Indonesian plant-based meat startup Green Butcher is said to have secured up to $2 million in a seed funding round led by Singapore-based venture capital firm Teja Ventures and global alternative protein investor Unovis Asset Management, DealStreetAsia has learnt.
The round was joined by the impact-oriented SavEarth Fund of James and Suzie Cameron, Phi Trust, C4D, and individual investors, Green Butcher co-founder and CEO Helga Angelina confirmed to DealStreetAsia. Financial details of the round remain undisclosed.
Green Butcher is founded by Max Mandias and Helga Angelina, who also founded Burgreens, a plant-based eatery chain in Indonesia.
Green Butcher provides a range of plant-based meats from chicken and beef alternatives and veggie protein using natural ingredients. The startup will debut its beefless offerings at Starbucks Indonesia in February. It also supplies to Burgreens, which is backed by Teja Ventures too.
“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.