Rival Foods raises €6 million in Series A funding

Rival Foods, a technology spin-off company from the Wageningen University & Research founded in 2019 by Birgit Dekkers and Ernst Breel, has announced its €6 million Series A investment. This investment is led by PeakBridge, and joined by Roquette Ventures. PeakBridge and Roquette Ventures were chosen as strategic investors, given their deep domain expertise in food-tech, and specifically in alternative protein technologies upscaling. Rival Foods will use this funding to develop category-winning products, expand its operational capabilities, scale-up its unique technologies and develop new formulations with next-gen protein sources. Moreover, Rival Foods expects to bring first products to market in the second half of 2023.

More than ever, consumers are demanding plant-based protein products that are as delicious, nutritious and affordable as animal-derived meat products. Nearly half of flexitarians (45%) think that there are not enough plant-based choices in supermarkets and restaurants. One of the biggest white spaces in the alternative protein space is the knowledge and technology needed to produce thicker, 3D plant-based meat products that more accurately mimic animal products like chicken breast, pork chop, and salmon filet. The market for whole-cut meat products is vast and currently underserved by alternative proteins. Moreover, consumers are seeking clean label products and that today’s alternatives have often have a long ingredient list is undesired.

Rival Foods jumps in this white space by offering the true whole-cut experiences in size, texture, juiciness and taste. Rival Foods develops new technologies, machines, processes and product formulations that serve to create game-changing plant-based food products which outcompete animal protein on quality, health, environmental impact and cost. Rival’s production process transforms a wide variety of plant-based ingredients into high-quality textured protein foods with an unparalleled fibrous texture, rich mouthfeel and juiciness, using very few clean-label ingredients. Rival Foods center of plate products are a nutritious, benign and sustainable alternative to whole-cut animal products.