“This fresh funding will help us expand the R&D team, scale-up production, and launch into mainstream retailers by Q2 2021,” said Angelina.
The company is targeting a 10x growth from last year and also reach profitability by this year, she added.
Teja Ventures founding partner Virginia Tan said, “Given Asia’s rising preference for plant-based food, we see Green Butcher’s potential to be the leading consumer brand for plant-based food tailored to the Asian palate and with significant cost and supply chain advantages.”
There has been an increased investor interest in the alternative protein space in Southeast Asia.
Shiok Meats, a Singaporean cell-based meat startup, secured $12.6 million in its Series A funding round led by sustainable aquaculture-focused fund Aqua-Spark in September 2020.
Phuture foods, a Malaysian plant-based food startup, raised its seed round in 2019 while Singapore’s plant-based meat startup Karana secured $1.7 million in seed funding from several investors across the region.