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
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.