Breakthrough Victoria has followed the federal government’s lead and taken a $2 million stake in Harvest B, the country’s first plant-based protein ingredient manufacturer.
Founded by Kristi Riordan and Alfred Lo in 2020, the Sydney-based company crafts its plant-based proteins from a blend of wheat and soy, offering food brands a local alternative to imported components.
The investment, announced on Friday, will help Harvest B scale its operations in Western Sydney and work with Victorian pulse producers and research institutions, including Agriculture Victoria Research.
It comes just months after Harvest B secured $2.2 million through the federal government’s Industry Growth Program to develop a gluten-free faba bean plant protein.
Faba beans are “one of Victoria’s agricultural strengths and will support work to advance Harvest B proteins into an allergen-free and sustainable protein range”, Breakthrough Victoria said of the investment.
Mr Lo, the company’s chief operating officer, described the new investment as a “pivotal step in scaling our advanced food processing capabilities and expanding our market reach”.
“By leveraging Victoria’s rich agricultural base, we are enhancing its value-added food ecosystem — investing in local supply chains, sustainable manufacturing, and advanced food technology…” he said.
Breakthrough Victoria chief executive Rod Bristow billed the Harvest B deal — which brings its total investments to $480 million — as a “bold step towards the future of food”.
“Harvest B’s groundbreaking approach is not just redefining the market — it’s paving the way for a more resilient, cost-effective, and environmentally sustainable food system,” he said.
After a busy 2023 and 2024, Breakthrough Victoria has made only a handful of investments this calendar year and only expects to make 10 deals over the coming financial year, down from 15 and 21 in the two years prior.
The state-run VC is currently being examined as part of a broader review of Victoria’s innovation investment settings that also captures its startup development agency, Launch Vic.
Earlier this month, Breakthrough Victoria released findings from a report produced by EY estimating a $5.3 billion boost to the economy by 2035 from companies that it has backed.
Findings from the report, which has not been publicly released, are said to show an estimated internal rate of return of 2.8 per cent since the fund’s inception, surpassing that of the ASX small ordinaries.
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