Neggst founder breaks silence on Greenforce acquisition

Berlin-based plant-based egg company Neggst has been acquired by Greenforce, with Dr Verónica García Arteaga, Founder & CEO, publicly commenting on the transaction for the first time and explaining why its shareholders chose the sale as the route forward for the business.

The transaction was disclosed in July, when law firm Clifford Chance announced that it had advised Green Generation Fund and Neggst's other shareholders on the sale of Neggst Foods GmbH to Greenforce Future Food AG. García Arteaga has now confirmed the acquisition publicly in a LinkedIn post.

"From our strongest position so far, together with our investors, we chose the wiser route for the product," García Arteaga said. "Neggst is now part of GREENFORCE, which brings a strong distribution network and a portfolio our products complete."

• Neggst founder and CEO Verónica García Arteaga has publicly commented on the company's acquisition by Greenforce
• The transaction was previously disclosed on July 8 following the sale by Green Generation Fund and Neggst's other shareholders
• García Arteaga cited Greenforce's distribution network and complementary portfolio as reasons for choosing the deal

Clifford Chance disclosed the transaction on July 8, describing Neggst as a Berlin-based startup specializing in plant-based egg alternatives and saying its products complement Greenforce's existing plant-based food portfolio.

The law firm said the sale was completed in connection with a financial investment in Greenforce through what it described as an innovative financing structure. Financial terms for the acquisition were not disclosed.

Neggst was founded in 2021 and has developed a range of plant-based alternatives intended to replicate different egg formats. Its current portfolio includes scrambled egg alternatives, patties, poached products and bites, while a sunny-side-up product is under development.

The company has focused primarily on the food-service market, targeting applications in restaurants, cafés, hotels and catering. Its products are designed as ready-to-use alternatives to conventional eggs, giving chefs different formats for breakfast dishes and other foodservice applications.

Neggst previously attracted backing from investors including Green Generation Fund, BayWa, Corecam Capital Partners and RWZ. In 2022, BayWa announced that more than €5 million (then approximately US$5 million) was being invested in the company through a funding round involving those investors.

García Arteaga's comments provide more detail on the thinking behind Neggst's eventual sale and the people involved in getting the transaction completed.

She thanked Neggst's investors and advisers as well as the company's first customers, co-manufacturers and partners, and credited fractional CFO Tim van der Linden with playing a key role in the transaction this year.

Much of her announcement was reserved for Neggst's team, including colleagues working across R&D, recipe development, production, sales and social media.

"You all showed me that you dont need a lot of people. You need the right ones. So thank you," she said.

The acquisition comes alongside a separate change in ownership at Greenforce. On July 15, law firm YPOG announced that US-based Livekindly Collective had acquired Munich-based Greenforce Future Food AG. Greenforce, founded in Munich in 2020, has developed a portfolio spanning plant-based alternatives to meat, eggs and cheese for the European market.

YPOG said Greenforce products are sold through food retail and other distribution channels. The firm did not disclose financial terms for that acquisition.

For García Arteaga, the sale of Neggst also brings her time leading the independent company to a close. In contrast to announcing another startup or immediate venture, she said she currently has no next project planned.

"For the first time, I have no next project lined up," García Arteaga said. "What I do know is who I want to keep showing up for: scientists, founders, women and immigrants building a better future for themselves and the planet, wanting a better food system, a more sustainable and empathic world."

García Arteaga said she plans to begin sharing lessons from her experience building Neggst from next week.

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