The New, one of Latin America’s fastest-growing plant-based meat brands, has secured funding from Lever VC, a global investor in the alternative protein space, and Paulo Veras, Founder and CEO of 99, Brazil’s first tech unicorn. Funding will be used to complete expansion of a 1,000 sq m production facility amid heavy demand for the company’s products at national and regional retailers.
Launched in September 2019 by Bruno Fonseca, The New produces plant-based salmon, cod, chicken, and beef products. All products are non-GMO and free of all common allergens including soy and gluten, positioning The New alongside Beyond Meat as one of the only high-quality plant-based meat brands free of these two common allergens. The company has already grown to over 700 points of sale in its first 18 months of operation, including placement at Brazil’s two largest retail chains Pao de Acucar and Carrefour.
“Since 2017 we have been researching and developing our products with the goal of offering something more delicious and cleaner than everything else in the Brazilian market today,” says Fonseca, “For example, we do not use hydrogenated palm fat, choosing instead to use natural coconut fat, which when combined with pea protein has an incredible flavour.”
That flavour has caught the attention of consumers seeking a healthier and more sustainable diet, as well as leading supermarket chains. Brazilian retail leader Pão de Açucar, one of The New’s key accounts, reported that plant-based burgers accounted for 30 per cent of all hamburger sales at its stores last year.
“We are incredibly excited to be partnered with The New,” says Nick Cooney, Managing Partner at global alternative protein fund Lever VC, whose partners were early backers of Beyond Meat and Impossible Foods. “When we carried out consumer taste panels of plant-based meat brands in Brazil, over 90 per cent liked The New’s products best, and by a very wide margin. We love their products, their team, their commitment to R&D and continuous improvement, and their fast sales growth. Plant-based meat is beginning to boom in Latin America, and we think The New will be a clear category leader.”
For angel investor Paulo Veras, who founded and ran Brazil’s first tech unicorn, ridehailing app 99, The New is where food meets tech. “The New is spearheading the food revolution. Through its healthy and tasty plant-based meat alternatives, it addresses some of humanity’s biggest challenges such as food, health and climate change”, says Veras.
