Veganuary: New £240m fake meat fund looks to disrupt and decarbonise the food industry
Milltrust Ventures and Earth First Food Ventures are set to launch a new $300m (£242m) Smart Protein Fund tomorrow to back alternative proteins and decarbonise the food industry, Morning Wire can reveal.
Over $600m was invested in total in the cultivated meat sector last year, and the alternative protein market, which includes imitation meats made from plants, fungus and meat grown in a lab, is only set to grow as consumers are predicted to move away from eating meat for environmental reasons.
The new fund aims to “disrupt” the food industry by directing climate capital towards scaling up new alternative meat companies.
“By 2035, alternative proteins will very likely capture 11 per cent of the global protein market, as consumers, companies, and investors push the values of ESG,” Brian Ruszczyk, CEO of Earth First Food Ventures told City A.M.
“We predict the market for alternatives to meat, especially chicken and seafood, will increase significantly, rising from two per cent of total protein consumption in 2020 to more than 20 per cent by 2035,” Ruszczyk continued.
Alexander Kalis, Managing Partner at Milltrust International told Morning Wire: “It’s often conveniently forgotten that the food industry represents 26 per cent of global greenhouse gas emissions – more than all forms of transport combined.”
“Time is of the essence if we are to reach our net-zero imperatives”, Kallis added.
Milltrust Ventures, the venture investment arm of Milltrust International, an investment organisation co-headquartered in London and Singapore, while Earth First Food Ventures is a food tech venture capital platform.