ProVeg Incubator’s food-tech accelerator to scale sprouted millet milk, mycoprotein meats & marine macroalgae

22 Sep 2021 --- Eight start-ups, from Japan to Estonia to Israel, have joined the ProVeg Incubator in a cohort with a narrowed focus on emerging food technologies and unique ingredients for the alternative-protein sector.

These launches include the world’s first milk made from sprouted millets, functional mung-bean protein, mycoprotein-based chicken and fish, and a fat ingredient made from oleaginous yeast for use in alt-dairy.

Speaking to FoodIngredientsFirst, Albrecht Wolfmeyer, head of ProVeg Incubator, details the forthcoming directions of the Berlin-based accelerator program, which will run online for 12 weeks.

“Our program and networks are truly global, with start-ups, industry partners and mentors from all over the world, including nascent markets like Chile, India and China,” remarks Wolfmeyer.

“We support plant-based, cultured food and fermentation companies that are working on a diverse range of projects. However – with regards to impact – there are several categories that we are particularly interested in, namely chicken and other meat alternatives, egg and seafood alternatives.”

Start-ups that join the ProVeg Incubator are supported with a tailor-made accelerator program, one-on-one expert mentoring, access to the Incubator’s extensive networks of industry contacts, and up to €250,000 (US$293,000) in funding and in-kind services.

Since its launch in 2018, the ProVeg Incubator has worked with over 55 alt-meat start-ups from across the globe.Craving plant-based sophistication
In line with one of Innova Market Insights’ top trends this year, “Plant-Forward,” the theme spotlights expansion to different regions and categories in 2021. 

Notably, sales of plant-based alternatives are soaring, especially in Asia, the US and Europe, with increasing investment in more sophisticated meat alternatives – such as plant-based fillet mignon – as a growing number of companies try to obtain a share of this fast-paced market.

But scalability for these start-ups is often a big challenge, as Wolfmeyer details. “What might work on lab-scale but can never be taken to an industrial scale may turn out to not be commercially viable at all.”

“This goes for both B2B and B2C models and approaches,” he continues. “In retail, price point and differentiation are crucial. If a product has no clear unique selling points – such as clean label, health claims and sustainability – and is also too pricey, it will be hard to keep it listed and on the shelves or to get there in the first place.”

“Therefore, start-ups have to think about their long-term growth strategy from the beginning, no matter if they are working on functional ingredients or new food brands. For new products, taste is of course a key criterion – plant-based and fermentation-based products have to be just as delicious to convince flexitarians, which is the most important target-group.”

Start-up ecosystem of over 55 companies
Since its launch in 2018, the ProVeg Incubator has worked with over international 55 start-ups. Collectively, those companies have raised more than €100 million (US$117.4 million) and are stocked in over 15,000 stores.

The program’s latest cohort of start-ups includes:

• Altein Ingredients (India) – Developing a functional mung-bean protein that aims to be the nucleus of plant-powered food. The resulting ingredient can be used to create soya-free, animal-free and gluten-free plant-based products.

• Meet Future (Estonia) – A food-tech company developing the next generation of mycoprotein-based chicken and fish alternatives.

• Plant-based Japan (Japan) – Uses unique Japanese ingredients to develop plant-based egg and meat alternatives.

• Cultivated Biosciences (Netherlands) – Uses fermentation to develop a fat ingredient from oleaginous yeast, which offers the creaminess needed for plant-based dairy products.

• ProProtein (Estonia) – is developing a scalable precision-fermentation technology for producing dairy proteins from yeast, without the need for cattle farming.

• Genesea (Israel) – is a B2B food-ingredients company with a mission to produce protein isolates and other ingredients developed from offshore-grown marine macroalgae.

• Alt Foods (India) – is developing the world’s first plant-based milk made from a unique mix of grains and sprouted millets. 

• Brain Foods (Bulgaria) – produces and sells healthy, sweet-and-savory plant-based snacks that “nourish both mind and body.”

Entering the mentorship phase
During mentorship, each start-up works with one member of the ProVeg Incubator team throughout the program.

Collectively, ProVeg Incubator companies have raised more than €100 million and are stocked in over 15,000 stores.“We work with the founders on their objectives and key results, while discussing their challenges, strategies and financial models,” says Wolfmeyer. “At the same time, we assign a ‘lead mentor’ to each start-up – someone experienced from the industry with a relevant background to coach and challenge the founders on their way.”

“These lead mentors will have regular meetings with the start-ups throughout the program; often they also become long-term advisors. Furthermore, we offer one-on-one sessions with our experts, for example to discuss pitching, scaling and other core topics on an individual basis.”

Challengers to the alt-meat revolution
The rapid traction gained by the alt-meat movement has come with a level of push back from more conservative meat and dairy lobbies, Wolfmeyer concedes. 

In 2018, the US Cattlemen’s Association began petitioning its government to bar cell-based meat companies from calling their foods “meat” or “beef,” even considering the precise origins of this novel food type.

“Luckily, initiatives such as the ‘veggie burger ban’ and ‘plant-based dairy censorship’ have been halted on time, ensuring that the plant-based sector can continue to grow,” comments Wolfmeyer.

“Meat and dairy alternatives are a great way to encourage people to reduce meat and dairy in part or permanently, and as thus are an important part of the mix in helping us achieve our mission of reducing global meat consumption by 50% by 2040.”

By Benjamin Ferrer