Data Vantage: Food tech companies whet investor appetite + latest deal updates

Food tech companies continue to attract more investor interest and dollars in Southeast Asia.

On Wednesday, Singapore-based cell-based meat producer Shiok Meats announced it has raised an undisclosed amount of bridge financing, bringing its total funding to approximately $30 million.

The bridge funding round saw the participation of South Korea’s Woowa Brothers and CJ CheilJedang Corporation.

Prior to the latest financing, Shiok Meats had raised $20.19 million in equity funding from investors including Aqua-Spark, an investment fund focused on sustainable aquaculture; Monde Nissin CEO Henry Soesanto; SEEDS Capital; and Paris-based investment and advisory firm Future Shape, according to DealStreetAsia – DATA VANTAGE.

According to the latest regulatory filings, New Protein Fund 1, which is managed by venture capital firm Big Idea Ventures, invested $206,808 in Shiok Meats last week as part of the bridge financing.

Shareholders of Shiok Meats prior to the bridge financing 

Source: DATA VANTAGE. Note: The entire shareholder list is available to subscribers

The first half of 2021 saw at least nine investments in food tech companies in Southeast Asia worth a total of $19.4 million. 

Last week, alternative protein startup Next Gen Foods announced it had secured $20 million in an extended seed funding round. Adding the startup’s financing to the H1 tally means that foodtech companies have so far secured at least $39.4 million this year, exceeding the $29 million raised in the whole of 2020.

Funding announced by food tech companies in H1 2021

Other snippets from DATA VANTAGE

Indonesian e-commerce and digital native brand acquirer Hypefast raised $14 million last week in a funding round led by new investor Monk’s Hill Ventures and backed by Jungle Ventures. The round brings its valuation to $50.4 million.

Carbon trading platform AirCarbon raised $2.1 million from Abaxx Technologies Corp and Chemical Asia Corporation last week as the company aims to expand into the MENA region. The latest injection is understood to be part of the startup’s Series A financing that began late last year. AirCarbon has now raised $5.68 million in the round at a share price of $0.74.

Fintech lending platform Leap Technologies secured $500,274 from Manipal Research & Management last week as part of a $17 million financing announced in March this year. Jungle Ventures led the round, pumping in $6.5 million while Sequoia Capital India pumped in $4.7 million. Leap claims to offer zero collateral loans to Indian students pursuing international education in the US.

Sparrow Tech, the operator of crypto options trading platform Sparrow Exchange, bagged $4.4 million in funding from Gain Loyal Ltd last week. The company’s shareholders include Signum Capital and HDR Cadenza Management.

Online tuition booking platform Flying Cape received $664,891 from SOV Fund 1, SV Class I, and Richard Yen, the founder of Ednovation that runs ChildFirst pre-schools in Singapore, last week.

Ultra high performance concrete maker ceEntek received $572,414 from existing investor Sergey Korolev last week, following an investment of $926,221 last November.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.