Fënn Foods is credited with creating the world’s first certified carbon neutral plant-based mince, and since the food manufacturing company was founded in 2018, it’s been growing strongly. 

After a $3 million capital injection in 2022, the company is now looking to raise $2 million as it prepares for its IPO.

While the company’s two key brands, vEEF and Fënn Foods, are both distributed in major supermarkets, they’ve recently inked a new deal with Woolworths that triples current distribution to 800 Woolworths stores, and adds an expanded range of vEEF plant-based proteins. 

vEEF is the company’s mainstream offering, selling multi-serve, plant-based meat alternatives. While Fënn Foods offers a more premium product that includes a wider range of ingredients and flavour profiles, and less serves per pack. 

“With 70% of Australians currently consuming, or open to consuming, plant-based alternative proteins, due to the health and environmental benefits; the Australian plant-based sector is forecast to grow to generate ~$3bn in retail sales by 2030.” says Executive Chairman, Nicholas Sims.

“This shift to alternative proteins, is one of the most capital-efficient and highly-impactful solutions to addressing our climate crisis and lowering the risk against chronic noncommunicable diseases.”

The company is based on the Sunshine Coast, and was founded by chef Alejandro Cancino. At the outset, he was working at a three-hatted restaurant in Brisbane, and he recognised there was a lack of high-quality plant-based alternatives on offer through food service distribution channels. 

He wanted to change that, and Fënn Foods was born. The initial product range was a small selection of plant-based condiments and cheeses, and that’s now grown to a broader range of meat alternatives and ready to eat meals. 

The company has its own research and development team, as well a production facility custom-made for producing plant-based food. 

Fënn Foods aims to undertake its IPO within 24 months of the completion of this latest fund raise. 

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