Hyphalia Foods Series A

Foodtech pitch deck example for an alternative protein

An alternative protein pitch deck has to prove that cost per kilogram falls far enough with scale to reach the price of the meat it replaces. Hyphalia Foods, an invented fungal protein maker, shows 18 dollars a kilogram at its pilot plant, 10.60 at the plant this round builds and the cost lines that move between the two.

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HYPHALIA FOODS

SERIES A · 2027

Mycoprotein at half today's cost

THE CLAIM

Hyphalia ferments a fungal protein that cooks like mince. It costs 18 dollars a kilogram to make at the 40 tonne pilot plant and 9 dollars at the scale of a full plant. This round builds the first commercial plant, at 2,000 tonnes a year.

Raising 25 million dollars for the first commercial plant

Dr Anneke Solberg

Co-founder and CEO

Slide 1 · cover · The company and the one number the deck is about: cost per kilogram, today and at scale.

The problem is price

Shoppers who try meat alternatives mostly stop on price. Fermented protein can match mince on texture, but at pilot scale it costs more than twice as much to make. Whoever reaches cost parity first owns the shelf.

WHY NOW

Contract capacity

Food grade fermentation capacity is booked out, so new producers have to build their own plant.

Costs fall with tanks

Labour and energy per kilogram fall steeply with tank size. Scale, not a new strain, closes the gap.

Grocers want volume

Two grocers already list the product and have asked for volume we cannot make in the pilot plant.

02

Slide 2 · intro · The problem is price, not taste or demand, which is the argument the whole deck makes.

01

Fungal protein

One food safe strain grown on beet sugar. 45 percent protein dry weight, nothing added.

02

Cooks like mince

Browns in a pan in six minutes and holds together in a sauce. Sold chilled in 400 gram packs beside fresh mince.

03

Sold to grocers

Two retail listings under the Hyphalia name, and bulk 5 kilogram packs to three contract caterers.

03

Slide 3 · pillars · The product in three panels: what it is, how it cooks, what it is sold as.

From pilot to plant

At March 2027. Costs are fully loaded per kilogram of finished product, including depreciation.

$18/kg

Cost today

At the 40 tonne pilot plant, running at 85 percent of capacity.

$9/kg

Cost at full scale

Modelled for a 5,000 tonne plant from supplier quotes for tanks and dryers.

2

Retail listings

A 64 store regional chain and a 30 store independent group. Both reorder weekly.

40 t

Pilot capacity a year

Two 10,000 litre fermenters in a leased plant, licensed 2025.

04

Slide 4 · metrics · The four numbers the brief turns on, in the order an investor reads them: cost now, cost at scale, proof of sale, capacity.

Cost per kilogram by plant size

Dollars per kilogram. The commercial plant at 2,000 tonnes gets close to parity; 5,000 tonnes passes it.

40 t
400 t
1,000 t
2,000 t
5,000 t
05101520
Cost
Parity

05

Slide 5 · metrics · Unit cost by plant scale against the cost needed for price parity, so the scale argument is one line crossing another.

Cost per kilogram, pilot against plant

Dollars per kilogram of finished product. Labour and energy fall most with scale.

Cost line
40 t pilot
2,000 t plant
Change
Beet sugar feedstock
$2.40
$1.90
-21%
Energy for fermenting and drying
$3.10
$1.60
-48%
Labour
$6.80
$2.70
-60%
Consumables and testing
$2.20
$1.60
-27%
Depreciation
$3.50
$2.80
-20%
Total cost per kilogram
$18.00
$10.60
-41%
Pilot figures are actuals for the year to February 2027. Plant figures are modelled from supplier quotes.

06

Slide 6 · metrics · Where the 18 dollars goes and where the 10.60 dollars comes from, line by line.

From sugar to a chilled pack in five days

Prepare

Day 0

Ferment

Days 1 to 4

Harvest

Day 4

Texture

Day 5

Pack

Day 5

Feedstock

Beet sugar and minerals are sterilised and cooled in the feed tank. The strain is grown up from a frozen bank.

Fermentation

The fungus grows in aerated tanks for four days. Temperature and oxygen are held by the control system.

Harvest

The mat is drained, heat treated and pressed. This step sets the texture.

Forming

The pressed mat is cut, seasoned with salt only and shaped into mince or strips.

Packing

Packed chilled in 400 gram trays or 5 kilogram catering bags, with a 21 day shelf life.

07

Slide 7 · process · Fermentation to finished pack in five steps, so a generalist investor understands what the plant is for.

Against beef, per hectare

Hyphalia estimates. Fungal protein counts the beet land used for sugar; beef is a broad average of pasture and grain fed herds.

Beef

Hyphalia

About 40 kg

Protein from a hectare of land in a year.

25 hectares

Land needed for one tonne of protein.

18 to 24 months

From birth to a finished animal.

1
About 1,900 kg

10 t of sugar a hectare grows 4.2 t of biomass at 45 percent protein.

2
About half a hectare

Land for one tonne of protein, same yield.

3
Four days

From sugar in the tank to protein ready to harvest.

08

Slide 8 · comparison · Protein per hectare against beef, with the basis stated, since land use is the question a food investor raises second.

THE PLANT

The build

The first commercial plant at 2,000 tonnes a year, built beside a sugar refinery so feedstock arrives by pipe rather than truck. The site is under option.

1

Design and approvals

Q3 2027 to Q1 2028. Engineering design, food safety licence, environmental approval for the site.

2

Build and commission

Q2 2028 to Q2 2029. Six 100,000 litre fermenters installed and run on water, then on sugar.

3

Ramp to 2,000 tonnes

Q3 2029 to Q4 2030. Output grows as listings go from two chains to six.

09

Slide 9 · timeline · The plant build in three phases with dates, so the 25 million dollars has a calendar.

The ask

Series A for the first commercial plant. The pilot plant keeps running for product development.

$25M

Builds a 2,000 tonne plant, cost about 10.60 dollars a kilogram

Fermenters and tanks

$11.0M

Six 100,000 litre vessels, quoted by two suppliers

Building fit out

$5.5M

Clean rooms, utilities and a cold store

Forming and packing

$3.5M

Press, cutter and two tray lines

Commissioning and staff

$2.5M

Operators hired six months before first product

Working capital

$1.5M

Feedstock, packaging and receivables

Contingency

$1.0M

Four percent of the round

10

Slide 10 · investment · The 25 million dollar ask broken into six lines, every one a part of the plant.

Taste it, then audit

Visit the pilot plant, cook the product, then take the cost model away.

Email

anneke@hyphalia.example

Phone

+64 9 555 0148

Pilot plant

East Tamaki, Auckland

Data room

Cost model on request

11

Slide 11 · closing · Offer a plant visit and a tasting, the two things that move a food investor from interest to diligence.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
The company and the one number the deck is about: cost per kilogram, today and at scale.
Slide 2intro
The problem is price, not taste or demand, which is the argument the whole deck makes.
Slide 3pillars
The product in three panels: what it is, how it cooks, what it is sold as.
Slide 4metrics
The four numbers the brief turns on, in the order an investor reads them: cost now, cost at scale, proof of sale, capacity.
Slide 5metrics
Unit cost by plant scale against the cost needed for price parity, so the scale argument is one line crossing another.
Slide 6metrics
Where the 18 dollars goes and where the 10.60 dollars comes from, line by line.
Slide 7process
Fermentation to finished pack in five steps, so a generalist investor understands what the plant is for.
Slide 8comparison
Protein per hectare against beef, with the basis stated, since land use is the question a food investor raises second.
Slide 9timeline
The plant build in three phases with dates, so the 25 million dollars has a calendar.
Slide 10investment
The 25 million dollar ask broken into six lines, every one a part of the plant.
Slide 11closing
Offer a plant visit and a tasting, the two things that move a food investor from interest to diligence.

Slide by slide

Slide one states the claim with the pilot and plant costs in the excerpt. Slide two argues the problem is price, not taste or demand, with three reasons the timing is right. Slide three is the product in three colour panels. Slide four is cost today, cost at scale, retail listings and pilot capacity. Slide five is cost by plant size as a line chart. Slide six is the cost line table. Slide seven is fermentation to pack in five steps. Slide eight compares protein per hectare with beef. Slide nine is the plant build in three phases. Slide ten is the 25 million dollar ask in six lines. Slide eleven offers a pilot plant visit and the cost model.

How to adapt this deck

A cultivated meat company has the same shape but a longer regulatory path, so it needs a dated approvals timeline before the plant phases, and the parity line should be drawn for the specific product it replaces. A plant based brand that uses contract manufacturing should drop the plant build slide and spend it on gross margin by channel. A precision fermentation company selling an ingredient to food makers should replace the retail listings with signed offtake agreements, which is what that buyer signs.

What food investors ask for

The Good Food Institute publishes the cost and capacity analysis that most alternative protein investors read, and its fermentation pages describe the gap between pilot and commercial scale that this deck is built around. Investors also check novel food status with the food regulator early, because Food Standards Australia New Zealand approval can take longer than a plant build. A deck that leaves regulation off entirely invites the question in the first five minutes, so say where the product stands even if the answer is already approved.

What makes this deck work

The scale argument is one line crossing another

Slide five plots cost per kilogram from the 40 tonne pilot to a 5,000 tonne plant against a flat 10.50 dollar parity line. The 2,000 tonne plant this round builds sits just above it at 10.60, and the deck says so rather than rounding down.

Every saving is a named line

Slide six breaks 18 dollars into five cost lines and shows each at the 2,000 tonne plant. Labour falls 60 percent and energy 48 percent; feedstock barely moves. An investor can see the reduction comes from scale, not from an assumed new strain.

The land comparison shows its working

Slide eight gives about 1,900 kilograms of protein per hectare and prints the method beside it: 10 tonnes of sugar, 4.2 tonnes of biomass at 45 percent protein. A sustainability claim with its arithmetic visible survives diligence.

Questions people ask

What is the key metric in an alternative protein deck?

Cost per kilogram, at the scale you run today and at the scale the round funds, set against the price of what the product replaces. Taste and sustainability matter, but investors in this category have watched good products fail on cost, so lead with it.

How do I chart cost reduction with scale?

A line chart with plant size on the horizontal axis and cost per kilogram on the vertical, plus a flat line for the parity cost. Five points is enough. Then back it with a table of cost lines so the curve is not just a fitted shape.

Should a foodtech deck compare itself with beef?

Only on a measure you can calculate and explain. This example compares protein per hectare and prints the yield assumptions beside the result. Avoid carbon or water figures you cannot source; one checkable comparison is worth more than three borrowed ones.

How much detail on the fermentation process should I include?

One slide, written for a generalist. Five steps with what happens at each, like slide seven, tells the investor what the plant money is for. Strain details, yields and process conditions go in the technical diligence pack, not the deck.

How should the use of funds look for a plant raise?

As plant lines rather than functions: vessels, building, downstream equipment, commissioning, working capital and contingency. Investors in capital heavy rounds want to see that most of the money becomes equipment. This deck puts 20 million of the 25 million into the first three lines.

Can the line chart show the parity line in a different colour?

Each chart series takes its colour from the theme by default, and series colours can be changed one by one in the editor. Keeping the parity line in a muted colour and the cost line in the brand colour makes the crossing point read first.

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Sources

Written and checked by the OneCraft team. Last checked .