Russian Startup Bags $1.5M To Launch Vegan Meat Across Eastern Europe
By Sally Ho, Green Queen (Hong Kong)
Jul 21, 2021
Welldone, a Russian plant-based meat startup, has just raised $1.5 million in fresh funding. Amid surging vegan demand in the region, the capital will go towards growing production and distribution. Welldone, which already has a strong foothold in the Russian market, says it plans to take its products across Eastern Europe and beyond.
Welldone has just raised $1.5 million in a new round led by Phystech Ventures, a Bay Area-based VC. The round was joined by Lever VC, an alternative protein investor based out of New York and Hong Kong. It comes just shy of one year after the Moscow-based brand first launched on the market in September last year.
Making plant-based meat affordable
Welldone’s range includes plant-based mince, burger patties, and cutlets made with a base of soy protein and coconut oil. Currently, the brand’s products are retailed at around 500 stores across 50 Russian cities, including the top five supermarket chains in the country.
Welldone also sells its products directly to consumers through online e-commerce platforms and is served at a number of restaurants. Outside of Russia, the brand has established a footprint in Belarus and Kazakhstan.
Unlike foreign players such as Beyond Meat, Welldone’s analogues are affordably priced and close to price parity with their conventional counterparts. Its vegan beef patties, for example, sell for around $2.60 per 200-gram package, whilst real beef costs $2. Beyond’s patties, on the other hand, retail for around $16 in Russia.
Distribution expansion and new products on the horizon ...
Russia’s alt-protein scene heats up ...
more, including links