Investment Notes: Harvest B

Investible’s Climate Tech Fund and Club Investible recently participated in Harvest B’s investment round. In these investment notes, we will share insights into why we chose to invest in Harvest B as they look to supercharge meat with their Meat+ solution. ‍

We originally had an anti-thesis for alternative proteins –we were not going to invest in the space

A quick Google, and you will see the graveyard (or palliative care unit) of many alternative protein companies. Big, grand and, admittedly, brilliant promises of alternatives to your favourite meats, milks and cheeses that, unfortunately, did not pan out to be the successes we hoped.  

From challenges with their go-to-market strategies, product development (particularly taste and texture), nutritional value, costs of production and scalability, the list goes on. Consumer uptake has been lower than anticipated; it’s been a struggle out there.

We love the space; we just could not get comfortable investing here. So, we bunkered down and waited for someone to break our reasons not to invest and, that’s where Harvest B comes in.

Alternative protein by stealth 

I have been fortunate to know Alfred Lo, the Co-Founder and Chief Commercial and Product Officer and Harvest B, from my prior life in biomedical engineering where he was Cicada Innovations’ Chief Investment Officer. I was always intrigued as to why he pivoted to this entrepreneurial endeavour so, when the Harvest B pitch deck came along, I was curious to review it.

Immediately, I realised I have been occasionally eating Harvest B without realising. Harvest B plant proteins had been used to reduce the amount of animal protein in meals whilst increasing the total protein output at a lower cost, and were already being used by leading high protein ready meal brands. While most alternative proteins are looked down upon by the broader consumer base, Harvest B’s plant and booster protein products are complementary and empower manufacturers to achieve a sustainable solution, at a lower cost, without affecting the taste or texture of the meal.

Harvest B’s Game-Changing Formats

In the rapidly evolving world of alternative proteins, we believe Harvest B stands out with its innovative approach to plant-based formats that seamlessly integrate into meals. Harvest B’s proprietary shelf-stable protein formats and slow-cooked blends are creating exciting new market opportunities, particularly in the institutional and food service sectors.

Shelf-Stable Protein

Harvest B’s shelf-stable protein products—available as diced pieces, strips, shreds, and mince—are designed specifically for business-to-business (B2B) food businesses. This product line is made possible by their advanced low moisture extrusion (LME) technology, which allows the creation of protein-rich products that don’t require refrigeration. These products stand apart as there is currently no comparable offering in the Australian or US markets.

Recent market research and outreach have revealed a significant unmet demand for these protein formats in institutional catering and aged care. In these sectors, meal options often fall short on total protein content while operating under tight budget constraints. With cost savings of 20-50% compared to animal meat, Harvest B’s plant-based proteins offer a compelling cost-in-use advantage, depending on the specific application and meat type.

Slow-Cooked and Frozen Animal/Plant Protein Blends

Another pillar of Harvest B’s offering is their blended meat range B Strong, which combine animal and plant proteins in familiar, easy-to-use diced formats and recently released mince and pulled meat. These blends are tailor-made for institutional food providers, including aged care facilities, hospitals, corporate catering, and ready-meal manufacturers.

The benefits of these blends are noteworthy:

1.     Higher Protein: Can deliver up to 25% more protein per serving compared to raw beef.

2.    Healthier: Contain 25% less saturated fat and cholesterol compared to raw beef.

3.    Better Yield: Provide up to 36% more servings of protein per kilogram compared to raw beef.

4.    Cost-Effective: Up to 25% lower cost-in-recipe compared to raw beef.

5.    Environmental Impact: Approximately 27% reduction in carbon emissions (tCO2e) compared to slow-cooked beef.

These features make the blends an attractive option for institutions striving to balance nutritional value, cost efficiency, and sustainability goals.

Clear cost and nutritional benefits garnering support from major players

Harvest B’s shelf-stable product enables food service providers to reduce their overall costs while simultaneously increasing the nutritional value (protein) of the meal. In addition, the products shelf-stability enables a broad range of application where perishable protein solutions struggle. A secondary outcome of this is sustainability benefits of consuming plant-based protein rather than animal protein.

In addition to the ready meal segment, Harvest B have partnered with numerous major players including the world’s largest food service company Compass Group, Harvest B are poised for strong growth into food service around Australia.

Strong leadership forming the foundation for their innovation and growth

Harvest B's leadership team exemplifies a powerful blend of commercial and technical expertise, driving the company’s innovation and growth in the alternative protein sector. Led by Kristi Riordan, a seasoned CEO with over 20 years of experience in scaling high-growth businesses, and Alfred Lo, a strategic leader with a background in venture investment and commercial development, the team brings a robust vision for sustainable success. With expertise in building financial models, securing investments, and shaping strategic direction, Kristi and Alfred have laid a strong commercial foundation for Harvest B’s continued expansion.

Supporting this vision is Daniel Mullette, Chief Science and Engineering Officer, who leverages his 20+ years of food technology experience from Arnott’s and Unilever to strengthen the company’s product innovation pipeline. Daniel's leadership in developing cutting-edge processes ensures Harvest B’s competitive edge in a rapidly evolving market.

Complementing the executive team are key figures such as Keshu Lakhotia, who is Harvest B’s R&D Manager with a deep academic and practical background in sustainable food technology, and Tristan Keating, Head of Operations, who oversees efficient production and scaling efforts thanks to his expertise in manufacturing and supply chain management from his roles at George Weston Foods and Baxter Healthcare. Together, the leadership team’s combined expertise in R&D, operations, and commercialisation has positioned Harvest B as a trailblazer in the industry, driving both product innovation and market expansion with a unified and strategic approach.

Investible can’t wait to see what this team builds!

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