An Australian plant-based food producer, Fënn Foods, has secured investment from leading fund manager, Bombora Investment Management, which is known for partnering with high-growth companies.
Fënn Foods produces and markets delicious, innovative and sustainable premium plant-based foods for the grocery and foodservice market. They have successfully completed an oversubscribed private capital raising, strongly supported by existing and sophisticated investors.
“This injection of capital enables us to increase our investment in innovation, marketing and production,” Fënn Foods executive chairman, Nicholas Simms said. “Allowing us to meet the increasing demand for vEEF products, enter new categories and explore distribution into select international markets.
“Plant-based foods are one of the most rapidly growing segments of the global food market and according to Food Frontier, in Australia alone the plant-based market is estimated to generate approximately $3 billion in retail sales by 2030.”
Continued strong growth saw Fënn Foods named on the 2021 Australian Financial Review’s prestigious Fast 100 list, with a selection of their plant-based products now stocked in leading Australian retailers including Woolworths and Coles.
The Bombora Special Investments Growth Fund partners and invests in high growth, pre-IPO companies and listed equities. Current investments include Beamtree, MadPaws, BikeExchange, Orbx, LVX Global, Marketplacer and 90 Seconds, among others.
“The plant-based food market is growing rapidly both in Australia and globally, and we see Fënn Foods as having a unique point of difference in this burgeoning market,” Bombora Investment Management managing director and chief investment officer Mike Hill said. “The company is positioned perfectly to take advantage of consumers growing demand for plant-based foods.”