Harvest Road’s investment secures a minority stake in ProForm Foods and continues the company’s commitment to investing in the sustainable development of high-quality protein sources to meet rising local and global demand for plant-based protein.
ProForm Foods is a leading Australian innovator in plant-based meat production and has invested more than $20 million in developing the taste and texture of plant-based meat to create products that replicate the experience of eating animal meat, with added health and environmental benefits, and a clean, short ingredient list.
Harvest Road’s strategic investment will see ProForm Foods accelerate its next phase of growth and assist the company to expand its existing production facilities in Northern Sydney as it targets further growth into domestic and international markets while continuing to strengthen its focus on locally sourced, Australian ingredients.
Harvest Road CEO Paul Slaughter said the investment in ProForm was part of Harvest Road’s commitment to supporting high quality and environmentally sustainable food companies that prioritise Australian providence.
“Sustainable food production that meets the growing global demand for protein is a challenge we must all rise to, and we recognise the opportunity to invest in Australian innovators who are ahead of the game in the development of high-quality, plant-based protein sources,” Mr Slaughter said.
“We are pleased to support local manufacturing and production and believe ProForm Foods is ideally placed to target further international growth using its innovative and world-leading production techniques.”.
The investment by Harvest Road recognises ProForm Foods established position as a leading plant-based meat manufacturer with a 16-year history in research and development and proven commercial scale production capability. The company is known to consumers via their MEET brand of products in major supermarkets.
MEET’s great taste is the result of a one-of-a-kind, Australian made and owned cooking technology, which has been more than 15 years in the making.
The company currently uses a minimum of 70% Australian ingredients to produce its products, which service Australia’s booming plant-based meat market, where one in three Australians are either flexitarians or meat-reducers. With a mission to use 100% locally sourced, Australian ingredients by 2025, the new partnership with Harvest Road has arrived at a pivotal moment for ProForm Foods.
Matthew Dunn, CEO at ProForm Foods said partnering with a leading Australian agri-food investor who understands ProForm Food’s rich history in plant-based food technology, as well as the company’s desire to achieve 100% locally sourced, Australian ingredients, was a key driver for the company.
“We’re thrilled to partner with Harvest Road, an organisation driven by a vision to create sustainable businesses that deliver more positive environmental outcomes, enhance food security for Australia and support local manufacturing,” he said.
“ProForm is excited by this alignment of values and the opportunity to take our quality, plant-based products to new Australian and international consumers.”
“Food Frontier’s modelling conducted by Deloitte Access Economics reveals that by 2030 Australian plant-based meat sector could generate almost $3 billion in retail sales vs $185 million in sales now and could employ more than 6,000 Australians. We have no doubt that our strategic relationship with Harvest Road will mean that ProForm Foods will sit at the front and centre of this growth in both Australia and on the global stage,” finished Mr Dunn.
The announcement of the new partnership follows ProForm Foods launching a new range of chilled-plant based meat products into Coles Supermarkets across the country, as well as within HelloFresh meal kits.