Indonesian startup Green Butcher closes seed round led by Teja Ventures, Unovis

Green Butcher Meat founders Helga Angelina and Max Mandias.

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.

Singapore Reporter/s

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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.