Breakthrough Victoria has announced a $2 million investment in Australian food technology company Harvest B to accelerate innovation in protein platforms and strengthen the state’s advanced manufacturing sector.
The funding is part of Breakthrough Victoria’s broader mandate to back high-potential technologies, with 69 investment commitments totalling $480 million.
According to an independent report by EY-Parthenon, the organisation’s portfolio is projected to deliver $5.3 billion in economic impact for Victoria by 2035.
The report also found that Breakthrough Victoria-backed investors accounted for 88 per cent of early-stage investment in Victoria in 2024, and 76 per cent of all venture-stage investment.
Harvest B is developing a flexible protein platform designed for multiple applications, from ingredient solutions and blended meats to high-protein meal components.
The company said its approach aims to deliver high-quality, affordable, and sustainable protein options for the food service and manufacturing industries.
Breakthrough Victoria CEO Rod Bristow said the investment underlined the state’s commitment to supporting innovation in the food sector.
“Breakthrough Victoria’s investment in Harvest B represents a bold step toward the future of food,” Bristow said. “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.”
Breakthrough Victoria said Harvest B’s model aligns with government objectives to add value to agricultural production, expand onshore advanced manufacturing, and strengthen national supply chain security through low-emission technologies.
The company plans to utilise Australian faba bean processing as part of its efforts to build an allergen-free and sustainable protein range.
Harvest B co-founder and CEO Kristi Riordan said the investment would accelerate the company’s growth. “At Harvest B, we are committed to reshaping the food industry with high-quality, locally sourced, and sustainable proteins for everyday meals,” Riordan said.
“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.”
Co-founder and CCO Alfred Lo added that the partnership would deepen the company’s local footprint. “This collaboration with Breakthrough Victoria is a pivotal step in scaling our advanced food processing capabilities and expanding our market reach,” Lo said.
“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.”
Minister for Economic Growth Danny Pearson said the partnership would also contribute to addressing global challenges. “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,” Pearson said.
Breakthrough Victoria said its support will enable Harvest B to expand operations and strengthen collaboration with Victorian pulse producers and research institutions, including Agriculture Victoria Research.
