Plant-based egg alternative start-up will use the cash injection to grow the brand in the US and support new product launches
Zero Egg, a plant-based egg alternative for foodservice and food manufacturers, has raised $5 million in Series A funding in a round led by Powerplant Ventures, with participation from existing investors Unovis Asset Management’s New Crop Capital and The Kitchen, Strauss Group’s foodtech innovation hub.
The San Francisco-based start-up claims its eggs made from a blend of plant proteins deliver the same functionality as the animal product – they scramble, bake, and fluff just like an ordinary egg.
The company said it will use this funding to grow the brand in the US and support new product launches in the next 12 months.
Liron Nimrodi, Zero Egg co-founder and chief executive, said: “By filling the white space in the foodservice industry for plant-based egg alternatives, Zero Egg aims to make plant-based foods the norm and empower the era of sustainable foods”,
She also pointed out that the company’s goal is to meet growing consumer demand for an egg replacement that is effective, nutritious, versatile, and kind to animals and to the planet. “We are elated to join Powerplant Ventures’ portfolio of brands. We can’t imagine a better partner to help us grow the brand and transform the industry.”
Plant-based restaurateur and Powerplant Ventures co-founder and partner, TK Pillan, is joining the Zero Egg board. He said: “I’ve been on a mission to offer practical plant-based options for consumers at both the retail and restaurant level for many years. What has been missing until now is a complete, affordable plant-based alternative for eggs.
“Zero Egg is a game-changer for the industry. We’re proud to invest in their team and confident it will be the much-needed affordable and versatile solution for operators looking to continue to reduce their use of animal products.”
Dan Y Altschuler Malek, managing director of Unovis Asset Management‘s New Crop Capital and a Zero Egg board member, added: “The egg category is massive and the potential to disrupt it with an accessible plant-based solution is fairly untapped in the food industry.
“As investors, we are looking forward to continuing to support the expansion of Zero Egg in the U.S. market. It was an easy decision to continue investing in Zero Egg because it is uniquely positioned given its functionality, taste, and competitive pricing.”
Date published: 11 November 2020