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Alternative milk start-up raises $2.7m in seed funding
Start up AndFoods has raised $2.7 million in ‘seed’ funding for its novel technology extracting plant-based milk from seeds, led by Icehouse Ventures.
Located in New Zealand, the Palmerston North-based AndFoods uses the seeds or ‘pulses’ of a legume to create a range of allergen free, great tasting dairy alternatives, without compromising the environment.
The start-up sprung out from research at Massey University and the Riddet Institute.
The investment round will allow the startup to take its product to market and accelerate its R&D efforts, said Andfoods chief executive officer Alex Devereux.
“As well as being one of the few allergen free dairy alternatives, our process uses fermentation to help give ANDFOODS greater control of flavour profile and other important properties,” said Devereux.
Since launching as a company less than a year ago, the company has seen great momentum as it adds Leon Clement (former Synlait chief executive officer, ex-Fonterra MD) as its chair, and begins product development work with some of the largest food companies in the world.
Icehouse Ventures partner, Barnaby Marshall said, “No one is doubting the demand for dairy-free products. Consumers want them, the environment needs them, but at the end of the day they have to stand up to the taste test.”
The extraction technology addresses the growing demand of plant based products.
“AndFoods has developed something that is poised to become a fundamental ingredient for all kinds of food producers, at a high enough quality that it’s immune to changing trends,” said Marshall.
Many dairy alternatives are capturing the taste and texture of dairy milk, AndFoods believes few have come close to emulating the measurable quality of high grade cow-based creams or milk powders.
AndFoods said their signature cream product has seen great success over other plant-based creams in their lab and kitchen testing.
With a consistent 140 per cent overrun (its ability to take on air and maintain shape) and creamy taste profile.
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