| Maximum issue size: | €7,000,000 |
|---|---|
| Invested so far: | €6,425,560.00 |
Important notice: In this funding round, up to €7 million is available. Invesdor acts solely as the technical platform provider, facilitating the investment process. The investment opportunity is marketed exclusively by Those Vegan Cowboys. All information presented on this page, including the current status, future plans, and financial outlook, has been prepared and provided solely by Those Vegan Cowboys.
Problem
The global dairy system depends on cows, and cows come with a heavy climate footprint.
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Solution
Those Vegan Cowboys make real dairy proteins with precision fermentation, delivering dairy functionality without the cow.
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Market
Dairy is a massive, global market, and animal-free proteins are opening the door to its next chapter.
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Competition
Some alternatives exist but very few deliver real dairy functionality at scale.
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Business model
Those Vegan Cowboys build the core technology and scale it through partnerships, tolling, and future production.
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Team
Founded by proven food entrepreneurs and biotech veterans who know how to take ideas from lab to shelf.
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Valuation & Exit
Those Vegan Cowboys is building a platform that strategic food and ingredient players can’t afford to ignore.
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Use of funds
This round fuels research & development, team growth, and the path toward our first industrial-scale production.
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Important notice: All investments involve risks, including the possible loss of capital. Learn more here.
“Cheese is one of the most loved foods in the world - and one of the hardest to make without cows. At Those Vegan Cowboys, we’re changing that by rebuilding dairy from the inside out. By producing real casein without animals, we deliver the taste and performance people expect, with a fraction of the footprint. This isn’t a food fad. It’s a system change. Saddle up and help us build the future of cheese.”
Hille van der Kaa, CEO, Those Vegan Cowboys
Those Vegan Cowboys is the consumer-facing brand of NewMilkBuzz B.V., a food technology company founded in 2019 and based in the Netherlands. The company is building a new foundation for dairy by removing the need for cows altogether.
Cheese depends on casein, the key milk protein responsible for melt, stretch, texture, and taste. Most plant-based cheeses fail because they replace casein instead of recreating it. Those Vegan Cowboys solve this by producing animal-free casein using precision fermentation. The result is real cheese functionality, without animal agriculture.
Importantly, these caseins perform under modern production conditions. In certain applications, Those Vegan Cowboys’ casein can function even betterthan conventional dairy casein, offering improved consistency, stability, and processperformance. This functional advantage creates long-term efficiency gains and allows cheese toremain affordable in a world facing climate pressure, land scarcity, and volatile agriculturalcosts.
The company’s core focus is B2B. Those Vegan Cowboys develop proprietary production processes and supply animal-free casein to dairy and food manufacturers, enabling high-quality animal-free and hybrid cheese products at industrial scale. Beyond cheese, the technology is also relevant for applications such as chocolate and sports nutrition, where casein plays an important functional role.
To date, production has been validated at pilot scale, allowing for product testing, customer sampling, and regulatory preparation. The company is currently progressing toward further scale-up via toll manufacturing, while preparing for the construction of a first dedicated production facility together with a strategic partner.
Those Vegan Cowboys are backed by experienced founders, biotech expertise, and strategic dairy partners. Their mission is not to create another alternative, but to drive a system change in how dairy is made.
| Company name: | NewMilkBuzz B.V. (Brand: Those Vegan Cowboys) |
|---|---|
| CEO: | Hille van der Kaa |
| Business ID number: | BE0896615540 (VAT nr.) |
| Founding year: | 2019 |
| Address: | Technologiepark-Zwijnaarde 82 9052 Gent Belgium |
| Industry: | FoodTech |
|---|---|
| Number of employees: | 26 |
| Website: | https://thosevegancowboys.com/ |
| Social media: |
Those Vegan Cowboys develop animal-free casein as a functional ingredient for the food industry. Casein is widely used in cheese, chocolate, and sports nutrition because it provides key properties such as melting, stretching, emulsification, and flavour.
The product is designed to work within existing food formulations and production processes, allowing manufacturers to improve product performance without fundamentally changing how they operate. The primary application is cheese, particularly formats where functionality is critical, such as sliced, shredded, and melted products. Even at low inclusion levels, animal-free casein can significantly enhance texture and performance.
Beyond cheese, the product is suitable for other casein-dependent applications, including chocolate and sports nutrition, where consistency and functionality are essential.
Importantly, the proteins have the potential to deliver superior functional performance compared to conventional dairy casein in specific applications. Through strain development and process optimisation, performance parameters such as meltbehavior, stretch, emulsificationstability, and processing consistency can be further enhanced.
As production efficiency improves and yields increase, a lower cost of goods becomes achievable. This combined with functional optimisation creates a pathway toward structurally competitive economics-helping ensure that high-quality cheese remains affordable in a future shaped by climatepressure, land scarcity, and volatile agricultural input costs.
Production has been validated at pilot scale, enabling customer testing and application development. Near-term volumes are used primarily for qualification and regulatory progress, with broader commercial deployment planned as production scales and costs decline.
Those Vegan Cowboys operate a primarily B2B business model focused on enabling the food and dairy industry to produce high-quality animal-free and hybrid products. The company creates value through proprietary production processes, fermentation know-how, and intellectual property around animal-free casein.
In the near term, revenues are generated through ingredient supply via toll manufacturing, primarily for testing, product development, and customer qualification. During this phase, products are sold at or close to cost price, reflecting the company’s focus on technology validation and scale-up rather than short-term margins.
As the technology matures, the business model is designed to scale through industrial production. This may take several forms, including:
The preferred route will be selected based on cost efficiency, speed to market, and capital requirements.
The main customer segments are dairy producers, cheese manufacturers, and food companies active in cheese, chocolate, and sports nutrition. These customers benefit from an unique ingredient that improves product performance while reducing reliance on animal agriculture.
Barriers to entry include the technical complexity of precision fermentation, long development timelines, regulatory requirements, and the need to achieve consistent quality at scale. Together, these factors create meaningful protection for early movers and position Those Vegan Cowboys as a strategic partner rather than a commodity supplier.
While the company is primarily focused on B2B enablement, a future direct-to-consumer (B2C) product strategy remains a strategic option. Once regulatory clearance, cost structure, and production scale are aligned, Those Vegan Cowboys may introduce proprietary branded products to showcase the full potential of animal-free casein. Such a step would becarefully timed and executed when market conditions, production economics, and distributionreadiness are optimal.
Those Vegan Cowboys operate in a small but strategically important segment of the alternative dairy market: animal-free casein. This is a highly specialised field with only a limited number of global players.
Key companies active in this space include New Culture, Formo, Standing Ovation, and Nutropy. All aim to address the same core challenge: restoring true cheese functionality without animal-derived casein.
Those Vegan Cowboys differentiate themselves through a combination of:
Unlike plant-based cheese brands, these companies do not compete on consumer branding alone. Competition is driven by execution: performance, scalability, regulatory progress, and the ability to work with large food manufacturers.
Given the size of the global dairy and ingredient markets, multiple players can coexist. Those Vegan Cowboys are well positioned to be among the leading enablers as animal-free dairy moves from niche innovation to industrial reality.
Those Vegan Cowboys operate at the intersection of the global dairy market and the emerging animal-free protein sector. The global dairy market exceeds €700 billion, with cheese representing approximately €200 billion annually. Cheese is also one of the most technically challenging dairy categories to replace, as its key properties - melt, stretch, texture, and flavour - depend heavily on casein.
While the plant-based dairy market has grown to around €15 billion, plant-based cheese penetration remains below 5% of total cheese consumption. The main reason is performance: most plant-based products lack casein and therefore fail to meet consumer expectations. This creates a clear gap between demand for sustainable dairy alternatives and what current products can deliver.
Casein itself represents around 80% of milk protein and is widely used across industrial cheese production and other food applications. Conventional animal-based casein is currently priced at approximately €8–10 per kg, which serves as the long-term benchmark for alternative solutions. Even limited penetration of the global casein and cheese ingredient markets represents a significant opportunity, with potential revenues reaching hundreds of millions of euros at scale.
In the near term, adoption is expected to come from food manufacturers and dairy players seeking a step-change in functionality, particularly in applications where performance matters more than price. As production scales and costs decline, animal-free casein can expand into broader, mainstream cheese categories, enabling wider market adoption and accelerating the transition away from animal-based dairy.
Those Vegan Cowboys contribute directly to global sustainability goals by addressing one of the most resource-intensive parts of the food system: dairy production. By enabling cheese production without cows, the company supports a transition toward more efficient, scalable, and responsible food systems.
Those Vegan Cowboys advance sustainable industrial innovation by developing a new production pathway for a core dairy ingredient. Precision fermentation enables the production of casein without animal agriculture, reducing dependence on land-intensive and emission-heavy dairy farming. The company’s technology is designed for industrial integration, allowing existing food manufacturers to adopt animal-free ingredients without rebuilding their infrastructure from scratch. This supports a more resilient and future-proof food industry.
By replacing animal-derived casein with an animal-free alternative, Those Vegan Cowboys help reduce land use, water consumption, and greenhouse gas emissions associated with dairy farming. The solution targets a key bottleneck in sustainable food consumption: cheese. Improving the quality and performance of animal-free cheese alternatives makes it easier for consumers and manufacturers to shift away from conventional dairy without compromising on functionality or taste.
Investors in this funding round invest in NewMilkBuzz B.V., the legal entity behind the brand Those Vegan Cowboys. This structure ensures that investors participate at the parent company level, alongside founders, management, and strategic investors.
Those Vegan Cowboys are led by a multidisciplinary team combining deep technical expertise, food industry experience, and operational leadership. The management team brings together backgrounds in agriculture, biotechnology, manufacturing, and commercial strategy, covering the full journey from technology development to industrial scale-up and market adoption. This combination equips the company to navigate the technical, regulatory, and commercial challenges of building a new foundation for dairy.
Hille van der Kaa comes from a farming background and combines this with experience in business administration, commerce, marketing, and journalism. Strongly driven by themission to transform dairy production, she understands both the agricultural roots of the food system and how emerging foodtechnologies can be successfully positioned within the market.
At Those Vegan Cowboys, she sets the strategic direction and translates the mission into a clear proposition for partners,investors, policymakers, and the wider food industry. She acts as a bridge builder between technology and industry, connecting dairy incumbents and external stakeholders to accelerate collaboration and large-scale impact.Hille is an experienced leader with a track record in leading teams and scaling complex projects.
Will van den Tweel holds a PhD in microbiology and biotechnology and has over 35 years of experience in developing and scaling new technologies. He previously worked at DSM, where he was closely involved in industrial biotechnology and fermentation-based processes. At Those Vegan Cowboys, he leads the development of the animal-free casein technology and the transition from lab and pilot scale toward industrial production.
Belinda Hunziker is the operational backbone of Those Vegan Cowboys and leads HR and office management. She is responsible for internal organisation, planning, and ensuring that all safety protocols are properly implemented and maintained. Her structured approach keeps the team aligned and operations running efficiently. Belinda brings strong organisational talent developed during her earlier career in the hospitality industry. She previously worked at Oxyrane, the company acquired by NMB in 2019 that formed the foundation of Those Vegan Cowboys, providing valuable continuity and institutional knowledge to the organisation.
Didier Koster joined Those Vegan Cowboys as Chief of Manufacturing in February 2026. He has over 15 years of experience in process engineering, manufacturing, and biochemical processing, including more than 13 years at Cargill. He is responsible for scaling up production and developing the manufacturing strategy. He joined initially on a part-time basis, with the intention to increase his role over time.
Those Vegan Cowboys were founded by Jaap Korteweg and Niko Koffeman, with Jaap still involved as board member of the company.
Jaap Korteweg and Niko Koffeman previously founded The Vegetarian Butcher, a plant-based food brand that demonstrated that alternatives to animal-based products can compete on taste, scale, and mainstream appeal. The company was successfully built into an internationally recognized brand and was later acquired by Unilever. This exit provides proven experience in scaling disruptive food concepts, navigating regulation, raising capital, and working with large corporate partners.
At Those Vegan Cowboys, this brings hands-on entrepreneurial experience to the board, supporting the company in strategic decision-making, long-term vision, and the transition from breakthrough technology to real-world market adoption. Their background is particularly relevant given the company’s ambition to drive system-level change in the dairy industry rather than incremental product innovation.
The board of Those Vegan Cowboys brings together seasoned entrepreneurs and industry leaders with an outstanding track record.
Pieter Geelen, co-founder of TomTom, contributes deep expertise in technology and scaling innovative ventures. Jaap Korteweg, arable farmer and founder of De Vegetarische Slager, is widely recognized as a pioneer in the protein transition. In addition, Frank Fischer, CFO of Westland Kaas, strengthens the board with extensive financial leadership and international dairy industry experience.
Together, they form a strong board with proven expertise in technology, food innovation, and the dairy sector, exactly what is needed to drive the company’s next phase of growth.
The current funding round values Those Vegan Cowboys ata pre-money valuation of €20,439,214 (€20,042,155 post-money tranche 1). This valuation has been set by the lead investor and applies equally to all investors participating inthe round, including the crowdfunders, while decision making remains centralised.
The valuation is primarily based on:
As a deep-tech food technology company, Those Vegan Cowboys are still in a pre-revenue phase. Revenues to date have been limited and relate mainly to grants, subsidies, and pilot activities. As such, traditional revenue-based valuation metrics are not yet applicable. Instead, the valuation reflects the progress achieved in technology development, scale-up readiness, and strategic positioning within a large and established market.
The valuation is based on capital invested to date by founders, investors, and public grants and has been set by the lead investor.
Those Vegan Cowboys has secured multiple investments from Milk Unlimited B.V., the founders’ investment vehicle, across several financing rounds, including the pre-seed round and subsequent raises, most recently in December 2025. The total amount invested by Milk Unlimited B.V., comprising converted debt, convertible loan agreements (CLAs) that were converted into equity, as well as direct equity investments, amounts to €14,361,510.
In addition, Those Vegan Cowboys received investments from TSNH CV, the investment vehicle of Pieter Geelen, founder of TomTom. These consisted of convertible loan agreements that were converted into equity and direct equity investments across multiple rounds, totaling €2,937,500 (excluding tranche 2).
Other investors participating in the December 2025 round include Hochland SE, Westland Beheer B.V., NANI B.V., and Veenboer B.V., together investing €1,137,500.
Besides equity financing, Those Vegan Cowboys has received funding from several national and international grant programs over the past years, including VLAIO, Eurostars, and Subsidy Flanders Dept. of Agriculture & Fisheries, totaling €4,120,119
Investor |
Type of funding |
Amount |
Pre-money valuation |
|---|---|---|---|
| MilkUnlimited B.V. | Converted debt, CLAs and equity | €14,361,510 | Several investments, last pre-money valuation at €17,439,214 |
| Several grants: VLAIO, Eurostars, Subsidy Flanders dept. Agr & Fish. | Grants (national, regional and international) |
€4,120,119 |
/ |
| TSNH CV (Pieter Geelen) | Converted CLAs and equity | €2,937,500 | Several investments, last pre-money valuation at €17,439,214 |
| Westland Beheer B.V. | Equity | €375,000 | €17,439,214 |
| NANI B.V. | Equity | €375,000 | €17,439,214 |
| Hochland SE | Equity | €200,000 | €17,439,214 |
| Veenboer B.V. | Equity | €187,500 | €17,439,214 |
| Total | €21,453,434 |
Those Vegan Cowboys are an early-stage food technology company with a long-term investment horizon. The current shareholder agreement includes an exit provision, with investors able to request that management actively explores exit options from year seven after signing.
Potential exit routes include:
Strategic acquisition: Acquisition by a global food, dairy, or ingredients company seeking access to animal-free casein technology, intellectual property, and production know-how. This route is considered likely given prior industry interest and the founders’ experience with strategic exits.
Acquisition by an ingredients or biotech platform: Purchase by a larger ingredients, fermentation, or biotech company looking to integrate animal-free proteins into its portfolio and scale the technology through existing industrial infrastructure.
Minority buy-in or growth equity investment: A later-stage investment by a strategic or financial investor, allowing early shareholders to partially exit while supporting further scale-up and commercialization.
IP carve-out or licensing-based exit: Monetisation of the company’s intellectual property through licensing or a carve-out of specific technology assets to an industrial partner.
The funds raised in this round will be used to further develop, de-risk, and scale Those Vegan Cowboys’ animal-free casein technology in preparation for industrial production.
Over the coming two years, the company expects to maintain an annual burn rate of approximately €4 million. The primary focus remains on research and development, technology scale-up, and organizational growth needed to move from pilot validation toward industrial readiness.
The round is structured in two tranches, both executed at the same valuation. The first part of €5.25 million (€3 million + €2.25 million CLA) was successfully completed in December 2025. The second tranche targets up to €7 million, of which €3 million is already committed by existing and new investors, with the remaining amount offered through this crowdfunding campaign.
Following the successful investment round closed at the end of last year, the company is funded to execute its planned scale-up activities over the coming two years. Through this crowdfunding round, the company aims to offer a broader group of investors the opportunity to participate in this phase of development.
Beyond capital, this is expected to support the creation of a community of engaged stakeholders who can act as ambassadors for the intended system change. The proceeds of the crowdfunding round may also be used to accelerate the development of additional end products, including different cheese varieties and a broader range of caseins with specific functional characteristics.
Scenario I – 0–2 million funding collected
The gathered funds will be used as follows in percentage terms:
30% – expanding partnerships both for market development & manufacturing
35% – explore & identify caseins with improved functionalities
30% – foodscience and product development work
5% – process development & validation (small to large scale)
Scenario II – 2–4 million funding collected
The gathered funds will be used as follows in percentage terms:
25% – expanding partnerships both for market development & manufacturing
25% – explore & identify caseins with improved functionalities
25% – foodscience and product development work
25% – process development & validation (small to large scale)
In parallel, Those Vegan Cowboys are preparing for the engineering and planning of a first dedicated production facility, expected to start in 2028 together with a strategic production partner. This first production line is currently estimated at approximately €100 million, to be finance d on a 50/50 basis with the partner, with part of the company’s share assumed to be financed through senior debt.
Importantly, this production pathway represents one possible scenario. Alternative models, such as licensing or different partnership structur es, remain under evaluation and would significantly affect future capital needs and revenue profiles.
As a gesture of appreciation, the name of each investor will be engraved on the company’s 'S.T.A.C.K.' wall at the ranch, Those Vegan Cowboys’ innovation and production site. This serves as a symbolic recognition of your contribution and your role in supporting the development of animal-free dairy technology.
If you prefer not to have your name displayed, please send an email to investors@thosevegancowboys.com, and your name will be excluded.
Investing in growth companies always involves risks. Below you can find the detailed list of risks related to this investment, as described in the Key Investment Information Sheet (KIIS). Please review this information carefully before making your investment decision.
The risks listed above are not the only risk factors affecting the operations of the project owner. Also, other risks and uncertainty factors that the project owner currently does not identify or considers presently irrelevant may have an integral effect on the business operations, business results, and financial standing of the project owner.
Failure to comply with laws, regulations and general social responsibility relating to the project owner’s activities and products may result in sanctions and damage its image with its customer groups. Even though Self-affirmed GRAS (Generally recognized as safe designation as a United States Food and Drug Administration (FDA) designation) was achieved in December 2025 and allows the project owner to sell its product in the US, there is a risk that the FDA later reviews the product and comes to the conclusion that the product is not safe and accordingly demands to recall the products or take them off the market. In addition, approvals in other regions, including the EU, the UK, and other parts of the world, have not yet been obtained. As the project owner plans to move toward full market commercialization within the next four to five years, the expected timelines for regulatory approval and commercialization are broadly aligned. Accordingly, there is still a risk that the project owner may not obtain regulatory approval in the EU or other major markets, as the approval process in those regions is at an early stage and the likelihood of success cannot yet be assessed.
This section will be regularly updated with new, project-relevant information as the financing progresses.
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