Plant-based food company LIVEKINDLY Collective has raised $335m to support its business expansion in the US and China.

The funding round was led by ‘The Rise Fund’, which is part of private-equity firm TPG, and was joined by Rabo Corporate Investments and S2G Ventures.

In a statement, LIVKINDLY Collective said: “The investment completes a $335m growth funding round, including converted $135m from a previous funding round, raising a total of $535m for the LIVEKINDLY collective in its first year.

“With this latest investment, the LIVKINDLY Collective has risen to become one of the three most highly financed and fastest-growing plant-based food companies in the world.”

In addition to expansion to the new markets, the funding will be used by LIVEKINDLY Collective to drive acquisitions, key partnerships and investments in plant-based innovations.

LIVEKINDLY Collective CFO David Knopf said: “Our mission is to make a plant-based lifestyle the new norm and create a healthier, more sustainable global food system through our international portfolio that meets local tastes.

“With the completion of this funding round, we are optimally positioned to quickly scale our model and lead the global shift in consumers towards healthy, tasty and sustainable plant-based alternatives.”

Five companies are located under the LIVEKINDLY Collective label and employ 470 people worldwide.

In January, LIVEKINDLY Collective expanded its meat alternative brand portfolio with the acquisition of Iceland Foods’ No Meat vegan brand for an undisclosed sum.

No Meat’s product portfolio includes No Bull burger, No Bull mince, and ‘meat’ balls, No Porkies sausages and burgers. It claims that all of its products are made from 100% plant-based ingredients.