Singapore-based food-tech firm Growthwell Group has raised $8 million in its latest funding round, to expand its plant protein operation.
Established in 1989, the company manufactures plant-based meat and seafood alternatives for the Southeast Asia market.
The firm says that while demand for plant-based protein is growing globally, the Asia market remains ‘largely untapped’ and its ambition is to become the leading plant nutrition food-tech firm on the continent.
The company’s latest funding round was led by Temasek, with other investors including DSG Consumer Partners, Insignia Ventures, Genesis Ventures, Brandify and Mr Koh Boon Hwee.
According to Growthwell, its plans include the setting up of an end-to-end technology centre in Singapore, focusing on the R&D of novel plant proteins and manufacturing at scale.
“As a leading manufacturer, we aim to capitalise on the growing global demand for plant-based alternatives in the areas of meat and seafood,” said Justin Chou, executive director of Growthwell Group.
“The recent Covid-19 pandemic has revealed the vulnerabilities of our food supply chains. Our decision to build a manufacturing facility in Singapore is a timely solution to tackle the food security issue.”
The company has also committed to a ‘significant’ stake in Israeli food-tech start-up ChickP, which has developed a 90% chickpea protein isolate for use in dairy and meat alternatives.
Growthwell is currently developing a plant-based seafood range – encompassing ChickP Squid, ChickP Crab Patty, and ChickP Shrimp – using the firm’s chickpea protein.
Ultimately, Growthwell aspires to expand distribution of ChickP protein products across Asia-Pacific markets and to develop new chickpea-based offerings, such as milk and ice cream alternatives.
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