Top report

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Alternative protein startups raised $235M in Q1 2025, driven by fermentation

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• The Good Food Institute (GFI) shares an investment update towards the alternative proteins ecosystem for Q1 2025 (see table below).

• It says that alternative protein companies raised $235M in Q1 2025, bringing total investments since 2016 to $18.6B.

• Fermentation companies raised $146M in Q1, followed by plant-based companies which raised $54M, and cultivated meat and seafood companies which raised $35M.

  

The Good Food Institute

Other news

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Temasek shifts from early-stage startups to later-stage investments amid market pressure

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• Temasek, Singapore’s state-owned investor, cut direct investments in early-stage startups from $4.4B in 2021 to $509M in 2024 and just $70M so far in 2025, due to losses in startups and rising interest rates.
• It now prioritises larger, later-stage investments closer to IPO while maintaining some exposure to early-stage ventures via VC funds.

Comment: Temasek invested heavily in alternative protein startups, including Remilk, Upside Foods, and Next Gen Foods.

Financial Times

Quick news

• GFI Europe’s analysis of retail data shows plant-based food sales reached €4.7B in 2024 (+1.7% YoY) across six major European markets (meat, seafood, milk and drinks, cheese, yoghurt, cream), led by Germany (€1.68B) and the UK (€1.07B).