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Growthwell Foods, a Singapore-based herbal group, raised $ 22 million in a Series A round. Funding will be used to increase production and enter new markets beyond Asia. Southeast, expanding its range of vegan meat and seafood globally.
Growthwell closed its Series A round with $ 22 million, the company said Thursday, September 16. The round was led by Paris-headquartered investment firm Creadev and joined by tech investors GGV Capital, which lists Peloton and Next Gen Foods among its holding companies, and Iris Fund.
Existing investors also took part in the fundraising round, including Singaporean sovereign wealth fund Temasek and DSG Consumer Partners, which backed the startup in its $ 8 million fundraising round last year.
Growthwell says the funds will be used to accelerate its global expansion plans, launching its plant-based meat and seafood alternatives beyond the Southeast Asian market. He recently revealed his ambition to “feed 100 million” people with sustainable protein, forging a partnership with Indoguna, a premium food supplier with a network spanning Asia and the Middle East.
“We are extremely pleased to have global investors like Creadev and GGV Capital on board Growthwell as we seek to expand our plant nutrition business beyond South East Asia,” commented the Executive Director of Growthwell, Justin Chou. “We will continue to be at the forefront of plant nutrition in Asia.
The Singapore group offers a number of plant-based products, including vegan seafood analogues made from the ChickP protein from Israeli food technology. Growthwell is also behind the egg-free cooking ingredients label OKK, the plant-based ready-meals brand Gomama, and the mushroom-based alternative meat-free brand Su Xian Zi.
Invest in plants
Growthwell’s funding comes amid growing interest in investing in the herbal industry, particularly in Asia. Last year, plant-based companies dominated investment in alternative proteins, raising $ 2.1 billion of the total $ 3.1 billion raised, including cell and fermentation players.
The data also showed that more capital has been invested in the food technology sector in Asia, with total investment in alternative proteins increasing sixfold year-over-year. Investors are now considering lucrative opportunities in major Asian markets, given the triple-digit demand growth expected over the next few years.
China and Thailand, for example, are expected to see demand for plant-based meat increase by up to 200% over the next five years, according to research from Ipsos and DuPont.
Speaking about his decision to support Growthwell, Alan Zhu, co-director of Creadev China, said: The group will experience robust growth in the years to come.
All images are courtesy of Growthwell.