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Contxto – Brazilian foodtech Fazenda Futuro is going places. No seriously. It’s expanding into Europe. As of last week the startup is selling its plant-based hamburger in the Netherlands, while Germany and England will be the foodtech’s next destinations.
Hungry for growth?
Fazenda Futuro (Portuguese for “Future Farm”) estimates its exports to Europe will yield around €40 million (about US$44.4 million) in the next two years. This is possible thanks to the investment which the startup will use to increase factory operations in Rio de Janeiro.
The foodtech has been pretty dodgy about its estimated yearly revenue. However, Valor Globo calculates that at a rate of R$18 (about US$4) for every box of two herbivorous hamburgers, Fazenda Futuro may have an annual revenue of around R$50 million (approximately US$12.3 million).
Moreover, the startup’s last valuation was estimated at around US$100 million. Perhaps when leadership at Fazenda Futuro releases more details, a clearer picture of this foodtech giant can be painted.
Taking on Europe
Environmentally-conscious Europe is taking the lead in adopting changes to their diet. As the number of vegetarians and vegans across the pond rises, so does the demand for alternative meat sources.
Consequently, it’s not surprising to see that Europe is the largest market looking for “fake meat” and constitutes 39 percent of global sales. In 2020 alone, the meat substitutes market is set to grow by approximately 8.4 percent. Fazenda Futuro and monashees probably had these numbers in mind when the investment was closed earlier this year.
In any case, the startup certainly has been busy.
Fazenda Futuro began exporting to places in Latin America such as Uruguay, Paraguay, and Chile. The foodtech also launched its meatless meatballs. Not to mention further consolidating itself within its native market. Now, Fazenda Futuro can add Europe to its exploits.