Sunfed’s founder and chief executive Sukul Lee conceded that the “plant-based bubble” had burst and investors were no longer keen to support the company.
The business started in 2015 and aimed to provide ‘nonmeat alternatives’.
However, Lee admitted it had not been able to move to a position where it had a positive cashflow.
Venture Capital investors started to pull back and existing venture capital investors were no longer interested in supporting the business.
Lee also conceded that investors had jumped into a “plant-based gold rush” thinking they would see valuations increase quickly.
She said the “plant-based bubble” had now burst and the category was “undergoing a reality check”.
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