Investment Update: Harvest B

Breakthrough Victoria is investing $2 million in Harvest B, an Australian company pioneering hybrid protein innovation. This investment supports the development of clean-label, nutritionally enhanced protein products that are affordable, scalable, and better for the environment. The partnership is a significant step in addressing global food security while advancing Victoria’s leadership in sustainable, high-tech food manufacturing.

THE INVESTMENT

WHAT IS Harvest B?

Harvest B is developing a flexible protein platform that enables a variety of applications—from ingredient solutions to the next generation of high-protein meal components. The company’s core product is a patented multi-protein low-moisture extrusion (LME) system that creates textured plant-based proteins which replicate the taste and functionality of traditional meat.

Their proteins, made from Australian plants, enable high-quality, cost-effective, and nutritionally enhanced protein options —meeting the evolving demands of food service, manufacturers and consumers alike.

THE PROBLEM

Global demand for protein is rising rapidly, but traditional meat production is a leading contributor to greenhouse gas emissions, deforestation, and resource depletion. At the same time, food manufacturers and food service providers face increasing pressure to deliver affordable, high-quality, and nutritionally balanced protein options. Existing plant-based and alternative protein offerings often fall short—either on taste, functionality, or scalability—leaving a significant gap in meeting both industry needs and consumer expectations.

THE SOLUTION

Harvest B is building a flexible protein platform designed for wide application across food manufacturing and institutional food service. Using its patented multi-protein low-moisture extrusion (LME) technology, Harvest B produces proteins that deliver superior taste, functionality, and nutritional value.

These solutions provide manufacturers and food service operators with versatile, clean-label, and cost-effective ingredients that enhance meals while supporting lower-emission food processing and greater supply chain resilience.

By leveraging locally grown Australian crops like faba beans, Harvest B strengthens national supply chains, advances sustainable advanced manufacturing, and positions Victoria as a leader in next-generation protein innovation.

The company’s approach directly supports the Australian Government’s objectives to:

• Add value to agricultural production

• Expand onshore advanced manufacturing

• Enhance national supply chain resilience

• Support the transition to low-emission technologies

IMPACT FOR VICTORIA

Victoria is a major producer of faba beans, contributing 180,000 tonnes (27% of the national crop) in the 2024–25 season. With the Wimmera and Mallee regions providing ideal growing conditions, Harvest B’s reliance on locally grown faba beans creates a secure, traceable supply chain for hybrid protein production.

Breakthrough Victoria’s investment will:

• Anchor Harvest B’s expansion in Victoria

• Create 5–7 full-time jobs, particularly in R&D

• Deepen collaboration with Essantis Geelong, Harvest B’s fractionation partner

• Strengthen partnerships with Agriculture Victoria Research and local pulse growers

• Advance development of allergen-free, sustainable proteins

This investment supports regional economic development while reinforcing Victoria’s position as a national leader in sustainable food innovation.

CO-INVESTORS

This $5.6 million Pre-Series A raise is being led by Mandalay VC with support from Alberts Impact Fund, Investible and Industry Growth Program. Other existing investors include Aura Ventures, Woolworths’ W23 and Sequoia Capital.