All the fundraising deals in the alternative protein market (from Q2 2025 to Q2 2026)
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In our alternative protein market deck, you will find everything you need to understand the market
Alternative protein startups announced 35 qualifying funding deals between Q2 2025 and Q2 2026.
These alternative protein funding rounds represented approximately $492.38 million in disclosed capital.
Fermentation-derived proteins received the largest share of funding, while cultivated meat remained more capital-constrained.
And if you want to better understand this new industry, you can download our pitch covering the alternative protein market.
Insights
- Fermentation-derived proteins captured $327.37 million, or 66% of all alternative protein funding, because these ingredients can improve taste, texture and manufacturing performance.
- Q3 2025 was the strongest quarter, but three large rounds represented almost 82% of the capital raised during the quarter.
- The alternative protein market recorded more deals over time, rising from three rounds in Q2 2025 to ten rounds in Q2 2026.
- Average deal size fell as activity broadened, dropping from $38.15 million in Q3 2025 to $10.18 million in Q2 2026.
- Only two alternative protein funding rounds exceeded $50 million, showing that very large checks remained unusual during the five-quarter period.
- Plant-based meat companies still attracted capital when the products offered whole-cut textures, regional recipes or lower-cost manufacturing.
- Cultivated meat and seafood companies raised only $34.30 million across five deals, with most funding directed toward regulation, pilot production and runway.
- Invest-NL appeared in five alternative protein funding rounds, making the organization the most active disclosed investor in the dataset.
- Several alternative protein startups combined equity with grants, credit or crowdfunding because manufacturing and regulatory work require several types of capital.
This market map, featured in our alternative protein market deck, highlights top companies and startups in the alternative protein market
Summary table of the funding deals in the alternative protein market (last 5 quarters)
We define the alternative protein market as all modern technologies that provide protein for human food as a substitute for conventional meat, seafood, dairy, and eggs.
We include plant-based meat, seafood, dairy and egg products, fermentation-derived proteins used in such foods, and cultivated cell-based meat and seafood.
We exclude ordinary plant staples, insect proteins, algae proteins and other novel proteins unless the products are clearly sold as meat, seafood, dairy or egg alternatives.
You can also read our detailed analysis to understand how funding activity in the alternative protein market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the alternative protein market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| High Time Foods | Makes shelf-stable plant proteins for meat alternatives in markets with limited cold-chain infrastructure. | $1.20M | Q2 2025 |
| NoMy | Ferments food-industry sidestreams into mycoprotein for European food manufacturers. | $1.35M | Q2 2025 |
| Rival Foods | Produces fibrous whole-cut plant-based meat using shear-cell technology. | $11.60M | Q2 2025 |
| The Better Meat Co | Produces fungi-based mycoprotein for meat alternatives and hybrid meat products. | $31.00M | Q3 2025 |
| Nxtfood / ACCRO | Sells plant-based burgers, mince and nuggets across France and wider Europe. | $58.00M | Q3 2025 |
| The Protein Brewery | Produces Fermotein, a fungi-derived protein ingredient for global food manufacturers. | $35.60M | Q3 2025 |
| Revyve | Turns brewer's yeast into proteins that replace eggs and food additives. | $28.00M | Q3 2025 |
| Asterix Foods | Uses plant-cell culture to produce proteins and functional food ingredients. | $4.20M | Q4 2025 |
| MATR Foods | Ferments vegetables and legumes into organic whole-food meat alternatives. | $21.60M | Q4 2025 |
| Bettani Farms | Makes protein-rich dairy-free cheese from seed-derived proteins. | $6.50M | Q4 2025 |
| Umami United | Produces plant-based liquid eggs, powders and egg-replacement ingredients. | $2.01M | Q4 2025 |
| The EVERY Company | Produces animal-free egg proteins through precision fermentation. | $55.00M | Q4 2025 |
| SuperMeat | Grows cultivated chicken using a continuous cell-production process. | $3.50M | Q4 2025 |
| Atlantic Fish Co. | Develops cultivated whitefish fillets for the US seafood market. | $1.20M | Q4 2025 |
| Those Vegan Cowboys | Produces cow-free casein for cheese through precision fermentation. | $6.90M | Q4 2025 |
| Mosa Meat | Grows cultivated beef from animal cells for European consumers. | $17.60M | Q4 2025 |
| All G | Produces dairy-identical proteins through precision fermentation in Australia. | $1.95M | Q1 2026 |
| Mö Foods | Makes oat-based cheese designed to melt and stretch like dairy cheese. | $2.80M | Q1 2026 |
| Maia Farms | Produces mushroom and mycelium protein ingredients for food manufacturers. | $2.70M | Q1 2026 |
| 1.5 Degree | Supplies plant-based milk and desserts to Indian foodservice customers. | $1.00M | Q1 2026 |
| Green Rebel Foods | Produces Asian-style plant-based meat for Indonesia and wider Asia. | $12.50M | Q1 2026 |
| Verley | Produces precision-fermented whey proteins for food and nutrition products. | $30.00M | Q1 2026 |
| Evergreen Select | Develops cultivated beef for a more stable North American beef supply. | $6.00M | Q1 2026 |
| Those Vegan Cowboys | Produces cow-free casein for animal-free cheese and dairy products. | $14.20M | Q1 2026 |
| Standing Ovation | Produces animal-free casein for cheese, yogurt and other dairy products. | $34.20M | Q1 2026 |
| Finally Foods | Grows dairy-identical casein inside potatoes using molecular farming. | $2.60M | Q2 2026 |
| Planetary | Builds industrial fermentation capacity for mycoprotein and other food proteins. | $28.00M | Q2 2026 |
| Cosaic | Produces yeast ingredients that improve creaminess, stability and food performance. | $6.00M | Q2 2026 |
| AuX Labs | Produces recombinant casein for animal-free cheese through precision fermentation. | $4.00M | Q2 2026 |
| SuperMeat | Produces cultivated chicken for an initial commercial launch in Switzerland. | $6.00M | Q2 2026 |
| StrainX Bioworks | Produces food proteins and ingredients through precision fermentation in India. | $13.00M | Q2 2026 |
| Oshi | Makes plant-based whole-cut salmon and whitefish fillets for the US. | $3.00M | Q2 2026 |
| Pacifico Biolabs | Grows mycelium chicken alternatives using converted brewery equipment. | $8.10M | Q2 2026 |
| The Protein Brewery | Produces Fermotein, a fungi-derived protein ingredient for global manufacturers. | $20.57M | Q2 2026 |
| NS/TX Industries | Builds automated production lines for plant-based steaks, fillets and seafood. | $10.50M | Q2 2026 |
In our alternative protein market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the alternative protein market changed over time?
Q3 2025 was the most active quarter, with $152.60 million raised, but three large rounds generated almost 82% of that total.
Q2 2025 was the least active quarter because only three alternative protein funding deals were announced, raising $14.15 million.
Alternative protein funding fell by 3.4% from Q1 2026 to Q2 2026, but funding was 619% higher than in Q2 2025.
Without the largest one or two rounds in each quarter, the alternative protein funding trend looks more stable. The number of smaller and mid-sized deals increased even as total capital remained uneven.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 3 | $14M | Rival Foods generated most of the quarter's alternative protein funding. |
| Q3 2025 | 4 | $153M | Three large fermentation and plant-based meat rounds drove the quarterly peak. |
| Q4 2025 | 9 | $119M | The EVERY Company led a broader quarter with nine disclosed funding rounds. |
| Q1 2026 | 9 | $105M | Precision-fermented dairy proteins attracted several of the quarter's largest investments. |
| Q2 2026 | 10 | $102M | Deal activity reached a five-quarter high, while average round size remained moderate. |
| All quarters | 35 | $492M | The alternative protein market attracted more deals, but quarterly funding remained concentrated. |
This chart, featured in our alternative protein market deck, looks at Impossible Foods’ strategy in alternative protein
Which startups in the alternative protein market raised the largest rounds over the last months?
These startups raised the most recently in the alternative protein market:
- Nxtfood / ACCRO raised $58 million to expand manufacturing, strengthen French distribution and support wider European growth.
- The EVERY Company raised $55 million to scale animal-free egg protein manufacturing and support more commercial product launches.
- The Protein Brewery raised $35.60 million to commercialize Fermotein and expand industrial fermentation capacity.
- Standing Ovation raised $34.20 million to enter North America, expand manufacturing and develop partnerships with established dairy companies.
- The Better Meat Co raised $31 million to complete commercial production capacity and reduce the cost of its fungi-based protein.
- Verley raised $30 million to scale precision-fermented whey production and complete regulatory work.
- Revyve raised $28 million to expand yeast-protein production and supply larger food manufacturers.
- Planetary raised $28 million to expand fermentation capacity and lower the cost of food-grade protein production.
- MATR Foods raised $21.60 million to build an industrial facility and expand fermented plant-based meat production.
- The Protein Brewery raised $20.57 million to support commercial Fermotein production, market entry and customer supply.
And, yes, we do cover most of them in our our beautiful pitch about the alternative protein market.
You may also want to check our ranking of the most funded startups in the alternative protein market as well as our list of the most valued startups.
This chart, featured in our alternative protein market deck, shows annual funding in alternative protein startups
Is the alternative protein market shifting toward smaller or bigger deals?
The average alternative protein funding round was $14.07 million across the five-quarter period.
Average deal size ranged from $4.72 million in Q2 2025 to $38.15 million in Q3 2025. Q3 2025 was unusually high because four rounds included three large financings.
Without the largest rounds, the alternative protein market shows a gradual shift toward more small and mid-sized financings.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 3 | $4.72M | 2 | 0 |
| Q3 2025 | 4 | $38.15M | 0 | 1 |
| Q4 2025 | 9 | $13.17M | 1 | 1 |
| Q1 2026 | 9 | $11.71M | 2 | 0 |
| Q2 2026 | 10 | $10.18M | 0 | 0 |
| All quarters | 35 | $14.07M | 5 | 2 |
This chart, featured in our alternative protein market deck, compares the main business model options for alternative protein brands
How concentrated was funding activity in the alternative protein market?
Alternative protein funding was highly concentrated in several quarters. The largest deal represented 46% of Q4 2025 funding and 82% of Q2 2025 funding.
Funding became less concentrated by Q2 2026, when the three largest rounds represented 60.5% of the quarter and ten companies shared the remaining capital.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 3 | 81.98% | 100.00% | 100.00% |
| Q3 2025 | 4 | 38.01% | 81.65% | 100.00% |
| Q4 2025 | 9 | 46.41% | 79.49% | 100.00% |
| Q1 2026 | 9 | 32.46% | 74.42% | 100.00% |
| Q2 2026 | 10 | 27.51% | 60.50% | 100.00% |
| All quarters | 35 | 11.78% | 30.18% | 69.45% |
This chart, featured in our alternative protein market deck, shows revenue breakdown by customer segment in the alternative protein market
Which categories in the alternative protein market received the most funding?
Fermentation-derived proteins received $327.37 million, equal to 66% of alternative protein funding. Investors supported ingredients that improve taste, texture, nutrition and manufacturing performance.
Plant-based meat and seafood received $118.40 million, equal to 24% of funding. The largest rounds supported differentiated products, regional brands and better production technology.
Cultivated meat and seafood received $34.30 million, equal to 7% of funding. Most cultivated protein companies used the capital for regulation, pilot production and cost reduction.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Fermentation-derived proteins | 19 | $327.37M | NoMy ($1.35M); The Better Meat Co ($31M); The Protein Brewery ($35.60M and $20.57M); Revyve ($28M); Asterix Foods ($4.20M); The EVERY Company ($55M); Those Vegan Cowboys ($6.90M and $14.20M); All G ($1.95M); Maia Farms ($2.70M); Verley ($30M); Standing Ovation ($34.20M); Finally Foods ($2.60M); Planetary ($28M); Cosaic ($6M); AuX Labs ($4M); StrainX Bioworks ($13M); Pacifico Biolabs ($8.10M) |
| Plant-based meat and seafood | 7 | $118.40M | High Time Foods ($1.20M); Rival Foods ($11.60M); Nxtfood / ACCRO ($58M); MATR Foods ($21.60M); Green Rebel Foods ($12.50M); Oshi ($3M); NS/TX Industries ($10.50M) |
| Cultivated meat and seafood | 5 | $34.30M | SuperMeat ($3.50M and $6M); Atlantic Fish Co. ($1.20M); Mosa Meat ($17.60M); Evergreen Select ($6M) |
This chart, featured in our alternative protein market deck, shows how plant-based meat product technology has evolved over time
Who are the biggest investors in the alternative protein market?
Invest-NL was the most active disclosed investor, with five deals involving fermentation, cultivated meat and industrial production.
Novo Holdings participated in three deals representing $77.77 million of combined funding, with a strong focus on fermentation and food production.
Unovis Asset Management participated in three deals representing $68.67 million, including two financings for The Protein Brewery.
Agronomics participated in three smaller deals involving cultivated chicken and precision-fermented dairy proteins.
New Agrarian Company participated in two alternative protein deals involving The EVERY Company and SuperMeat.
SOSV participated in two deals involving food-protein platforms at different stages of development.
Milk & Honey Ventures participated in two SuperMeat financings supporting cultivated chicken development and commercialization.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Invest-NL | 5 | $129.77M | The Protein Brewery twice; Revyve; Mosa Meat; Planetary |
| Novo Holdings | 3 | $77.77M | The Protein Brewery twice; MATR Foods |
| Unovis Asset Management | 3 | $68.67M | The Protein Brewery twice; Green Rebel Foods |
| Agronomics | 3 | $11.45M | SuperMeat twice; All G |
| New Agrarian Company | 2 | $61.00M | The EVERY Company; SuperMeat |
| SOSV | 2 | $59.20M | Asterix Foods; The EVERY Company |
| Milk & Honey Ventures | 2 | $9.50M | SuperMeat twice |
This chart, featured in our alternative protein market deck, shows how progress toward price parity has driven growth in the alternative protein market over time
Related blog posts
- A complete overview of funding deals in alternative proteins
- Which companies have raised the most funding in the alternative protein market?
- How strong is fundraising in the alternative protein market right now?
