Singapore-based alternative protein maker Growthwell has raised $15.9 million in a Series A round from state investor Temasek and French private equity firm Creadev, according to Accounting and Corporate Regulatory Authority (ACRA) regulatory filings accessed by DealStreetAsia – DATA VANTAGE.
ACRA filings only reflect the equity funding received so far by a company. The overall funding round could be larger and have other components such as debt.
Temasek made a $7.8 million investment through an entity called Crillon Investments. The Singapore state investor previously led an $8 million round for Growthwell in April 2020.
Creadev, a French private equity firm backed by the Mulliez family, committed $8.1 million in the round. The filings show that Temasek and Creadev paid $2.70 per preference share.
A family-run company since 1989, Growthwell specialises in making plant-based meat and seafood. It picked up a stake in Israeli food-tech startup ChickP to create chickpea protein products last year.
Its other investors include Insignia Ventures Partners, DSG Consumer Partners and Singapore businessman Koh Boon Hwee.
DealStreetAsia has reached out to Growthwell for comments.
Another alternative protein company that raised funds recently is the 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.
Chicago-based alternative protein firm Nature’s Fynd told DealStreetAsia previously it is planning to open a manufacturing facility in Singapore by 2023.
The alternative meat market was valued at $5-10 billion in 2021, or less than 1% of the global meat industry, per an EY report. Its value could soar to between $77 billion and $153 billion by 2030, making up 5% to 10% of the global meat market, the report projected.