Financing for food start-up Perfeggt

25 Nov 2021

Financing for food start-up Perfeggt

Berlin-based food tech company Perfeggt has successfully closed its first financing round of over 2,5 million euros to enable the market entry of plant-based egg alternatives in 2022.

Backers include leading AgriFood investors from around the world such as EVIG Group, Stray Dog Capital, E²JDJ, Tet Ventures, Good Seed Ventures, Sustainable Food Ventures and Shio Capital, which have been early investors in global companies like Beyond Meat, Gorillas and Good Catch, as well as well-known industry leaders Godo Röben, Frank Kühne, Fredrik Jung Abbou and Ludwig Cramer-Klett. With Perfeggt, co-founders Tanja Bogumil, Gary Lin, and Bernd Becker initially want to conquer the markets in Germany, Switzerland and Austria. The plant-based liquid egg alternative is formulated from field bean proteins and can be fried in a pan just like traditional scrambled eggs or an omelet. According to the founders, these products have a huge potential in the market for alternative plant-based foods. For example, 19.9 billion eggs are consumed annually in Germany alone. This corresponds to a per capita consumption of 239 eggs per year on average.

Plant-based alternative for traditional egg products

"It’s about time to rethink the egg as part of our daily diet with plant-based proteins and innovative technology instead of chicken. With Perfeggt, we are offering a real alternative for one of the most popular animal proteins in the world,” says Tanja Bogumil, CEO of Perfeggt. “

The co-founder team is completed by Bernd Becker, who has headed research and development at Rügenwalder Mühle for over 25 years and helped to build up the vegetarian sector with a great deal of pioneering spirit. At Perfeggt, Becker is responsible for product development. "We are aware that taste and texture are key. That is why we are focused on matching the right plant-based proteins and lipids that allow us to replicate the exceedingly complex multifunctional and versatile characteristics of an egg and its indistinguishable taste," Becker explains.

Perfeggt is supported by company builder EVIG, specialized in building science-driven biotech startups disrupting the food sector. EVIG’s founder and CEO Gary Lin is also among Perfeggt’s co-founders. "We believe that with scientific excellence and innovative technology, animal-based products can be easily eliminated from the menu, and Perfeggt is the result of exactly that,” Lin says. "We expect Perfeggt to quickly gain significant market share and reach high, sustainable growth with continuous product innovation in the coming years."

Market launch planned from 2022

Frank Cordesmeyer, CEO & Founder of Good Seed Ventures comments on the investment: "At Good Seed Ventures, we value passionate entrepreneurs who are able to overcome challenges, work at a fast pace and do whatever it takes to succeed. Perfeggt is just that: a team built on experience, technological expertise, industry knowledge and, most importantly, a commitment to providing healthy, clean and affordable protein to feed a growing global population."

Johnny Ream, Partner at Stray Dog Capital, explained: "We see the data driven approach to product and R&D as truly differentiated. It sets up a methodical process for continued product development over a long term horizon, and brings the capability to produce major break throughs in the alternative egg format.”

With the capital it has now raised, the company plans to hire additional employees in Berlin and at its research and development site in Emsland over the next few months, conduct intensive research and development work, and prepare for the market launch of Perfeggt in Germany, Austria and Switzerland from 2022.