Breakthrough Victoria lures Sydney proteins startup Harvest B south in $3.5million pre-Series A

Victorian government-backed venture fund Breakthrough Victoria has lured another NSW startup across the border, investing $2 million in proteins manufacturer Harvest B as part of a $3.5 million pre-Series A.

The round was led by Mandalay Venture Partners, supported by Breakthrough Victoria, Alberts Impact Ventures, the Investible Climate Tech Fund, and Investible Club.

In January, the federal government also awarded Harvest B a $2.2 million grant via the Industry Growth Program to develop its gluten-free faba bean alternative to meat.

The Sydney startup previously raised $3.5 million in Seed funding in mid-2021 from Aura Ventures and Woolworths venture fund W23, and went on to open a production line in Penrith, 57km west of the CBD.

While Harvest B produces plant-based proteins, it’s not purely focused on that end of the market, also making slow-cooked beef, pork, chicken and lamb products,

as well as protein boosters for the B2B market to supplement or augment animal proteins.

Breakthrough Victoria CEO Rod Bristow said their investment will enable Harvest B to scale its operations and deepen collaboration with Victorian pulse producers and research institutions including Agriculture Victoria Research.

“Harvest B’s innovation is a recipe for success – delivering a nutrient enriched, healthier and more cost-effective product, adding value to Victorian-grown produce and driving growth in our food manufacturing sector,” he said.

Harvest B is building a flexible protein platform that enables a variety of applications–from ingredient solutions and blended meats to the next generation of high-protein meal components.  The startup was founded in mid-2020 by American Kristi Riordan, along with investor Alfred Lo and food manufacturing veteran Werner Fuggersberger.

Riordan, the CEO, said they’re committed to reshaping the food industry with high-quality, locally sourced, and sustainable proteins for everyday meals.

“This investment from Breakthrough Victoria accelerates our ability to provide more affordable, nutritious options for food service providers and manufacturers, while strengthening Australia’s food sovereignty and manufacturing capability,” she said.

Her cofounder and chief commercial officer, Lo said the Breakthrough Victoria collaboration is a pivotal step in scaling their food processing capabilities and expanding market reach.

“By leveraging Victoria’s rich agricultural base, we are enhancing its value-added food ecosystem – investing in local supply chains, sustainable manufacturing, and advanced food technology to create greater economic and environmental benefits for future generations,” he said.