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Milltrust and EFF Ventures to launch £242m Smart Protein Fund

Smart Protein Fund
Image credit: Antonina Vlasova via Shutterstock

A new £242m investment fund targeting cleaner alternatives to meat proteins is set to launch tomorrow as the food tech industry continues its decarbonisation mission.

The Smart Protein Fund from London-based Milltrust Ventures and Ireland’s Earth First Food Ventures will put funds towards scaling various food tech startups in areas such as lab-grown meat, plant-based, meat, and other protein alternatives.

Speaking to City A.M., Alexander Kalis, managing partner at Milltrust International, said: “It’s often conveniently forgotten that the food industry represents 26% of global greenhouse gas emissions – more than all forms of transport combined.

“Time is of the essence if we are to reach our net-zero imperatives.”

Brian Ruszczyk added: By 2035, alternative proteins will very likely capture 11 per cent of the global protein market, as consumers, companies, and investors push the values of ESG.

“We predict the market for alternatives to meat, especially chicken and seafood, will increase significantly, rising from two per cent of total protein consumption in 2020 to more than 20 per cent by 2035.”

Milltrust Ventures is the investment arm of Milltrust International, a London headquartered investment organisation that also has a significant presence in Singapore.

UK startups that have recently received backing in the vegan alternative animal product market include Basecamp, which raised £16m in December last year, and Julienne Bruno, which raised £5m in November for its cheese replacement.