Powerplant Ventures, Unovis Asset Management-New Crop Capital and Strauss Group invest in a global food tech startup as they crack U.S. plant-based egg market
Following its U.S. launch, Zero Egg, a plant-based egg alternative for foodservice and food manufacturers that tastes, looks, and functions like an ordinary egg, announces that it has raised $5 million in Series A funding led by Powerplant Ventures, and joined by existing investors Unovis Asset Management-New Crop Capital and Strauss Group-The Kitchen Hub.
The company will use this funding to grow the brand in the U.S. and support its ambitious new product launches in the coming year. With 100 billion eggs consumed each year in the U.S. alone, Zero Egg is focusing on providing affordable, versatile and tasty plant-based egg products with the mission to make a positive impact on the environment, animal welfare, and people’s health.
“By filling the white space in the foodservice industry for plant-based egg alternatives, Zero Egg aims to make plant-based foods the norm and empower the era of sustainable foods,” said Liron Nimrodi, CEO, and co-founder, Zero Egg. “Our goal is to meet growing consumer demand for an egg replacement that is effective, nutritious, versatile, and kind to animals and to the planet. We are elated to join Powerplant Ventures’ portfolio of brands. We can’t imagine a better partner to help us grow the brand and transform the industry.”
Veteran plant-based restaurateur and Powerplant Ventures co-founder and partner, T.K. Pillan, joins the Zero Egg board of directors. “I’ve been on a mission to offer practical plant-based options for consumers at both the retail and restaurant level for many years. What has been missing until now is a complete, affordable plant-based alternative for eggs,” said Pillan. “Zero Egg is a game-changer for the industry. We’re proud to invest in their team and confident it will be the much-needed affordable and versatile solution for operators looking to continue to reduce their use of animal products.”
The success of plant-based milk, which now makes up 14 percent of the U.S. milk category and has more than 40 percent household penetration*, has laid the groundwork for major increases in other plant-based dairy categories, like plant-based eggs, which was the fastest-growing plant-based category in 2019, with 192 percent growth over the prior year according to The Good Food Institute.
“The egg category is massive and the potential to disrupt it with an accessible plant-based solution is fairly untapped in the food industry. As investors, we are looking forward to continuing to support the expansion of Zero Egg in the U.S. market,” said Dan Y. Altschuler Malek, managing director, Unovis Asset Management-New Crop Capital and Zero Egg board member. “It was an easy decision to continue investing in Zero Egg because it is uniquely positioned given its functionality, taste, and competitive pricing.”
This round of funding includes reinvestment from Zero Egg’s first supporter, Strauss Group-The Kitchen Hub.
“We are proud to see Liron and her team materialize the Zero Egg vision,” said Amir Zaidman, vice president business development, Strauss Group-The Kitchen Hub. “The company was started under the framework of “The Kitchen” incubator. The support of investors such as Powerplant Ventures and Unovis-New Crop Capital are strong votes of confidence, and what we see as a big step forward for the plant-based egg category.”
*Sources: SPINS and The Good Food Institute.
About Zero Egg:
Animal friendly, sustainable, and a healthier alternative,Zero Egg is the plant-based egg for everyone. Founded in 2018, the company believes the plant-based egg should be an everyday choice and is on a mission to make plant-based food accessible to everyone. With a feather-light footprint, Zero Egg offers the taste and texture of an ordinary egg, has better-for-you attributes, and is easy on the planet. It is made of plant proteins including soy, potatoes, peas, and chickpeas. With only 15 calories compared to 68 calories in an actual egg, it is not only low in calories but it has no cholesterol and is low fat. Manufacturing Zero Egg uses radically less land, water, and energy, and produces significantly less greenhouse gas emissions than eggs from hens. Zero Egg is determined to meet the growing demand for egg alternatives that taste, cook, and function like traditional eggs, specifically in foodservice and food manufacturing. In addition to the U.S. Zero Egg is also distributed in Israel and Europe. The company received early accolades at launch, including Calcalist’s 2019 Food Innovation competition in Israel. More atwww.zeroeggfood.com,Instagram and Linkedin.
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SOURCE Zero Egg
NEWS PROVIDED BY Zero Egg
Nov 11, 2020, 09:01 ET