Singapore Vegan Meat and Seafood Manufacturer Growthwell Bags $ 22M Series A

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Growthwell Foods, a Singapore-based plant-based company, raised $ 22 million in a Series A round. Funding will go towards expanding production and launching it into new markets outside of Southeast Asia, expanding the vegan meat and seafood offerings around the world.

Growth well closed its Series A round at $ 22 million, the company announced on Thursday (September 16). The round was led by Paris-based investment company Creadev and was accompanied by technology investors GGV Capital, which has Peloton and Next Gen Foods among their portfolio companies, and Iris Fund.

Existing investors also took part in the round, including the Singapore sovereign wealth fund Temasek and DSG Consumer Partners, who supported the startup in its $ 8 million seed round last year.

Global expansion

Growthwell plans to distribute its plant-based seafood and meat products worldwide.

Growthwell says the funds will be used to accelerate its global expansion plans and bring its plant-based meat and seafood alternatives beyond the Southeast Asian market. The company recently announced its ambition to “feed 100 million people on sustainable protein” and partnered with Indoguna, a premium food company with a network that spans Asia and the Middle East.

“We are very excited to have global investors like Creadev and GGV Capital on board Growthwell to expand our plant nutrition business beyond Southeast Asia,” commented Justin Chou, Executive Director of Growthwell. “We will continue to lead the way in plant nutrition in Asia.”

The Singapore Group offers a range of plant-based products, including vegan seafood analogues made with Israeli food technology’s ChickP protein. Growthwell also stands behind the OKK label for egg-free cooking ingredients, the Gomama brand for plant-based ready meals and the meat-free alternative brand Su Xian Zi based on mushrooms.

Vegan shrimp dumplings with the plant-based analog from Growthwell.

Invest in herbal

Growthwell’s funding comes from growing investment interest in the plant-based industry, particularly in Asia. Last year, plant-based companies dominated investment in alternative proteins, bringing in $ 2.1 billion of the $ 3.1 billion total when cell-based and fermentation companies are included.

The data also showed that more capital was being poured into the Asian food technology sector, with total investments in alternative proteins increasing six-fold compared to last year. With three-digit demand growth forecast for the next few years, investors are now looking to the lucrative opportunities in key Asian markets.

According to a study by Ipsos and DuPont, for example, in China and Thailand, demand for plant-based meat is expected to increase by up to 200% over the next five years.

Commenting on his decision to support Growthwell, Alan Zhu, Co-CEO of Creadev China said: “With consumers becoming increasingly aware of healthy eating and sustainable consumption, we strongly believe that plant-based foods are geared towards the younger generation and more flexible consumers sind Group will see robust growth in the years to come. “


All images courtesy of Growthwell.

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