Domestic plant-based meat and seafood alternatives company, Growthwell Foods, announced yesterday (Sept. 16) that it has successfully raised $ 22 million ($ 29.6 million) in Series A funding.
The financing is supported by Creadev with the participation of GGV Capital, Iris Fund (Iris Capital and Hanwha, supported by Penjana Kapital) and the existing investors Temasek and DSG Consumer Partners.
According to the company, this current seed capital is nearly three times the $ 8 million raised in 2019.
She hopes this new investment will fund Growthwell’s vision of becoming Asia’s leading food technology company in plant nutrition and help reduce the world’s meat and seafood dependency and environmental impact.
“We are very excited to have global investors like Creadev and GGV Capital on Growthwell to expand our plant nutrition business beyond Southeast Asia,” said Justin Chou, Executive Director of Growthwell Foods.
“We believe our current Series A fundraising round is one of the largest in the Southeast Asian food tech space, and we will continue to lead the way in plant nutrition in Asia.”
Plant-based foods are the future
The alternative meat scene has been in turmoil as more and more plant-based companies appeared in Singapore with interesting products such as vegan bakkwa and plant-based yakiniku meat.
Given the increased demand and market for plant-based options, investing in Growthwell is a decision that shows foresight.
“As we observe growing consumer awareness of healthy eating and sustainable consumption, we firmly believe that plant-based foods for the younger generation and more flexible consumer groups will see robust growth in the years to come,” said Alan Zhu, Co- Head of Credev China.
Jenny Lee, Managing Partner of GGV Capital, agrees: “We look forward to partnering with Growthwell to capitalize on the huge mass market opportunities in alternative proteins and develop new, affordable and delicious herbal analogues.” from all walks of life like to eat ”.
Image source: Growthwell Foods
With its origins in meat substitutes, Growthwell is currently focusing on alternatives to seafood. The company wants to go one step further with a new collection of seafood and chicken alternatives that caters to the growing number of flexitarians.
As David Attenborough proclaims in ‘A Life on Our Planet’, the only way to save our planet is with a vegetable base. With the current support and investments on the ground, I would say we have a chance to fight.
Featured image source: Growthwell Foods