French Vegan Meat Producer Secures €25M in New Funding, Launches Meatball Range

Image Credit: La Vie

With its growing appeal among retail shoppers and an expanding food service footprint, French food tech company La Vie has successfully raised an additional €25M in investments. This latest funding round brings together notable contributors such as Zintinus, Sparkfood, Michel Larroche, Arnaud Bachelier, and more than 3,000 individual investors through a crowdfunding campaign. The new round propels the vegan pork startup's total funding to €50M, following a similar investment two years ago.

This influx of capital coincides with La Vie's announcement of its latest product line: meatballs. After teasing the launch last week, the company has confirmed the release of two varieties—Italian-style and Spicy Asian. Packaged in 200g bags and priced at €3.90, these plant-based meatballs will hit shelves in major French retailers like Carrefour, Leclerc, Auchan, Intermarché, and Franprix starting October 28.

In addition to the product launch, La Vie has rolled out its first national TV campaign, created by ad agency Buzzman. The 40-second commercial, "Duel," debuted on World Animal Day (October 4) and aims to spark a nationwide discussion about meat consumption in France.

La Vie first gained notoriety for its vegan bacon, buoyed by bold marketing stunts, and has since expanded its range to include ham and sandwiches. The brand has garnered widespread consumer praise, with its products now available in over 8,200 retail locations across Europe, including partnerships with Pizza Hut. Its vegan bacon has also earned the company 24 awards.

The startup's growth has been remarkable—sales surged 192% over the past 12 months, and La Vie aims for a turnover of €19M in 2024, a significant jump from last year's €7.6M. According to co-founder and CEO Nicolas Schweitzer, despite this rapid expansion, the company isn't profitable yet. "We're not making any money yet. But in a plant-based substitute market that is growing by 14%, we believe it is more relevant to keep focusing on communication and R&D," La Vie co-founder and CEO Nicolas Schweitzer said. "With our sales growing by almost 200%, we're contributing to the development of the market."

La Vie's pitch—a healthier, plant-based alternative to France's beloved pork products—has resonated with local consumers. Its success comes as French meat consumption is down by 6% per capita compared to two decades ago, with pork consumption hitting record lows.

Recent reports from the French Nutrition Society and the Climate Action Network have called for reducing weekly meat consumption by at least 25%, from 600g to 450g. A global climate poll also revealed that 57% of French respondents support government efforts to reduce meat consumption.

But La Vie's €25M raise goes against the tide. "This new round of funding is much more than financial support; it is a recognition of our ability to break through the barriers of plant-based products and shake up the codes of tomorrow's food industry," said Schweitzer.

"With the support of our investors, we will continue our mission and keep innovating without compromising on taste," he added. "At La Vie, we have always focused on pleasure, and today, we are ready to take the next step by strengthening our presence in our current markets and accelerating the expansion of our product range."

The investment will allow La Vie to enhance its existing products and create new ones while expanding its footprint in France and the UK. This year alone, it has landed on the menus of Pizza Hut France, Parisian bakery Maison Landemaine, and retailer Monoprix's in-store Picadeli. It has just introduced its smoked ham SKU at Sainsbury's stores in the UK.

The company is now investing in sampling and awareness campaigns to reach a wider audience, an effort the new TV ad will aid. It features a man making a ham sandwich as a pig watches from across the table. The man eats the ham while making eye contact with the pig—with theatrical music amplifying the drama—before viewers see the words "Relax, it's plant-based."

While plant-based startups have faced challenges attracting investment, with European companies securing €553M in 2023 but only €79M in the first half of 2024, La Vie's momentum has remained strong. The same week as its funding announcement, the EU's top court ruled against a French government proposal to ban meat-related terms on plant-based packaging. This decision allows La Vie to continue labeling its products as "bacon," "ham," and now "meatballs"—a significant victory in a pivotal week for the company.