Haofood, a start-up in China that introduced white meat comprised of peanut protein final summer season, has secured seed investment to amplify into new gross sales channels and geographies.
The Shanghai-based alternative-chicken producer, arrange in mid-2020, has raised US$3.5m to increase its R&D facility and upload new merchandise, “develop the home industry and amplify to Asia and past”.
Haofood mentioned it introduced an Asian fried white meat replacement, with peanuts the principle element, to Chinese language shoppers final July. The corporate says it has “greater than 50 manufacturers below its portfolio” with its merchandise bought in “greater than 200 shops” in China.
Wealthy Merchandise, the privately-owned US bakery and truffles industry, has joined the seed spherical in Haofood by the use of its investment arm Wealthy Product Ventures (RPV). It’s the fund’s first direct funding within the Asia Pacific. The guardian corporate, on the other hand, has had a presence in China for greater than 3 many years.
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Henry Soesanto, the CEO of Monde Nissin, the Philippines-based meals and beverage company and proprietor of the Quorn vegan corporate in the United Kingdom, additionally took phase. Large Thought Ventures, the alternative-protein undertaking fund and accelerator, contributed as smartly.
Jay Lin, RPV’s vp for strategic investments within the Asia Pacific, mentioned: “Haofood’s tough R&D and proprietary era offers it a aggressive benefit, profitable over discerning Asian shoppers with its great-tasting and sustainable chicken-alternative merchandise. That is our first direct strategic funding within the Asia-Pacific area and we look ahead to running intently with the workforce to scale the industry in China and past.”
RPV sponsored Dao Meals’ undertaking fund in China final 12 months looking for out alternatives in alternative-protein start-ups. Earlier investments function cell-based meat company Long term Meat in Israel, US-based cell-cultured seafood company BlueNalu and mushroom elements provider MycoTechnology in Colorado.
Haofood used to be based through marketers Astrid Prajogo (CEO), Dr Shaowei Liu (CSO), Jenny Zhu (CFO) and Kasih Chen (CTO). The corporate makes use of its Innotein proprietary era to create “plant-based white meat from peanuts and different plant protein that has a particular texture and umami style profile”.
Astrid mentioned in a observation: “We’re honoured to have gained backing from buyers who percentage our pastime for developing plant-based white meat choices that don’t seem to be best sustainable, however that individuals revel in. With this spherical of investment we will innovate additional and make very good high quality alternative-protein merchandise extra obtainable for shoppers in China and throughout Asia.”
Large Thought Ventures used to be introduced in 2019 with backing from Swiss elements industry Bühler, US meat large Tyson Meals and Temasek, Singapore’s state funding arm. It has invested in a spread of companies comparable to Grounded Meals, a US-based company specialising in plant-based cheese, Shiok Meats, a Singapore cell-cultured meals start-up, and Zhenmeat, a Chinese language corporate advertising and marketing choices to red meat and crayfish.
Monde Nissin joined Large Thought Ventures final 12 months in a seed investment spherical in Philippines’ alternative-meat industry WTH Meals. Soesanto has additionally invested in Shiok Meats and Long term Meat.
“The shoppers lately call for more healthy and extra sustainable meals. The ingenious use of peanuts offers Haofood’s white meat its large style however it additionally has much more advantages to the surroundings when it comes to decreased water utilization. It stood out to me for its suave use of meals era,” Soesanto mentioned.
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