Eden Brew, an Australian start-up focused on animal-free dairy proteins and products, has secured new investment.
In a recent financing round, Nordic food heavyweight Orkla participated, along with a contribution from Breakthrough Victoria, the company managing the state’s investment funds, totaling A$24.4m ($15.3m).
Established in 2021 by Australian dairy group Norco, CSIRO, and Main Sequence Ventures, Eden Brew aims to obtain regulatory and patent approvals with the new investment, as well as begin piloting commercial scale animal-free milk production and launching its ice cream in the foodservice industry. The company plans to establish its head office in Melbourne and further develop its research and manufacturing in Victoria.
Jim Fader, CEO of Eden Brew and one of the company’s co-founders, expressed the company’s commitment to creating an animal-free dairy category that addresses the growing demand for sustainable food. He stated, “We’re incredibly proud to continue to build our team in Melbourne, and the investment we have received from Breakthrough Victoria is critical to enabling Eden Brew to commercialize.”
The Series A funding round also involved participation from Digitalis Ventures, Possible Ventures, and Radar Ventures. This investment builds on the A$6.9m secured last year and an additional A$4m in 2021. Eden Brew utilizes a precision fermentation process, developed at CSIRO, to produce casein proteins and combine them into the casein micelle, replicating the nutritional qualities and sensory characteristics of cow’s milk.
Investments in the animal-free dairy sector by multinational companies are on the rise. In August, Fonterra invested in the seed funding round of Dutch start-up Vivici, which focuses on developing animal-free dairy proteins through precision fermentation. Similarly, Danone acquired a stake in Israel-based animal-free dairy business Imagindairy in April.
Perfect Day, a US animal-free dairy business, recently sold its consumer-facing assets to focus on supplying its animal-free whey protein to B2B partners. Since its inception in 2014, Perfect Day has raised over $750m in funding.
As the food and beverage industry trends towards animal-free alternatives, Eden Brew’s investment and expansion plans position them well in the competitive food and drink market. Their commitment to sustainable food production aligns with evolving consumer trends and presents opportunities for growth in the sector.
