Future Farm will use the funding to assist in the development of its ‘True Texture Technology’, bring its products closer in looks, feel and flavour to their animal-origin counterparts.
As well as advancements in technology for its plant-based food products, the brand will also use the funding to progress towards its goal for 100% sustainable and plant-based packaging – composed of sugar cane, it will release less CO2 into the planet, according to Future Farm.
Marcos Leta, Future Farm's founding partner and chief executive said: “This investment ignites a new chapter in Future Farm, we are creating a robust 4.0 plant-based platform with meat, milk, and dairy.
“Twelve innovations are now being developed to make slaughterhouses and dairy products even more obsolete. We're going to deliver flavour and joy to anyone who loves any animal protein, without pressure.”
Already available in 24 countries, this investment will support the firm’s plans for rapid growth across Europe and the US. It planned to support this growth by expanding into the plant-based drinks market.
The brand’s third round of funding brings the grand total investment in the brand to $89 million dollars, with the first two rounds accelerating the development and innovation of new products, plus expanding the brand’s profile and exports overseas.
Future Farm is already available in major markets including the Netherlands, Sweden, United Arab Emirates, Chile, Mexico, Uruguay, and the US.
“Our combination of technologies and in-house production is significantly higher than other brands,” Leta added. “It allows us to develop bolder products that appeal to global consumers.
Future Farm arrived in UK stores in January 2020 with plant-based burgers, sausages, meatballs, mince, chick’n, and its latest tvna launch.
Meanwhile, fresh prepared meals manufacturer Bakkavor has secured a £13.3m asset finance deal from HSBC UK to help fund an overhaul of its refrigeration systems.