The Plant-Based Food Maker Challenging Beyond Meat
The competitive environment for plant-based food maker Beyond Meat Inc (NASDAQ: BYND) intensified after rival Livekindly said on Wednesday that it raised $135 million in a funding round.
The Company: Officially known as The LIVEKINDLY Collective, the company is the only of its kind to own and operate the entire value chain. Livekindly brands include The Fry Family Food Co., LikeMeat and Oumph!
Livekindly was founded by Blue Horizon, a food technology-focused venture capital fund. The Swiss company dedicates itself to providing consumers with healthy, sustainable, and delicious food.
Related Link: Why Beyond Meat Has Plenty Of Upside Ahead Despite New Highs
The Fundraising: Livekindly secured $135 million in new financing from Blue Horizon, a syndicate of Asian investors led by Trustbridge Partners, global investment organization EQT, Griffith Foods and existing investors.
The successful capital raise follows an earlier Founders Round raise of $200 million. The two rounds imply Livekindly is one of the highest funded plant-based food companies in the world, the company said.
The Business Plan: Livekindly said it will use the proceeds from its latest financing round to "transform the current unsustainable meat-centric food system" by making its products more readily available to consumers worldwide.
The majority of the proceeds will be used to finance a 2021 nationwide U.S. launch of its portfolio brands. The company now sells in select markets across Europe, Africa, and Australia.
Other plans include developing new products, including plant-based alternatives to chicken and eggs.
"Our plans to accelerate business growth not only meets the demand of consumers for healthier and more environmentally friendly products, but also creates an attractive investment opportunity behind a purpose-driven business model," Livekindly CFO David Knopf said in a press release.
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