Saudi Arabia’s asset manager KBW Ventures has invested in US-based alternative meat company Black Sheep Foods as part of a $12.3 million Series A fundraising round. 

KBW, founded by Prince Khaled bin Alwaleed, is part of the round led by plant-based venture investor Unovis, which has previously backed Oatly and Beyond Meat. 

The San Francisco-based foodtech start-up, founded in 2019, has raised $18.05 million to date. The company specialises in new plant-based meat alternatives, and said it is pioneering new flavours, starting with a plant-based lamb meat alternative, while other companies have tended to focus on beef or chicken alternatives. 

The company said in a press release that the funding would allow it to distribute its products to restaurants across the United States. 

KBW had previously invested in plant-based dairy alternative company Eclipse Foods, organic gardening firm Back to the Roots and Singapore-based milk biotech TurtleTree Labs

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)