Cherry Ventures is an early-stage venture capital firm led by a team of entrepreneurs with experience building fast-scaling companies such as Zalando and Spotify. The firm backs Europe's boldest founders, usually as their first institutional investor, and supports them in everything from their go-to-market strategy and the scaling of their businesses. Cherry Ventures has previously invested in the seed stage of over 50 companies across Europe, including FlixBus, Auto1 Group, Infarm, Rows, Forto, and TourRadar. Cherry Ventures is based in Berlin and invests across Europe with operations in London, Paris, and Stockholm.

Cherry Ventures

Seedcamp is Europe's seed fund, identifying and investing early in world-class founders attacking large, global markets and solving real problems using technology. The Seedcamp Nation includes over 400 startups building breakout businesses that change the way people live, interact and buy and includes publicly listed UiPath, Wise, and unicorns Revolut, Hopin, Sorare, Pleo, and wefox along with fast-growing businesses such as Grover, viz.ai and Ezra.  Seedcamp fast-tracks a founder's vision and creates value through immediate access to smart capital, a lifelong community of support and a global network built upon more than a decade's experience backing exceptional talent. Seedcamp fast-tracks a founder's vision and creates value through immediate access to smart capital, a lifelong community of support, and a global network built upon more than a decade's experience backing exceptional talent.

Seedcamp

At Outsized Ventures we partner with founders pushing the boundaries of science and technology to solve the world’s greatest challenges. Some call it deep tech, others frontier tech, tough tech, hard tech or high tech - for us, it is simply the future.

Outsized Ventures

Nicoya is a business-accelerating investment company focusing on foodtech.

Nicoya

JULIENNE BRUNO

Julienne Bruno made with naturally plant-based ingredients like fermented legumes & slow roasted vegetables.

JULIENNE BRUNO is a FoodTech company that produces plant-based cheese products. Made using organic soy and coconut oil that is naturally fermented with an innovative process, the product range includes Burrella, Crematta, and Superstraccia, inspired by dairy-based varieties of burrata, cream cheese, and stracciatella.

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

JULIENNE BRUNO Scoops Gold in Free From Food Awards & World Dairy Innovation Awards

JULIENNE BRUNO is a FoodTech company that produces plant-based cheese products. Made using organic soy and coconut oil that is naturally fermented with an innovative process, the product range includes Burrella, Crematta, and Superstraccia, inspired by dairy-based varieties of burrata, cream cheese, and stracciatella. In November 2022, the company’s cheeses launched at 45 Holland &amp; Barrett locations across the UK, followed by seven Whole Foods stores. Later, the brand became available at the food hall in Selfridge’s London and selected restaurants.In <a href="https://sp-edge.com/updates/17309">March 2023 </a>, JULIENNE BRUNO announced the listing of the company’s vegan cheese range on Ocado’s online supermarket, becoming the first supermarket to list JULIENNE BRUNO’s entire vegan cheese range.Key customers and partnershipsIn early 2023, JULIENNE BRUNO announced a new partnership with Harrods’ Fresh Market Hall and Harrods Tea Rooms. Later, in <a href="https://sp-edge.com/updates/21097">August 2023 </a>, the company partnered with UK pizza chain Pizza Pilgrims to supply its SUPERSTRACCIA vegan cheese as a topping for their pizzas.Funding and financialsIn November 2022, JULIENNE BRUNO raised EUR 5 million (~USD 5.2 million) in a seed funding round led by Cherry Ventures with participation from investors such as Outsized Ventures, Seedcamp, and Nicoya. The funds were to be used to fuel growth; support the partnerships with nationwide retailers, Selfridges London, Holland &amp; Barrett, and Whole Foods Market; and for the expansion of the team.

JULIENNE BRUNO is a FoodTech company that produces plant-based cheese products. Made using organic soy and coconut oil that is naturally fermented with an innovative process, the product range includes Burrella, Crematta, and Superstraccia, inspired by dairy-based varieties of burrata, cream cheese, and stracciatella.In November 2022, the company’s cheeses launched at 45 Holland &amp; Barrett locations across the UK, followed by seven Whole Foods stores. Later, the brand became available at the food hall in Selfridge’s London and selected restaurants.In <a href="https://sp-edge.com/updates/17309">March 2023</a>, JULIENNE BRUNO announced the listing of the company’s vegan cheese range on Ocado’s online supermarket, becoming the first supermarket to list JULIENNE BRUNO’s entire vegan cheese range.Key customers and partnershipsIn early 2023, JULIENNE BRUNO announced a new partnership with Harrods’ Fresh Market Hall and Harrods Tea Rooms. Later, in <a href="https://sp-edge.com/updates/21097">August 2023</a>, the company partnered with UK pizza chain Pizza Pilgrims to supply its SUPERSTRACCIA vegan cheese as a topping for their pizzas.In <a href="https://sp-edge.com/updates/33897">September 2024</a>, the company partnered with Tesco Ireland to expand the offering of its Collection 01 cheeses range into the Republic of Ireland.

Eat JUST (Hampton Creek before 2018) is a food technology company that specializes in egg and meat alternatives. It has large-scale facilities in Germany and North America and in <a href="https://sp-edge.com/updates/9243">March 2022</a>, the company announced the groundbreaking of its new manufacturing facility in Singapore. It is the largest of its kind in the country post-completion and was slated to be completed in two years at a cost of USD 120 million.Launched in 2018, the company’s plant-based egg, JUST Egg, is made from mung beans and legumes. It offers an egg alternative for sweet and savory applications, including omelets, scrambled eggs, pancakes, and baked goods. In January 2020, the company announced a new folded plant-based egg, along with an upgrade to its original liquid plant-based egg. In <a href="https://sp-edge.com/updates/9599">April 2022</a>, the company received exclusive regulatory approval from the European Commission for its mung bean protein, a key ingredient in its JUST Egg product. In <a href="https://sp-edge.com/updates/30018">June 2024</a>, JUST Egg debuted the latest addition to its plant-based egg lineup, JUST Egg v5, featuring an improved formulation, taste, and texture.As of February 2024, JUST Egg had sold the equivalent of 500 million eggs and was available at food service outlets, online markets, and major retailers like Whole Foods, Sprouts, Walmart, Target, and Kroger.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/10634">May 2022</a>, tennis pro Serena Williams and renowned actor Jake Gyllenhaal partnered with the company to appear in its national ad campaign “Really Good Eggs” to promote JUST Egg. In <a href="https://sp-edge.com/updates/13770">October 2022</a>, the company partnered with MingsBings to launch four new vegan breakfast items featuring JUST Egg. Also, during the same month, JUST Egg <a href="https://sp-edge.com/updates/13795">partnered</a> with Starbucks for a limited trial of new vegan menu items. In <a href="https://sp-edge.com/updates/20178">July 2023</a>, the company partnered with Alpha Foods as a part of its brand portfolio renovation. Following this, JUST Egg <a href="https://sp-edge.com/updates/21095">partnered</a> with Korean alternative meat company UNLIMEAT to develop Korean-style vegan products.Funding and financialsIn <a href="https://sp-edge.com/updates/12427">August 2022</a>, the company bagged a USD 25 million investment along with a strategic partnership from Alibaba-Group-backed private equity firm, C2 Capital Partners. Together, the companies are set to work towards expanding Eat Just’s footprint in the Chinese market. Later, in <a href="https://sp-edge.com/updates/21471">September 2023</a>, the company raised an undisclosed amount in new funding led by VegInvest/Ahimsa Foundation. The funding was to be deployed towards improving the quality and profitability of Eat JUST's products.

Eat JUST

Zero Egg is an Israel-based developer of egg alternatives in powder form using plant-based ingredients such as soy, potatoes, peas, and chickpeas. The startup initially launched two main products, the EGG Basic, a replacement for scrambled eggs and omelets, and BAKE Basic, an egg replacement for baking. In <a href="https://sp-edge.com/updates/13217">September 2022 </a>, the company launched “Zero Egg Scoopable Scramble”, a ready-to-eat frozen plant-based scrambled egg product claimed to be the world’s first of its kind.The company initially only sold to foodservice customers and food manufacturers in 2 lb. bags of around 86 to 130 equivalent eggs. In October 2020, Zero Egg entered the US B2B market following a successful launch in the Netherlands and Israel. As of March 2024, the company’s products can also be purchased online in Patty and Liquid form.In 2021, the company announced that its product is co-manufactured in Cookeville, Tennessee, and would be distributed by Gordon Food Service in the US in 2021.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/18573">May 2023 </a>, Zero Egg partnered with NYC’s Plantega to become the latter’s exclusive plant-based egg supplier. Plantega, based on a deli-in-store concept, featured Zero Egg’s new Egg Patty in its bodega-style breakfast sandwiches, available via all its outlets and food delivery platforms. The following month, the company <a href="https://sp-edge.com/updates/19335">partnered with The Friendly Toast </a>, a US restaurant chain, to launch the Vegan Zero Egg Breakfast Sandwich at all of its ten locations.Funding and financialsIn November 2020, the company raised USD 5 million in a Series A funding round led by Powerplant Ventures. The funding was earmarked for new product launches and expanding the company’s US footprint.

Zero Egg

Perfect Day produces animal-free dairy products using fermentation techniques. The startup uses microflora (microorganisms such as bacteria, yeast, or in this case, fungi) to create the protein blocks of milk-casein and whey via fermentation, which is later combined with fat and water to produce genetically identical substitutes to animal milk. Perfect Day has developed the microflora to produce milk proteins with a similar genetic blueprint corresponding to casein and whey. The startup launched its first product in 2019, a limited line of animal-free ice cream. Perfect Day has also developed animal-free substitutes for cream cheese, feta, and cheese spreads, in addition to milk. Since its first funding round in December 2019, Perfect Day reported a doubling of production capacity while significantly reducing costs. In <a href="https://sp-edge.com/updates/14938">November 2022</a>, the company launched its Very Dairy animal-free milk in Singapore which is claimed to be the first precision fermented milk to enter the Asian market. Following this, Perfect Day <a href="https://sp-edge.com/updates/14989">acquired India’s Sterling Biotech Limited </a>at a value of 638 crore rupees (~USD 78 million). In <a href="https://sp-edge.com/updates/32960">August 2024</a>, 50% of Perfect Day’s stake in Sterling Biotech was acquired by Indian pharmaceutical company Zydus Lifesciences.In <a href="https://sp-edge.com/updates/20068">July 2023</a>, Perfect Day exited its consumer-facing business, The Urgent Company (TUC), due to investor pressure and to shift its focus towards R&amp;D innovation, B2B partnerships, and its nth Bio precision fermentation consulting business. 15% of the workforce at TUC was laid off as a part of this move.Key customers and partnershipsThe company entered into partnerships with Tomorrow Farms in <a href="https://sp-edge.com/updates/10605">May 2022 </a>and Strive Nutrition in <a href="https://sp-edge.com/updates/10862">June 2022 </a>to supply fermented animal-free whey protein for the production of alternative milk. In <a href="https://sp-edge.com/updates/11970">July 2022</a>, the company partnered with sports nutrition brand, Myprotein to launch a precision fermented Whey protein powder. The company partnered with global food and beverage leader, Nestle in <a href="https://sp-edge.com/updates/12953">September 2022 </a>to develop and trial an unnamed alternative milk beverage. Further, during the same month, the company unveiled its <a href="https://sp-edge.com/updates/13187">enterprise biology business, “nth Bio”</a>, offering precision fermentation expertise and technology to companies worldwide and announced Onego Bio as its first partner in this new venture.In <a href="https://sp-edge.com/updates/26920">February 2024</a>, Perfect Day partnered with Unilever-owned ice cream company Breyers, to supply precision-fermented whey protein for developing a lactose-free ice cream product.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates/25248">January 2024</a>, Perfect Day raised up to USD 90 million in pre-Series E funding led by its internal investors. The funding was earmarked for supporting Perfect Day's shift toward manufacturing on a larger scale and paving the path for the commercial release of its fermented whey protein product.

Perfect Day

Califia Farms uses almonds to produce a range of plant-based alternatives such as milk, cold-brew coffee, creamers, half-and-half, butter, and yogurt. In February 2019, the US-based startup launched Übermilk, a milk alternative made with oat milk, pea protein, sunflower oil and seeds, flaxseed oils, and other vitamins and minerals. Übermilk contains the same amount of calories, more protein (8 g), and less sugar (2 g) than a serving of cow’s milk.In <a href="https://sp-edge.com/updates/14325">November 2022</a>, Califia Farms added plant-based whipping cream to its portfolio with the launch of Heavy Whip. In <a href="https://sp-edge.com/updates/15601">January 2023</a>, the company added USDA-certified Organic Oatmilk and Almondmilk–made with only purified water, sea salt, and oats/almonds–to its alternative dairy products. Further, in <a href="https://sp-edge.com/updates/26576">February 2024</a>, the company launched Califia Farms Complete, a plant-based milk claimed to be nutritionally comparable to dairy. It followed this up by launching ‘<a href="https://sp-edge.com/updates/31054">Complete Kids</a>’, a kid-friendly version of its Complete plant-based milk.In <a href="https://sp-edge.com/updates/31925">July 2024</a>, Califia Farms acquired Uproot Inc., a company developing plant milk dispenser systems for foodservice, for an undisclosed sum. With this acquisition, the company aimed to expand its "Away From Home" portfolio and offer plant milk in a convenient dispensing solution at hundreds of colleges, universities, and other dining locations.Califia Farms products are available in the US at Whole Foods, Kroger, Sprouts, and Target outlets.Funding and financialsIn January 2020, Califia Farms raised USD 225 million in Series D funding led by the Qatar Investment Authority to expand its production capacity, R&amp;D efforts, and geographical footprint.

Califia Farms

Kite Hill manufactures a range of plant-based dairy products such as yogurt, yogurt drinks, cream cheese, ricotta, sour cream, and butter using cultured almond milk and coconut milk. Kite Hill has developed its own proprietary cultures and enzymes to create a texture and taste similar to real cheese. After mixing with the cultures and enzymes, the almond milk is left to inoculate and transform to curd and whey overnight.In 2014, Kite Hill launched its first product line, a range of plant-based cheese at Whole Foods, followed by a range of yogurts and cream cheese made from almond milk in 2015. The CEO of plant-based meat startup Impossible Foods, Pat Brown, is also a co-founder of the startup. Kite Hill products are available in Whole Foods Markets, Sprouts, Publix, Target, and Safeway/Albertsons.Funding and financialsIn its most recent funding round in September 2019, Kite Hill raised USD 10 million in funding; the company did not disclose its plan for the funds.

Kite Hill

Producers of plant-based milk alternatives using ingredients such as almonds, cashews, soy, oats, coconuts, peas, etc.

Producers of plant-based cheese alternatives using ingredients such as coconuts, almonds, cashews, soy, hazelnuts, etc. Startups use their proprietary plant-based cultures for the fermentation process

Producers of plant-based butter alternatives using ingredients such as almonds, avocados, olive oil, etc.

Producers of dairy-free ice cream using plant-based milk

Producers of dairy-free yogurt using plant-based milk and cultures

Producers of plant-based egg alternatives for general consumption (used in baking and cooking) using pulses such as mung beans, peas, soy, chickpeas, etc.

Producers of non-dairy (such as plant-based, microflora, cultured, etc.) protein bases that are supplied to dairy alternative manufacturers to produce milk, butter, cheese, ice cream, and yogurt alternatives

Provides sustainable solutions for dairy products and egg farming

ANALYST_QUICK_TAKE

<div>
 JULIENNE BRUNO, a London-based dairy-free cheese producer, has announced a partnership with Tesco Ireland to introduce its Collection 01 into the Republic of Ireland. The company has also unveiled plans to develop a new plant-based cheese range, Collection 02.
 Collection 01 of the brand, which includes three plant-based cheese alternatives, has become available in 65 Tesco stores throughout Ireland and on Tesco.ie. This expansion into Ireland marks the second international growth initiative by Julienne Bruno, following a successful launch in Coop Switzerland in April 2024.
 
</div> Analyst QuickTake: 
 JULIENNE BRUNO began its expansion in the UK in 2022 with its vegan cheese range products being launched at Holland &amp; Barrett stores, Whole Foods stores, and in Selfridge’s London and select restaurants. Following this, its vegan cheese was offered at Ocado in <a href="https: 
//sp-edge.com/updates/17309"> March 2023 </a> as the first supermarket to list JULIENNE BRUNO’s entire cheese range. The company then partnered with the UK pizza chain Pizza Pilgrims in <a href="https: 
//sp-edge.com/updates/21097"> August 2023 </a> to supply its SUPERSTRACCIA vegan cheese as a pizza topping option.

JULIENNE BRUNO

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