‘La Vie est Belle’: French Vegan Meat Maker Doubles Funding Pot with €25M Investment, Rolls Out Meatballs

Parisian plant-based meat startup La Vie has raised €25M in investment amid a fourfold hike in sales, and announced the launch of vegan meatballs.

With growing popularity among retail shoppers and an extended foodservice footprint, French food tech player La Vie has attracted more investors to the tune of €25M.

The funding round involved Zintinus, Sparkfood, Michel Larroche, Arnaud Bachelier, and a crowdfunding campaign with over 3,000 investors, and takes the vegan pork startup’s total financing to €50M, following an investment of the same amount two years ago.

The funding has coincided with the announcement of La Vie’s meatball range. The company hinted at this latest product line last week, and it has now confirmed the forthcoming launch of its Italian-style and Spicy Asian meatballs. Packaged in 200g bags for €3.90, the meatballs will be available at Carrefour, Leclerc, Auchan, Intermarché, and Franprix stores from October 28.

Additionally, the startup has launched its first national TV campaign with ad agency Buzzman. The 40-second spot, titled Duel and released on World Animal Day (October 4), is “designed to ignite a nationwide conversation” about meat consumption.

Sales of La Vie products up by nearly 200%

The five-year-old startup first became famous for its vegan bacon (and viral, wacky marketing drives), and has since expanded its lineup to include ham and sandwiches too. These products have impressed consumers, foodservice operators, and critics alike, with the brand now present in over 8,200 points of sale across Europe (including Pizza Hut) and winning 24 awards for its flagship bacon.

The company’s sales have grown by 192% in the last 12 months, and it’s targeting a turnover of €19M for 2024 (up from €7.6M last year).

“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 Schweitzer said. “With our sales growing by almost 200%, we’re contributing to the development of the market.”

La Vie’s pitch – that it presents a healthier, animal-free version of France’s favourite meat – resonates with local consumers. Its sales have increased at a time when French people are eating 6% less meat per capita than two decades ago, with pork consumption reaching its lowest levels in this period.

The French Nutrition Society and the Climate Action Network penned a report in February calling for the national guidelines to suggest cutting weekly meat consumption by at least 25% – a total of 450g, versus the existing 600g recommendation – in the upcoming update. And a global climate change poll last month found that 57% of French people would back government policies to reduce meat-eating.

And in 2023, an EU-wide survey revealed that nearly six in 10 consumers in France had reduced their meat intake in the preceding year, with health being the primary reason (chosen by 38% of respondents).

La Vie targets expansion on the back of new ad and EU ruling

It has been an uncertain time for plant-based proteins, at least for investors. In Europe, plant-based startups secured €553M in 2023, but only managed to bring in €79M in the first half of this year. In the months since, that number hasn’t increased greatly.

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. And 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 that will be aided by the new TV ad. 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 amping up the drama – before viewers see the words “Relax, it’s plant-based”.

The development also came the same week the EU’s top court ruled against a ban on the use of meat-related words on plant-based packaging. It had been proposed by the French government, but suspended by the nation’s highest administrative court, which referred it to the European Court of Justice.

It means La Vie can continue to call its vegan products ‘bacon’, ‘ham’, and now ‘meatballs’ on its packaging, a major win in a major week for the brand.