- In the US the startup will work under the brand “Future Farm” to tackle rivals such as Beyond Foods and Impossible Foods;
- With the Series C round, the company’s value reached BRL 2.2 billion.
Brazilian plant-based producer Future Farm announced on Wednesday that it has raised an investment equivalent to about BRL 300 million, funds that it will use to expand its operations to the world’s largest market, the United States, which moves $5 billion to $6 billion per year in the sector.
With the series C round, the company’s value reached BRL 2.2 billion, company founder and CEO Marcos Leta told Reuters. In the previous fundraising, which took place about a year ago, the company had raised BRL 110 million, with a valuation of BRL 715 million, the executive said.
“In the US we entered about a month ago. We are in a pre-operational period, closing contracts with distributors and retailers to start selling next year,” Leta said.
Brazil‘s Fazenda Futuro, which in the US will work under the Future Farm brand to tackle rivals such as Beyond Foods and Impossible Foods, was set up in 2019 and arrived in Europe in late 2020 in markets including France, Italy, the Netherlands, and Germany.
In England, the company distributes its products in the Sainsbury’s chain, the country’s second-largest retailer. The company, which claims to sell non-GMO soy, pea, and beet-based products, has also arrived in Canada, through the shops of Amazon-controlled retailer Whole Foods.
According to Leta, faux meat products don’t just cater to vegan or vegetarian consumers. Many who eat animal meat often have an interest in reducing this consumption, a trend that has motivated large meatpackers such as JBS, Marfrig, and BRF to launch rival products in Brazil.
Fazenda Futuro’s latest funding round involved the previous investors – Monashees, Go4it Capital, BTG, Turin MFO, and Enfini Ventures – and included XP and European fund specializing in food techs Rage Capital, the company said.
All the company’s production comes from a factory in Rio de Janeiro state, with a current capacity of 600 to 700 tonnes per month. With new investments, the company will be able to expand it to 1,200 to 1,300 tonnes per month, Leta said.
“This capacity supports our growth in the next two years, but the United States accelerating we will probably need one more plant to guarantee our production,” said the executive, adding that “for now the idea” is that the new plant is built in Brazil.
Asked about Asia, Leta said that Future Farm is already in discussions with a distributor in China, “but our main focus in the coming years will be the US, Europe, and Brazil.”
(Translated by LABS)