in partnership with Chef Diego Oka. NotTurtle Soup claims to mimic the flavor and texture of authentic turtle soup to reduce the consumption of endangered green sea turtles.Key customers and partnershipsIn February 2022, NotCo<a href="https://sp-edge.com/updates/8673"> teamed up </a>with Kraft-Heinz to form a joint venture (JV) to leverage the strengths of both companies and develop a line of plant-based food. In <a href="https://sp-edge.com/updates/27345">March 2024</a>, the JV announced plans to launch NotHotDog and NotSausages in partnership with Oscar Mayer, a subsidiary of Kraft Heinz.In <a href="https://sp-edge.com/updates/23368">November 2023</a>, the company partnered with Yellowbird Sauce, a hot sauce producer, to launch NotChicken Spicy Patties at select Whole Foods Market locations across the US.Funding and financialsIn its most recent funding round in <a href="https://sp-edge.com/updates/15270">December 2022</a>, the company raised USD 70 million in a Series D1 funding at a valuation of USD 1.5 billion led by Princeville Capital, with participation from existing and new investors. The funding was earmarked for developing a B2B platform that will allow other producers to access the company’s patented AI platform Giuseppe. Further, it is expected to help with expansion and preparation before the company’s planned IPO in 2025.

NotCo

<div>
 
 Improved Nature produces plant-based chicken alternatives from soy protein, replicating the flavor and texture of real chicken. The company sells its plant-based meat products under Nature's PRIME and Nature&rsquo;s Meat brands, which cover a large line of refrigerated and frozen products like slices, nuggets, filets, tenders, and more.
 
 
 Improved Nature's reliance on soy protein makes it more similar to the original wave of plant-based meat producers which relied almost exclusively on soy to produce products for vegetarians, with less interest in mimicking the texture, taste, and mouthfeel of real meat products.
 
 
 Key customers and partnerships
 
 
 I
 n 
 <a href="https://sp-edge.com/updates/23085">
 October 2023
 </a>
 , the company partnered with RMS Foods, a US food manufacturer, to provide soy protein-based clean-label alternatives to private-label brands at a value price. In addition, the company launched a new line of heat-and-serve meals, including options such as plant-based sausage patties, nuggets, and beefless Korean bulgogi.&nbsp;
 
 
 
</div>

Improved Nature

Impossible Foods produces plant-based meat products using plant protein and high-moisture extrusion cooking techniques to transform soy protein into a texture similar to that of meat. Its portfolio includes plant-based beef, sausage, chicken, pork, meatballs, and ready meals.The company has added several products to its portfolio since launching, including <a href="https://sp-edge.com/updates/12539">Impossible Chicken Patty</a>, a new range of <a href="https://sp-edge.com/updates/12760">frozen meals</a>, new <a href="https://sp-edge.com/updates/16551">plant-based chicken products</a> (Impossible Spicy Chicken Nuggets, Impossible Spicy Chicken Patties, and Impossible Chicken Tenders), the <a href="https://sp-edge.com/updates/19591">Impossible Indulgent Burger</a>, and the <a href="https://sp-edge.com/updates/24643">Impossible Beef Hot Dog</a>.In July 2019, Impossible Foods gained FDA approval to use “Heme”, allowing the company to sell uncooked plant-based burgers at retail outlets as opposed to only selling cooked burgers at foodservice outlets. Further, in<a href="https://sp-edge.com/updates/23732"> November 2023</a>, the company<a href="https://sp-edge.com/updates/23732"> received</a> the heart-check certification from the American Heart Association (AHA) for its Impossible Beef Lite.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/8934">March 2022</a>, Kroger announced a co-branding partnership with Impossible Foods to develop meat alternatives for Kroger’s private label business, thereby expanding its customer base to include more price sensitive customers. Impossible Foods <a href="https://sp-edge.com/updates/13931">partnered</a> with Dominos Pizza Australia in October 2022 to launch a new range of plant-based pizzas featuring Impossible Beef. In <a href="https://sp-edge.com/updates/22210">September 2023</a>, the company partnered with the American restaurant chain International House of Pancakes (IHOP) to introduce plant-based sausage patties and burgers to IHOP's menus nationwide. Further, in <a href="https://sp-edge.com/updates/26436">February 2024</a>, Impossible Foods inked a partnership with the US Army Central to serve plant-based meats at their dining facilities overseas.Funding and financialsIn its latest funding round in November 2021, the startup raised USD 500 million in a venture funding round led by Mirae Asset Global Investments, with participation from returning investors. The latest funding is expected to fuel continued retail expansion, growth across its supply chain, product portfolio, technology platforms, and international expansion.

Impossible Foods

Planted Foods is a plant-based spinoff of ETH Zurich- a public research university in Switzerland. Its portfolio includes Planted brand chicken, pulled, kebab, bratwurst, schnitzel, <a href="https://sp-edge.com/updates/22375">duck</a>, and <a href="https://sp-edge.com/updates/25317">ham</a>.In <a href="https://sp-edge.com/updates/27493">March 2024</a>, the company launched a new fermented steak alternative developed using its proprietary whole-muscle platform. This platform uses a proprietary fermentation process to develop clean-label alternatives with improved taste and texture. Planted Foods intends to use this platform to expand its product range with more product concepts later. Further, in <a href="https://sp-edge.com/updates/28147">April 2024</a>, Planted launched vegan Chicken Tikka Skewers in the UK.As of December 2023, Planted products were available at 6,100 restaurants and 8,700 retail outlets across Switzerland, Germany, Austria, France, Italy, the UK, and Benelux, with plans to expand into the US and UAE later.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/19434">June 2023</a>, the company partnered with French agrifood company Fleury Michon to launch the Eminces Vegetaux range into retail in France. The partnership leveraged Planted's expertise in plant-based foods and Fleury Michon's artisanal marinades, reach, and reputation to offer plant-based alternatives for Fleury Michon’s established consumer base.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates">September 2022</a>, the company raised ~USD 72 million (CHF 70 million) in Series B funding led by L Catterton, with participation from Vorwerk Ventures, Movendo, and Yann Summer. The funds were earmarked for launching a new whole-cut product range, further expansion into Europe, and increasing production capacity.

Planted Foods

Provides sustainable alternatives to animal meat

Suppliers of plant ingredients such as legume, mycelia and other proteins for the production of plant-based meat, fish, poultry and pork products; and suppliers of technology related to production of plant-based meat.

Paleo is a Belgian food ingredient company that develops functional meat and fish proteins for plant-based products through precision fermentation. In December 2023, the company <a href="https://sp-edge.com/updates/24978">ventured</a> into the plant-based pet food market with an animal-free heme ingredient. The company also filed and published a patent application, reportedly the world's first, for the use of its animal-free heme in pet food formulations.The company is exploring the development of common prey for cats and dogs, including rat, mouse and rabbit proteins, and aims to launch its animal-free heme in a dog or cat food product in 2024.Funding and financialsIn February 2023, the company secured EUR 12 million (~USD 13 million) in Series A funding in support of the scale-up of animal-free heme protein production as well as regulatory filings.

<div>
 
 California Cultured is a producer of cocoa products such as cocoa powder, chocolate, cocoa butter, and flavanols using plant cell culture technology by taking biopsies from selected cacao plants. The company developed its research based on Criollo cacao varieties, fine-tuning cell lines for specific flavors. In August 2022, the company announced that it was working on the development of cell-cultured coffee.
 
 
 As of December 2022, the company was building its 12,100 sq m facility in West Sacramento and had begun building its pilot plant. As of July 2023, the company was finalizing production methods, with the aim of a commercial launch by 2025&ndash;2026, following FDA approval.
 
 
 Key customers and partnerships
 
 
 In 2022, California Cultured partnered with VTT, a Finnish national research institute, to develop cell lines for cell-cultured coffee. 
 &nbsp;In 
 <a href="https://sp-edge.com/updates">
 February 2023
 </a>
 , the company inked a 10-year commercial partnership with Japanese chocolate corporation Meiji to incorporate its cell-based cocoa into Meiji's products. This collaboration marked the first global use of cell-cultured chocolate.
 
 
 Funding and financials
 
 
 California Cultured received undisclosed investments from investment platforms focused on clean, lab-grown food such as CULT Food Science (February 2022) and Blue Horizon (March 2022). In October 2021, the company raised USD 4 million in seed funding led by Agronomics to expand its R&amp;D activities.
 
 
 
 .
 
</div>

California Cultured

Nukoko is a UK-based company that produces 100% cocoa-free chocolate peanuts made from locally sourced fava beans using a biotransformation and precision fermentation process. It also uses a microbial library of cocoa flavors to match chocolate in terms of flavor, thickness, and texture.As of October 2023, the company had opened a limited product launch and sold out the first batch of cocoa-free chocolate nuts, with a full launch planned for 2024. The company claims to produce 90% less carbon emission per kg than conventional chocolate.&nbsp;Key customers and partnershipsIn 2023, Nukoko secured a development agreement with Swiss retailer Coop Group.Funding and financialsIn <a href="https://sp-edge.com/updates/27836">March 2024</a>, Nukoko raised USD 1.5 million in seed funding led by Oyster Bay Venture Capital, with participation from SOSV and The Mills Fabrica, along with a grant from Innovate UK to advance its technology to manufacture cocoa-free chocolate from fava beans. In April 2023, the comapany secured GBP 525,000 (~USD 637,500) in a pre-seed round from IndieBio to support product development.&nbsp;&nbsp;

Nukoko

<div>
 
 Win-Win (WNWN Food Labs prior to 
 <a href="https://sp-edge.com/updates/27014">
 February 2024
 </a>
 ) is a London-based producer of cocoa-free chocolate using plant-based ingredients such as grains/cereals and legumes through a proprietary fermentation process. The company's cocoa-free chocolate can be used in candy bars, confectionery, cookies, chocolate coatings, ice cream, and beverages. It claims to use 90% less water and emit 80%&ndash;90% less greenhouse gases than regular chocolate.
 
 
 In May 2022, Win-Win was operating on a lab scale, capable of producing between 300kg and 600 kg (~661 and 1,323 lbs) of chocolate per month. In November 2022, the company began expanding its facility in Hackney Wick, increasing its production space 8x. In November 2023, the company expanded its plant-based milk chocolate to bakeries, foodservice, confectionery groups, and CPG/FMCG companies 
 <a href="https://sp-edge.com/updates/24144">
 worldwide
 </a>
 .
 
 
 The company had previously introduced limited-edition cocoa-free products via D2C channels: dark chocolate thins at GBP 10 (~USD 13) per box (May 2022) and the Waim! Bar priced at GBP 8 (~USD 9) for a pack of three bars (September 2022). In March 2023, the company finalized the recipe and process for a line of milk chocolate products that are cocoa- and dairy-free and contain both oats and tiger nuts. The company also experimented with an alternative chocolate ice cream bar at the H&auml;agen-Dazs Start-Up Innovation Challenge in June 2023.
 
 
 Key customers and partnerships
 
 
 In September 2023, Win-Win partnered with the UK department store Fortnum &amp; Mason to showcase its cocoa-free chocolate and technology, including a demonstration and tasting during Fortnum's Harvest Week. In December 2022, the company partnered with Milan-based luxury gift service DLISH to include its specialty chocolate hazelnut gianduja, a northern Italian confection, in DLISH's holiday gifts. In December 2023, the company completed the 
 <a href="https://sp-edge.com/updates/24805">
 CoLab Tech accelerator
 </a>
 with Mondelēz International and showcased its cocoa-free chocolate bars, truffles, and coated biscuits at Mondelēz's North American headquarters.
 
 
 Funding and financials
 
 
 In February 2023, Win-Win raised GBP 4.5 million (~USD 5.6 million) in Series A funding to scale up manufacturing and increase headcount in anticipation of its UK retail launch.
 
 
 
</div>

Win-Win

<div>
 
 Planet A Foods is a Germany-based startup that makes cocoa-free chocolate ChoViva (formerly NoCoa/QOA) via precision fermentation of oats and sunflower seeds. It then uses proprietary micro-bacteria and flavor formation processes to create a vegan product that mimics the texture and flavor of chocolate. In addition to Germany, ChoViva focuses on Austria and Switzerland, with expansion plans to the US in 2024.
 
 
 Planet A Foods produces cocoa-free chocolates by blending cocoa-free ingredients: a cocoa powder substitute (ChoViva Concentrate) and a cocoa butter substitute (ChoViva Butter). ChoViva represents Planet Foods' debut cocoa-free chocolate product, created using Planet A Foods' cocoa concentrate alternative. The chocolate is produced in-house at Planet A&rsquo;s facility in the Czech Republic. As of October 2023, the ChoViva range included 21 products with prices ranging from EUR 0.5 to EUR 9.95 (~USD 0.53 to USD 10.48).
 
 
 Additionally, the company was in the process of developing its cocoa butter alternative through precision fermentation technology, using single-cell oils and fermentation byproducts. As of October 2023, the company was shipping this fat to early customers for R&amp;D purposes.
 
 
 The company asserts that its chocolate product could be 10x more sustainable, 20% cheaper, and emit about 92% less than conventional chocolate while also using 30% less sugar and 94% less water.
 
 
 Key customers and partnerships
 
 
 In April 2023, the company partnered with German online retailer Confiserie Seidl to launch ChoViva, its first sustainable chocolate line. The brand sees itself as a B2B player, after partnering with oat cereal maker K&ouml;lln on a new line of vegan mueslis using the company's cocoa-free chocolate in September 2023. In December 2023, ChoViva teamed up with 
 <a href="https://sp-edge.com/updates/24997">
 Lindt
 </a>
 to launch a special edition chocolate bar for Veganuary, named &quot;Soft &amp; Creamy Hazelnut.
 
 
 In 
 <a href="https://sp-edge.com/updates/26955">
 February 2024
 </a>
 , Planet A Foods partnered with REWE Group, Germany&rsquo;s second-largest supermarket chain, to supply ChoViva for REWE Group&rsquo;s own-label cocoa-free products.
 
 
 Funding and financials
 
 
 In its latest funding round in 
 <a href="https://sp-edge.com/updates/26176">
 February 2024
 </a>
 , the company raised USD 15.4 million in Series A funding led by World Fund, with participation from Omnes Capital, Cherry Ventures, Nucleus Capital, and others. The funds were earmarked for additional scientist hires to bolster its 50-person team in Germany to increase the production of cocoa butter and palm oil alternatives on an industrial scale.
 
 
 
</div>

Planet A Foods

Atomo Coffee is a developer of beanless coffee that comes in two flavors: 1) regular beanless coffee with 100 mg of caffeine per serving made from date seeds, ramon seeds, sunflower seed extract, pea protein, millet, lemon, guava, and defatted fenugreek seeds and 2) decaffeinated (decaf) beanless coffee. The company claims to be the world's first beanless coffee maker.The company’s products are available for retail purchase at <a href="https://sp-edge.com/updates/23234">Gumption Coffee </a>in New York. In addition, the company began taking pre-orders for wholesale at a price of USD 20.99 per pound (as of October 2023).The company also plans to open a facility in March 2024 that can annually produce four million lbs of ground coffee, made from upcycled date pits (~80 million cups).Atomo's brews reportedly use 94% less water and produce 93% less carbon emissions than traditional coffee.Key customers and partnershipsIn July 2022, the company partnered with Minor Figures, a vegan products company, to launch the 8-ounce canned Oat Milk Latte, a beanless cold brew, one of Atomo's first focus products.In <a href="https://sp-edge.com/updates/28665">April 2024</a>, Atomo Coffee partnered with specialty coffee chain Bluestone Lane to distribute its espresso at all 58 Bluestone Lane locations across the US.Funding and financialsIn June 2022, the company raised USD 40 million in a Series A funding round for product development and to scale up manufacturing. In November 2023, the company secured an undisclosed multi-million dollar investment from Japanese beverage leader <a href="https://sp-edge.com/updates/24577">Suntory Holdings </a>to strengthen its international distribution.

Atomo Coffee

Transforms raw materials into novel, sustainable food products with minimal environmental impact

Companies producing natural substitutes for ingredients such as sweeteners, oils, and colorants, via technologies such as fermentation and cell culture

Paleo

Plant-based Meat

Key stats

EDGE Insights

FoodTech (Q4 2023): Spicing up for Veganuary in a tough market stew

Recent Updates

Paleo opens new facility to accelerate production of animal-free heme production

Paleo ventures into plant-based pet food market; files patent for animal-free heme

Vow and Paleo clash over wooly mammoth meatball

Vow and Paleo clash over wooly mammoth meatball

Paleo raises EUR 12 million in Series A funding

Paleo introduced six novel non-GMO heme variations

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