September 16, 2021

photo credit: Lever VC

By Lynda Kiernan-Stone, Global AgInvesting Media

Headquartered in Hong Kong, early-stage alternative protein investor Lever VC has connections with some of the top global names in the category, with partners Lawrence Chu and Nick Cooney being early investors in Beyond Meat, Kite Hill, Impossible Foods, Aleph Farms, Memphis Meats, and other category leaders.

Nick Cooney is also a co-founder of The Good Foods Institute, the largest alternative protein industry NGO in the world that has worked with major food groups across North America, Europe, Latin America, and Asia for 15 years, bringing together scientists, investors, and entrepreneurs focused on clean meat and plant-based alternatives to animal-based products looking to make food in new and better ways. 

Their experience, track record, and investment thesis has attracted capital from some of the biggest global names in the food & ag and investment spaces, with Lever VC announcing a final close on Lever VC Fund I at $80 million.

Cooney and Chu have been investing in the alternative protein space since 2015, and were early investors in some of the most successful and disruptive startups in the alternative protein space. With this experience and network behind them, the team has built out a portfolio that currently stands at 19 fast-growing global plant-based and cultivated and fermented animal protein companies across the U.S. Asia, Europe, and Latin America.

Fund I announced its first close at $23 million in the middle of the global pandemic in August 2020 with a portfolio consisting of 10 alternative protein companies, and as recently as April of this year, announced its fourth close at $46 million. 

By 2050, the dietary needs of more than 10 billion people will have to be met, and met in ways that are sustainable, reduce climate change, and mitigate environmental challenges – all goals that alternative proteins are aiming to meet.

In the months between January and July 2020, investment in plant-based foods exceeded $907 million, compared to investment of $457 million for all of 2019. Over the same time period, investment in cell-based meat totaled $209 million, according to a report released by FAIRR – an investor network that estimates that the entire alternative protein market will be valued at $17.9 billion by 2025.

And by 2054, Lux Research expects alternative proteins to command up to a third of the entire protein market as they fill the void created by slowing growth in meat and seafood production as health-conscious consumers make more nuanced and informed choices in their diets. 

With such potential for disruption, consumer adoption, environmental imperative, and investor interest, Lever VC has boots on the ground in the U.S., UK, France, Brazil, Israel, Singapore, mainland China, and Hong Kong tracking more than 2,000 global alternative protein companies.

“The alternative protein market is continuing to grow quickly, and with our deep experience and proven record of returns in the sector, as well as preeminent deal flow across the North America, Europe, Asia and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein,” said Lawrence Chu in August 2020 when Fund I’s first close was announced.

Prior to the launch of Fund I, Cooney and Chu made family office investments in category leaders including Impossible Foods, Beyond Meat, JUST, Upside Foods (Memphis Meats), Mosa Meats, Aleph Farms, Miyoko’s, and Kite Hill Foods.

And their current portfolio remains just as impressive with TurtleTree Labs, Avant, THIS, Mission Barns Bond Pet Foods, Better Meat Co., Blackbird Foods, The New Butchers, Bluu, A Dozen Cousins, Welldone, Marvelous Foods, Good Planet Foods, The Good Spoon, Grounded, CellX, NoMoo, Mozza, and Heura.

Portfolio companies that received investment from Lever VC in 2019 and 2020 have already experienced valuation growth or valuation caps of 44x, 13x, 7x, 3x, 3x, 2.5x, 2x, 2x, 1.6x, and 1.1x. 

But Lever VC has no plans of slowing down as plans are in place to begin fundraising for Fund II in early 2022.

Cooney commented, “We [also] look forward to beginning the raise of Lever VC Fund II early next year on the back of large pre-commitments from existing LPs and strong interest from institutional investors.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.