v2food buys up US company Daring Foods for undisclosed amount

Plant protein business v2food has announced a strategic partnership with multinational food and biotechnology company Ajinomoto, as well as the acquisition of US plant-based chicken company Daring Foods.

According to a statement from Sydney-based v2food on Thursday, the partnership with 100-plus-year-old, Japan-based Ajinomoto will combine v2food’s protein technology and manufacturing with its partner’s century of food science expertise. The Japanese company has operations in Africa and Asia.

The Daring acquisition was described as valuable due to its “strong retail penetration and consumer loyalty” in the US. Daring will keep its current brand, “while serving as a platform” to sell v2’s products into that market.

The size of the deal was not shared.

“For several years, v2food has been the No. 1 plant-based meat company in Australia, and through the acquisition of Daring, we are excited to be able to introduce our world-class product range into the USA market,” said Tim York (pictured), CEO of v2food, in a statement. 

“Daring has built an incredible, consumer-loved brand with strong reach across the U.S., and combining that with our food technology creates immediate opportunities to accelerate our mission to be one of the global leaders in plant-based protein.”

Plans for an upcoming frozen meal range were also mentioned.

Masaki Kashihara, Executive Officer of Green Business Development at Ajinomoto, added that the move “strengthens the joint platform’s ability to scale globally, unlocking new revenue streams and accelerating the delivery of next-generation food solutions.”

Jack Cowin, the founder of Hungry Jack’s and an early investor in v2food, said he predicted further rationalisation of the plant-based industry with “companies (such as v2food and Daring) coming together to gain scale and provide technical solutions that meet or exceed consumer requirements for great-tasting, affordable and nutritious food that also happens to be better for the planet.”

V2food was established in 2019 as a joint venture between Cowin's Competitive Foods and Main Sequence Ventures (the CSIRO's investment vehicle) and was part of a wave of consumer and investor interest in plant-based foods. Its first product was a Rebel Whopper patty served at Hungry Jack’s.

It opened a factory at Wodonga in late-2020, which shut in 2023.

According to an article in The Australian in January, v2food was yet to make a profit, though losses “narrowed this year to $16m from $44m in 2023” and the result was described as a positive against a 15 per cent decline in the plant-based meat category.

Local difficulties were seen with the collapse last year of The Aussie Plant Based Co (formed via a merger of Fënn Foods’ vEEF and All G Foods’ Love Buds brands) and Australian Plant Proteins.

Picture: supplied

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