Lever VC reaches first close of fund targeting alternative protein

Global alternative protein venture capital fund Lever VC has announced the first close of its Fund I.

Lever VC noted that the Fund I has $23m in capital commitments and a portfolio of ten alternative protein start-ups in the US, Europe and Asia.

Companies include Singapore’s cell-based milk producer TurtleTree Labs, Hong Kong-based company Avant, Marvelous Foods, a Chinese plant-based yoghurt brand, Better Meat Co and more.

Green Queen quoted Lever VC vice-president Julian Ting as saying: “Over the past couple of years, we have witnessed the rapid rise of the alternative proteins industry globally. Hong Kong and Asia are very much part of this trend.

“We see more and more innovative companies being founded, and consumer adoption continuing to grow.

“This has not gone unnoticed by the financial community, with investor interest at an all-time high. We are grateful for the ability to play a part in backing the industry leaders of the future while providing our investors with exposure to the burgeoning alternative proteins space.”

In June, TurtleTree Labs secured investment in a funding round from global investors for further developing the process.

In February, US quick-service restaurant chain White Castle announced it would launch plant-based dairy cheese options in New York and New Jersey locations via a collaboration with Lever VC portfolio company, Good Planet Foods.