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.