A Melbourne-based company redefining the way proteins are produced has secured $5.6 million in pre-Series A funding, a move that positions it to expand production and deepen ties with Australia’s agricultural sector. Harvest B, known for its textured plant-based proteins and blended meat alternatives, attracted strong support from institutional and government investors eager to back the future of food manufacturing.
The round was led by Mandalay Venture Partners, with Breakthrough Victoria contributing $2 million. Other investors included Alberts Impact Ventures, Investible, and a grant from the Australian Government’s Industry Growth Program. Existing backers such as Aura Ventures, Woolworths’ W23, and Sequoia Capital’s Scout Program remain part of the company’s investor base.
Scaling a Homegrown Food-Tech Vision
Harvest B develops plant-based proteins that mimic the structure, taste, and functionality of meat. Its product portfolio includes alternatives to diced chicken, pulled pork, and beef mince, as well as a blended range called B Strong—a hybrid that combines plant and animal proteins to boost nutritional value. These offerings target institutional catering, aged care, and large-scale foodservice wholesalers across Australia and New Zealand.
The company’s technology is anchored by a patented multi-protein low-moisture extrusion (LME) system, which processes Australian crops into shelf-stable, textured proteins. Plans are underway to leverage Victoria’s emerging faba bean processing industry, enabling Harvest B to create allergen-free proteins that are both sustainable and scalable.
Investor Confidence in Food Sovereignty
Alfred Lo, Harvest B’s co-founder and chief commercial officer, described the investment as a pivotal moment for both the company and the broader food ecosystem.
“By leveraging Victoria’s agricultural base, we’re not just producing alternative proteins—we’re investing in local supply chains, sustainable manufacturing, and advanced food technology,” said Lo. “This creates economic and environmental benefits that extend well beyond our business.”
CEO and co-founder Kristi Riordan emphasized affordability and accessibility. “This funding allows us to provide cost-effective, nutritious proteins for food service providers while strengthening Australia’s food sovereignty,” she said.
Breakthrough Victoria’s Strategic Backing
Breakthrough Victoria, a $2 billion innovation fund backed by the Victorian Government, sees Harvest B as a catalyst for transforming food manufacturing. CEO Rod Bristow highlighted the broader implications:
“Harvest B’s approach is nutrient-enriched, healthier, and more cost-effective. By adding value to Victorian-grown produce, the company is paving the way for a resilient and environmentally sustainable food system,” Bristow said.
The investment aligns with Victoria’s economic growth agenda. Danny Pearson, Victoria’s Minister for Economic Growth, noted: “Supporting complementary protein innovation addresses food security and sustainability challenges while creating new economic opportunities for the state.”
Market Positioning and Competitive Edge
Unlike many consumer-facing plant-based brands, Harvest B has adopted a business-to-business model, supplying bulk ingredients to manufacturers, caterers, and institutions. This approach avoids the crowded supermarket shelf wars and instead embeds the company’s products in supply chains where price, nutrition, and scalability matter most.
Its “alternative protein by stealth” strategy—integrating plant-based products into everyday food services without requiring dramatic consumer behavior changes—has been praised by investors for its pragmatic path to mass adoption.
Australia’s Role in the Global Protein Transition
Global demand for alternative proteins is expected to reach $290 billion by 2035, according to Boston Consulting Group. Australia, with its rich pulse-growing regions, is well-positioned to supply raw materials and finished products.
Harvest B’s emphasis on locally sourced inputs supports farmers by creating value-added pathways for crops like faba beans, chickpeas, and lentils. This not only strengthens rural economies but also ensures shorter, more resilient supply chains.
The Blend of Sustainability and Nutrition
The company’s blended B Strong range reflects a growing trend toward hybrid proteins. By combining plant and animal sources, these products deliver higher protein density per serving while reducing reliance on livestock farming.
Livestock contributes nearly 15% of global greenhouse gas emissions, according to the UN’s Food and Agriculture Organization. By shifting even part of protein demand to plant-based or hybrid sources, companies like Harvest B can play a measurable role in reducing emissions while maintaining consumer satisfaction.
Government and Industry Alignment
Harvest B’s success comes amid broader policy momentum. The Australian Government’s Industry Growth Program, which contributed grant funding to this round, prioritizes innovation that boosts local manufacturing and food security.
For Victoria, investing in Harvest B also aligns with its Agriculture Strategy 2030, which targets high-value exports and sustainable practices. By anchoring advanced food processing within the state, the government hopes to capture a greater share of the global agri-food value chain.
Building for Scale
With new funding, Harvest B plans to expand its production capacity and strengthen its R&D partnerships with Victorian universities and research institutions. This includes optimizing the efficiency of its extrusion technology, refining taste profiles, and developing new protein formats tailored for different food service needs.
“Scaling means being able to service national contracts and, eventually, international markets,” Riordan said. “We’re building the backbone of an industry that can grow well beyond Australia.”
The Competitive Landscape
Harvest B operates in a competitive but rapidly growing sector. International players like Beyond Meat and Impossible Foods have dominated headlines, yet their focus is largely on retail markets. By contrast, Harvest B’s institutional-first model allows it to sidestep costly consumer marketing campaigns and focus on reliability, price, and nutritional performance.
Its Australian identity also provides a unique advantage: strong food safety standards, abundant agricultural resources, and growing government support for advanced manufacturing initiatives.
Risks and Opportunities Ahead
Despite its momentum, challenges remain. Alternative protein adoption depends on cost parity with conventional meat, consistent consumer acceptance, and efficient scaling of supply chains.
Yet the opportunities are significant. By 2030, analysts predict that 10–20% of global protein consumption could come from alternative sources. If Harvest B captures even a fraction of this growth, it could establish itself as a regional powerhouse in protein innovation.
Looking Forward
Harvest B’s $5.6 million pre-Series A raise reflects more than just investor confidence—it signals a shift in how Australia positions itself in the future of food. The company’s integration of agricultural partnerships, patented technology, and sustainable practices makes it a critical player in shaping a resilient, low-carbon protein system.
As Riordan summarized: “We’re not asking people to change what they eat. We’re working to make the food they already enjoy better for them, better for farmers, and better for the planet.”
With investor backing, government alignment, and growing market demand, Harvest B is poised to lead Australia’s push toward sustainable proteins and redefine how everyday meals are made.
