Plant-Based Meat Manufacturer V2food Partners with Ajinomoto Co. and Acquires Daring Foods
CULVER CITY, CALIF. — V2food, a plant-based meat manufacturer based in Australia, has announced a strategic partnership with Ajinomoto Co., Inc. and the acquisition of Daring Foods, a plant-based chicken startup. The goal of the acquisition is to drive innovation in plant-based protein products. Daring Foods, headquartered in Los Angeles, will continue to operate under its current brand name. The financial details of the acquisition have not been disclosed.
V2food currently employs an “asset-light business model,” relying on third-party suppliers for ingredient production. This approach allows the company to quickly adapt to changing market conditions.
With the addition of Ajinomoto Co. as a partner, V2food aims to expand its plant-based product offerings, including a new line of frozen meals.
“Daring has established a strong brand presence and consumer following in the United States. By combining their brand with our food technology, we are well-positioned to become a global leader in the plant-based protein industry,” said Tim York, CEO of V2food.
Founded in 2018 by Ross Mackay, Daring Foods specializes in plant-based chicken made from water, soy protein, sunflower oil, salt, and natural flavorings.
In 2019, Daring Foods partnered with Rastelli Foods Group to introduce its plant-based chicken products to the foodservice market. The company closed an $8 million Series A funding round in 2020 to further its mission of revolutionizing the poultry industry.
In 2021, Daring Foods secured $65 million in a Series C funding round, bringing its total funding to over $120 million.
“We are thrilled to embark on this new chapter with V2food and Ajinomoto Co. Our shared commitment to clean-label plant protein and consumer satisfaction positions us for success in the market. With the technological expertise of V2food and the support of Ajinomoto Co., we are poised to deliver on our promise to consumers at a faster pace and larger scale,” said Jeffrey Gendelman, CEO of Daring Foods.
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