Alt protein firm Growthwell raises $22m from Creadev, Temasek, others

Photo: Growthwell

Singapore-based alternative protein firm Growthwell Foods on Thursday announced it has raised $22 million in a Series A round led by French private equity firm Creadev.

Other new investors that participated include venture capital firm GGV Capital and the Iris Fund, a joint venture between Iris Capital and Hanwha supported by Penjana Kapital. Return backers Temasek Holdings and venture capital firm DSG Consumers Partners also joined the round.

DealStreetAsia had previously reported the company’s fundraising based on its regulatory filings.

Growthwell said in a press release it will use the fresh funds to accelerate business expansion and product development.

The plant-based meat and seafood substitute manufacturer, which was founded in 1989, had earlier raised $8 million in seed funding led by Temasek in April 2020.

Last year, it picked up a stake in Israeli food-tech startup ChickP to create chickpea protein products.

“We believe our current Series A fundraising round is one of the largest in the Southeast Asia food tech space and we will continue to trail blaze plant nutrition in Asia,” said Justin Chou, Growthwell’s executive director, in a statement.

“We are happy to partner with Growthwell as it commands whole value chain competence from ingredients to product and differentiation of plant-based seafood with Asian cuisine focus,” said Alan Zhu, the co-head of Creadev China.

Another alternative protein company that raised funds recently is Singapore-based Next Gen. It raised $20 million in an extended seed round that was also backed by Temasek, along with GGV Capital and K3 Ventures. The company is now expanding into the Gulf region and the US.

On Wednesday, Hong Kong-based alternative protein venture capital firm Lever VC said it had hit the final close of Lever VC Fund I at $80 million to back early-stage, plant-based cultivated meat and dairy firms worldwide.

It now plans to raise $250 million for a second fund next year.

A report published in March this year by Boston Consulting Group (BCG) and impact investor Blue Horizon said the global market for alternative meat, eggs, dairy, and seafood products is set to reach at least $290 billion by 2035, with up to 22% of global consumption of meat, seafood, eggs, and dairy likely to be alternative by the same period.

Singapore Reporter/s

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

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  • 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. 
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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.