Breast milk substitution biotech raises $10 million amid French deal for global push

A Sydney-based alternative proteins startup fermenting “cow-free dairy” alternatives has raised $10 million in a convertible note.

The round for All G was supported by LSE-listed clean food investor Agronomics, an existing investor, as well as the VC arm of German tech-driven ingredients manufacturer Doehler and Singapore’s ID Capital. The company is now pondering a Series B.

The cash for the five-year-old Sydney startup comes alongside a joint venture deal with French functional and nutritional dairy ingredients manufacturer Armor Protéines for its global ambitions.

All G was founded in 2020 by serial entrepreneur Jan Pacas, whose previous ventures include ASX-listed pet care marketplace Mad Paws and HR software venture Flare.

The startup first raised $16 million Seed round in 2021 from the Clean Energy Innovation Fund, Ellerston Capital, and Andrews Meats CEO Peter Andrews. Then in early 2022, the Woolies VC fund, W23, tipped in “a further multi-million injection of capital” and six months later Agronomics signed on with $25 million. CommBank boss Matt Comyn and Virescent Ventures are also on the cap table. While the company flagged but didn’t disclose a Series A, it now says it raised $40 million.

In late 2023, All G Foods, as it was known then, spun out Love Buds, its plant-based mince, burgers, sausages and nuggets business, in a partnership with fellow traveller Fenn Foods.

The startup had been hoping to crack the US and Chinese markets in 2025, having received approval to sell its bovine lactoferrin in China 12 months ago, and will now use the partnership with Armor Proteines, which has a global distribution and marketing networks on three continents, for that push.