February 12, 2020

Alternative meat company Alpha Foods raises US$28 million in funding

The funding round was led by venture capital fund AccelFoods, which focuses on food and beverage companies, reported Reuters.

Alpha Foods will use the new funding for the production of new products and distribution channel expansion.

Jordan Gaspar, AccelFoods managing partner said plant-based food and beverage brands represent the industry's future. Millennials and Gen Z consumers have shifted to meat alternatives over beef, poultry and pork for both health and environmental reasons.

Alpha Foods produces 25 vegan and non-GMO products for over 9,000 stores in the United States, which include Walmart, Wegmens and Kroger supermarkets.

Alpha Foods successful funding follows Japan's Softbank Groups US$161 million investment in Memphis Meats in January 2020.

The alternative meat trend was made popular by Beyond Meat and Impossible Foods, with both companies penetrating fast food restaurant chains with vegan options and stocking their products in supermarkets' meat section.

-      Reuters