Fënn Foods secures capital investment

Plant-based food company Fënn Foods has received investment from fund manager Bombora Investment Management, as the market for meat alternatives and plant-based foods continues to expand.

Named on the 2021 Australian Financial Review’s prestigious Fast 100, Fënn Foods produces plant-based foods and meat alternatives.

The investment was made on the back of the continued growth of the plant-based food market, which has been increasing in size steadily with a predicted value of $143 billion by 2030 and $1.4 trillion by 2050.

“This injection of capital enables us to increase our investment in innovation, marketing and production. Allowing us to meet the increasing demand for vEEF products, enter new categories and explore distribution into select international markets,” said Nicholas Simms, Executive Chairman for Fënn Foods.

“Plant-based foods are one of the most rapidly growing segments of the global food market and, according to Food Frontier, in Australia alone, the plant-based market is estimated to generate approximately $3bn in retail sales by 2030.”

“The plant-based food market is growing rapidly both in Australia and globally, and we see Fënn Foods as having a unique point of difference in this burgeoning market,” said Mike Hill, Managing Director and Chief Investment Officer of Bombora Investment Management.

“The company is positioned perfectly to take advantage of consumers’ growing demand for plant-based foods.”

Fënn Foods produces a range of meat alternatives, with its vEEF brand of plant-based meats sold in supermarkets nationwide. Its range includes burgers, beef and chicken mince replacements, meatballs and bacon bits.

Image caption: Fënn Foods Executive Chairman Nicholas Simm.