BREAKTHROUGH VICTORIA INVESTS IN HARVEST B TO ADVANCE PROTEIN PLATFORM INNOVATION AND STRENGTHEN ADVANCED MANUFACTURING CAPABILITIES
Breakthrough Victoria is investing $2 million in Harvest B, an Australian company leading the way in protein innovation. This investment supports Harvest B’s mission to enhance the affordability, nutrition, and sustainability of protein offerings while strengthening Australia’s advanced manufacturing capabilities and agricultural value chain.
With 69 investment commitments totalling $480 million, BV is one of Australia’s most active early-stage technology investors. A recent independent report by EY-Parthenon* found BV’s portfolio is on track to generate $5.3 billion in economic impact for Victoria by 2035. It also found 88 per cent of early stage investment in Victoria in 2024 came from BV backed investors, and 76 per cent of all venture stage investment in Victoria in 2024 involved BV.
Harvest B is building a flexible protein platform that enables a variety of applications–from ingredient solutions and blended meats to the next generation of high-protein meal components. These innovations are designed to deliver high-quality, cost-effective, and nutritionally enhanced protein options across food service and manufacturing.
Harvest B’s approach directly aligns with the Australian Government’s objectives to add value to agricultural production, expand onshore advanced manufacturing, and enhance national supply chain security through low-emission processing technologies. The company’s planned utilisation of Australian faba bean processing is aligned with one of Victoria’s agricultural strengths and will support work to advance Harvest B proteins into an allergen-free and sustainable protein range. Harvest B’s low-emission technology further supports Australia’s transition toward a more sustainable food system.
Harvest B supplies institutional food service providers and food manufacturers, tapping into Australia’s multi-billion-dollar food service sector.
Breakthrough Victoria’s investment will enable Harvest B to scale its operations and deepen collaboration with Victorian pulse producers and research institutions including Agriculture Victoria Research, fostering innovation within Australia’s food manufacturing industry. By supporting local value-added processing and commercialising advanced food technologies, this investment reinforces Victoria’s position as a leader in sustainable, high-tech food production.
Quote attributable to Breakthrough Victoria CEO, Rod Bristow
"Breakthrough Victoria’s investment in Harvest B represents a bold step toward the future of food. Harvest B’s innovation is a recipe for success - delivering a nutrient enriched, healthier and more cost-effective product, adding value to Victorian-grown produce and driving growth in our food manufacturing sector. 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."
Quote attributable to co-founder and CEO Kristi Riordan
“At Harvest B, we are committed to reshaping the food industry with high-quality, locally sourced, and sustainable proteins for everyday meals. This investment from Breakthrough Victoria accelerates our ability to provide more affordable, nutritious options for food service providers and manufacturers, while strengthening Australia’s food sovereignty and manufacturing capability.”
Quote attributable to co-founder CCO Alfred Lo
“This collaboration with Breakthrough Victoria is 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 to create greater economic and environmental benefits for future generations.”
Quote attributable to Minister for Economic Growth Danny Pearson
“By supporting cutting-edge complementary protein innovation, we’re helping to address global food security and sustainability challenges while unlocking new economic opportunities for Victoria”
*EY Parthenon (2025) Fostering the innovation ecosystem: the economic impacts of Breakthrough Victoria’s portfolio