All G has raised A$10 million ($6.6 million) through a convertible note from new and existing investors, including Agronomics and Döhler Ventures, ahead of its Series B funding round.
The company plans to use this funding to leverage Armor Protéines’ scientific expertise, distribution network, and strong relationships with top companies in infant formula, adult nutrition, and supplements.
The funding for the five-year-old Sydney startup comes along with a joint venture deal with French dairy ingredients company Armor Protéines to support its global growth plans.
All G was founded in 2020 by serial entrepreneur Jan Pacas, who previously started ASX-listed pet care marketplace Mad Paws and HR software company Flare.
Unlike some players in the alt protein space, meanwhile, All G is not trying to create entirely new markets from scratch, CEO Jan Pacas
“Armor Protéines is owned by Savencia, which is one of the top three global producers of bovine lactoferrin. Demand exceeds supply so we can immediately help fill the pipeline. They already have an established market and customers who want to buy more of it in applications where we already have approval in China such as supplements, personal care and so on.”
He added: “Armor Protéines has a vast distribution network, a lot of credibility, and a lot of in-house capability, so we see this as a means of getting to significant revenues very fast.”
In late 2023, All G Foods, as it was called then, separated its plant-based mince, burgers, sausages, and nuggets business into a new brand called Love Buds. This was done in partnership with Fenn Foods.
All G is now focusing on using precision fermentation to make synthetic lactoferrin, an important whey protein found in human and cow’s milk. The biotech startup produces it in a bioreactor to create a replica that can be used in infant formula and medical applications.
The company plans to launch its cow-based lactoferrin powder soon, with a human version expected later in 2026.
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