The French firm has now raised a total of €50m over the past three years and reported revenues of €19m in its most recent financial update.
The funding round was backed by existing shareholders, new investors including Zintinus and Sparkfood and through France's largest crowdequity campaign with more than 3,000 investors.
La Vie, which has enjoyed 149% growth within the UK retail market over the past 12 months, said it will use the new financing to improve its current plant-based deli meat alternatives and develop new ones.
The brand is also seeking to expand the distribution and accessibility of its products in France and the UK, and build on its presence in more than 8,200 retail and foodservice settings across Europe.
‘More than financial support’
Founded in 2019 by Nicolas Schweitzer and Vincent Poulichet, La Vie spent three years developing its patented technology that is capable of replicating animal fat using plant-based ingredients.
The pair aim to help end intensive farming by appealing to vegans, vegetarians, flexitarians and meat eaters with its range of vegan-friendly meat alternatives.
“This new round of fundraising is more than just financial support; it is a recognition of our ability to break the barriers of plant-based foods and disrupt the food codes of tomorrow,” said Schweitzer.
“With the backing of our investors, we will continue our mission and keep innovating, without compromising on taste. At La Vie, we’ve always focused on pleasure, and today, we are ready to take another step forward by strengthening our presence in our current markets and accelerating the expansion of our range.”
Meanwhile, Arnaud Bachelier, who was recently appointed as chair of the La Vie board, said the funding round came at an exciting stage of the firm’s development.
“They have the qualities to strongly contribute to the transition of making food more plant-based and to make La Vie an iconic brand in this journey,” Bachelier added.
“This new fundraising gives them the means to achieve it. It’s good news for La Vie, the planet, our health, our pig friends, and for food lovers.”
In other news, Food Manufacture has published its latest food and drink trends report, summarising all the hottest topics from 2024 with insight from a slew of industry figures.
