Asia-Pacific’s most funded alternative protein company, v2food, has raised $53.16m (€45m) in a Series B extension to bring its plant-based meat products to Europe and Asia. The round was led by Astanor Ventures, Europe’s largest impact investment fund and v2food’s first European investor.

Hendrik Van Asbroeck, partner at Astanor Ventures, said: “Alternative meat has a crucial role to play in the fight against climate change. The V1 versions of alternative meat have created awareness and demand, now we have to step up and supply the customers with healthy, delicious and price-competitive products.”

The extension round brings v2food’s total Series B funding to $108.67m. In total, v2food has raised $134.66m in venture capital funding, including a landmark $25.98m of Series A, the largest A round in plant-based meat at the time of closing in 2019.

Launched in 2019 by former Masterfoods and PepsiCo research director Nick Hazell, v2food has grown in popularity across Australia and Asia-Pacific and now has its sights set on Europe. With nearly one-quarter of Europeans identifying as flexitarians, the consumption of plant-based products across the continent has increased by 49% over the past two years,

The company addresses its products directly to those flexitarians, who want to enjoy meat without the negative environmental consequences.