Venture Capital: Jack & Annie’s Raises $23M For “Meat” From The Jackfruit Plant

Jackfruit has the amazing ability to mimic beef, pork, chicken and seafood.

Annie Ryu discovered the jackfruit and its meat substitute potential while working in India as a pre-med student in 2011. She has since succeeded in building Jack & Annie’s into a leading vegan frozen food brand that just announced its $23 million Series B funding round led by Creadev, Desert Bloom, Wheatsheaf, and existing investors Beta Angeles and Investco. (Green Queen)

Jack & Annie’s makes its “meat” products including frozen and chilled sausages, pulled pork, and wings, from whole plant jackfruit. Extensively grown and eaten in India, Jackfruit is the largest tree fruit in the world. It can grow as large as 40 pounds. It grows across India and Southeast Asia. The fruit is nutritious, containing a range of nutrients including vitamins C, B2, B3, B6, B9, calcium, magnesium, potassium, and phosphorous, rich in fiber, and low on calories. Unfortunately, Ryu found that about 70% of jackfruit that is grown is wasted.

She saw the possibilities of the plant as a sustainable alternative to meat and worked to build her jackfruit supply chain around Indian farmers. These families now obtain 10 to 40% of their income by supplying jackfruit to Ryu instead of throwing the excess away.

Ryu also assiduously worked on brand-building in the US, and within a year had her product on the shelves of more than 1,500 retailers including Whole Foods, Sprouts, Meijer, Wegman’s, Hannaford, Target, and Giant. Jack & Annie’s brand is now the third largest frozen brand in the plant-based meat category.

“We are excited that our investors are partnering with us to create the next generation of plant-based—real foods, from a real plant,” said Ryu in a statement. “They are experienced, connected investors who share our vision and values – to transform the global food system for the good of people and planet.”

“Annie and her team are dedicated to making a real positive impact, from partnering directly with farmers to formulating excellent, nutritious whole plant foods to reduce meat consumption,” said Delphine Descamps, Managing Director of Creadev.

“Jack & Annie’s alternative meat products are made from jackfruit—a whole food that has tremendous nutritional value,” said Sohel Shikari, co-founder of Desert Bloom. “We believe the adoption of these products will help improve consumer health, reduce animal production, promote regenerative agricultural practices and add incremental income to farmers.”

Related Story: New Age Meats Lands $25M Series A

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…