Alt protein firm Growthwell raises $15.9m from Temasek, Creadev

Source: Growthwell.

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.

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.

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.