AUSTRALIA – The Aussie Plant-Based Co. has entered liquidation after grappling with financial difficulties, just one year after its creation.
The company was established in 2023 when two Australian leaders in the plant-based meat sector — Fënn Foods’ vEEF and All G Foods’ LOVE BUDS — merged to form a new entity.
The merger aimed to drive significant growth in response to the rising demand for plant-based alternatives.
However, recent reports from local media confirm that cash flow issues have led to its closure.
Following a recent general meeting of shareholders, the company moved to appoint liquidators and initiate discussions with potential investors interested in reviving the business.
At the time of the merger, both brands were expected to benefit from each other’s strengths.
vEEF, known for its presence in various retail locations and its production hub in Queensland’s Sunshine Coast, combined forces with LOVE BUDS, which focused on research and development as well as food service offerings.
Fënn Foods, co-founded by Alejandro Cancino and Paola Moro in 2015, gained attention for its plant-based mince under the vEEF brand.
The company attracted US$3 million in a heavily subscribed private capital raise in 2022.
Its product line included plant-based alternatives such as bacon bits, pulled beef, and roast seitan.
Last year, it became Australia’s first carbon-neutral plant-based food company.
Just weeks ago, under the merger, the company introduced a new line of plant-based products at competitive prices.
Despite a growing plant-based market in Australia — where sales of meat alternatives reached US$270 million in 2023, with US$148.9 million from retail and US$123.6 million from food service — the Aussie Plant-Based Co. struggled.
Per capita consumption of plant-based meat in Australia also rose from 280 grams in 2020 to 360 grams in 2023, representing a 47% increase over three years. Yet, even with these positive trends, the company was unable to overcome its financial obstacles.
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