Harvest B: Revolutionising texture in plant-based meats - $2.5m cap raise - investment opportunity

Opportunity for

• Investors (HNW, family offices, venture capital, strategics) seeking a high impact, climate tech and ESG investment with global market ambition
• Food brands, food service, distributors and manufacturers that want better tasting, simpler and affordable plant-based protein offerings for their range and customers
• Corporates and strategics operating in the plant protein space and looking for collaboration or partnerships in research and development, new product development, supply chain and distribution.

Opportunity description

Industry challenge:

The transition to plant-based meats has one of the largest positive impacts to climate change. For this industry to reach its potential, there are challenges that it will need to overcome:

1. Product Development: Developing products that match taste, texture, and nutritional value as traditional meat is key. To truly capture mouth share, we need products that are versatile to fit the everyday person’s cooking needs that are beyond formed meats like nuggets, mince and burger patties.
2. Cost: Plant-based meats have been more expensive than animal-based protein. For broad market adoption, the industry needs not not only reach price parity but to be more affordable than animal-based protein.
3. Supply Chain: The industry will need to develop a robust supply chain to support production and distribution. This includes sourcing high-quality ingredients and how products will be manufactured at scale.
4. Processing & Clean Label: Plant-based meat today can be highly processed and contain added sugars, sodium, and other additives to improve their taste and texture. Brands need to find innovative ways to create plant-based meat products that meet the standards for a clean label and address concerns around nutritional content and processing.

Current opportunity:

Harvest B is a Sydney-based early-stage plant protein technology company that develops and manufactures wholesale plant-based meat systems that are as enjoyable as they are affordable. We are plant protein and texture experts focused on commercialising fast and at scale with capabilities in manufacturing, culinary and food science.

Harvest B is raising a A$2-2.5m Seed II round as the business adds to what was a R&D only focus and facility build-out to a business with commercial operations with tier 1 FMCG customers. Funding will be used for continued R&D, additional equipment to enhance production capabilities, and sales resources in its lead up to a Series A funding round in 2024.

In December 2022, Harvest B officially opened its production facility and delivered its first order to customer. In the 18 months since closing its first round of funding, Harvest B has designed, installed and commissioned Australia’s first and only plant protein R&D and production line for plant-based meat, developed a range of patent pending whole piece and strip products, built a sales pipeline to service retail, wholesale and food service businesses.

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Opportunity background:

Harvest B has developed patent pending plant-based proteins in a pieces and strips form factor that is designed for the everyday cooking done from families to cafes all over. This versatile product is suitable for all cuisine types, from stir-frys to curries.

By building on the workhorse of the plant-based meat industry, low moisture extrusion, we have created not only a superior texture platform but brought the cost of plant-based meat below traditional animal-based proteins. Unlike B2C plant-based protein companies, Harvest B takes a B2B approach to supply high functional textured proteins that simplifies making great tasting food for everyone.

Harvest B innovations address the challenges faced in the industry today in multiple ways:

• Texture: Harvest B texture science has achieved a product that has a substantially higher texture quality that has whole piece and strip proteins
• Cost: Harvest B technology removes complex and expensive steps and ingredients to make plant-based meat. We are proud to have achieved a lower cost than traditional animal-based proteins
• Supply chain: Harvest B product is supplied ambient so no cold chain is required or water shipped around
• Clean Label: Harvest B products use no more than 6 natural ingredients. There are no binders like methyl cellulose, nor are any fats or oils required or added.