5 Startups Leading Plant-Based Meat Alternative Industry in 2024
The world produces more than 350 million tonnes of meat annually to keep up with the growing population and demand. This amounts to 14.5% of all human-generated greenhouse gas emissions—more than the fuel from every car, truck, plane, ship, and train on the planet.
As a result, consumers are increasingly seeking more eco-friendly food options, catalyzing a new wave of plant-based meat alternative startups. Studies indicate that 70% of people have enjoyed eating vegan meat at fast-food chains in the US, suggesting a strong interest in the meat alternative.
Alongside being cruelty-free and sustainable, a plant-based meat alternative emits 30%-90% less greenhouse gases than animal meat.
This report lists five newly funded startups that have sprouted after 2018, each making unique products to change meat consumption trends.
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1. Planeat is creating “meat” from soy protein
| Founding Year | 2020 |
| Headquarters | Podlaskie, Poland |
| Total Funding Amount | $344.6K |
| Last Funding Round/Amount | Angel round/$280K (PLN 1,100,000) |
| Website | planeat.pl |
Planeat is at the forefront of Poland’s plant-based meat revolution. With a grant from the Carrefour Foundation and additional angel investment, Planeat has developed a range of meat substitutes primarily made from pea and soybean protein.
Their products include meat substitutes based on pea and soybean protein, offering ground plant-based “meat” suitable for preparing cutlets, meatballs, etc.
Founded by entrepreneurs Andy David Staniek and Martyna Polak, Planeat has raised $344.6K in funding.
2. Plantcraft makes allergy-free deli delights
| Founding Year | 2018 |
| Headquarters | New York, United States |
| Total Funding Amount | $2.2M |
| Last Funding Round/Amount | Seed round/$1.3M |
| Website | plantcraft.com |
Deli products often contain allergens like gluten and dairy, hidden within ingredients or due to cross-contamination. This startup aims to change that while being free of dairy and meat.
Founded in 2018, New York-based Plantcraft has made allergen-free, plant-based deli meats. The startup has raised $2.2M in total, including over $1.6M in seed investment in 2020 from X-Ventures Venture Fund Management Company. Plantcraft’s co-founder, Csaba Hetényi, is on the board for a diverse range of companies in other industries, such as corporate finance.
Benefiting from significant seed investment, Plantcraft’s plant-based meat alternative products, including bologna slices, paté, and pepperoni, stand out for being free from common allergens.
They focus on clean-label products and healthier meat alternatives that don’t sacrifice flavor or texture.
3. Hempeat makes plant-based meat alternatives from hemp
| Founding Year | 2021 |
| Headquarters | Dolnoslaskie, Poland |
| Total Funding Amount | $284.9K |
| Last Funding Round/Amount | Seed round/$210K |
| Website | linkedin.com/company/hempeat |
According to the Water Footprint Network, it takes over 15,000 liters of water to produce just 1kg of beef. Startups like Hempeat are drastically reducing this resource consumption using their plant-based meats.
Founded in 2021, Hempeat is a food-tech startup that makes plant-based meat alternatives from hemp. The CEO, Jacek Kramarz, has an extensive history with hemp companies, such as the European Industrial Hemp Association and HemPoland. He’s also the executive VP of Green Lanes Investment Management company.
The advantage of hemp is that it consumes 400 times less water and produces 24 times fewer carbon emissions than beef. Furthermore, Hemp seeds require less irrigation than most crops and do not require pesticides. Hemp helps regenerate and improve soils and can thrive in warmer temperatures and climates, making it highly adaptable to climate change.
Hemp-based meat alternatives have near-authentic textures with a familiar fibrous consistency, making them highly desirable.
Hempeat has raised $284.9K over two funding rounds. They’re still in the seed stage, making them ideal for an innovation partnership or acquisition.
4. Better Nature turns tempeh into meat-like foods
| Founding Year | 2018 |
| Headquarters | London, United Kingdom |
| Total Funding Amount | $9.5M |
| Last Funding Round/Amount | Venture Series/$1.3M |
| Website | www.betternaturetempeh.co |
Consuming red and processed meats has been linked to negative effects on gut health due to less diverse gut bacteria. Better Nature is changing that with its unique plant-based meat blends.
Headquartered in London, Better Nature makes tempeh-based products. It leverages the fermentation of whole soybeans to create meat alternatives rich in protein and beneficial for gut health.
Founded in 2018, the startup successfully raised ~ $2 million through crowdfunding and $9.5 million in total. This is a testament to the growing consumer interest in sustainable and health-conscious food options. Dr. Ahnan-Winarno from the Indonesian Tempe Movement is among this startup’s founders.
Among the backers of this round were Ascension Ventures Good Food Fund and Kale United, which support plant-based brands. This highlights the confidence in Better Nature’s market potential and mission.
Better Nature claims to be the first plastic-neutral meat alternatives brand, underlining its dedication to environmental responsibility and nutritional value. The brand’s products, including tempeh mince, rashers, and bites, are now available in over 200 retail stores, showcasing growth and consumer acceptance.
5. VFC creates plant-based chicken meat alternatives from wheat
| Founding Year | 2020 |
| Headquarters | North Yorkshire, United Kingdom |
| Total Funding Amount | £16M |
| Last Funding Round/Amount | Seed round/£6M |
| Website | vfcfoods.com |
Fast food giants like KFC are often criticized for the high caloric content, saturated fats, and sodium levels in their foods, which contribute to obesity, heart disease, and high blood pressure. Ethically, KFC has faced scrutiny over animal welfare practices, including concerns about the treatment of chickens in their supply chain.
VFC, also known as Vegan Fried Chicken, hopes to change that.
The startup, launched in December 2020 by Matthew Glover and Adam Lyons in the UK, specializes in vegan fried chicken products made from wheat protein and has seen rapid expansion.
They raised £16m in equity funding from Veg Capital, Johnson Resolutions, and various angel investors.
VFC is part of the Vegan Food Group and has been recognized by PETA for its vegan chicken. Matthew Glover, one of the startup’s founders, is also the managing director of Veg Capital, an investment firm.
The founders’ vision was to create a business that merges food with activism, particularly as a protest against factory chicken farming from companies like KFC.
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Authored by: Hemanth Shenoy, Market Research
