Singapore’s Shiok Meats, a cell-based crustacean meat startup, announced that it has raised an undisclosed amount in a bridge funding round that brings its total funding to approximately $30 million to date.
The bridge funding round saw participation from South Korea’s food industry players Woowa Brothers Asia Holdings and CJ CheilJedang Corporation as well as Vinh Hoan Corporation, Vietnam’s top seafood exporter.
Existing investors, including Korean family office Irongrey, Big Idea Ventures, Twynam Investments, The Alexander Payne Living Trust, Beyond Impact Vegan Partners, Boom Capital Fund, and Mindshift Capital also invested in the bridge round.
In September, Shiok Meats had raised $12.6 million in a Series A funding round led by sustainable aquaculture-focused fund Aqua-Spark. It also raised $3 million in a bridge financing round in June.
Shiok Meats was founded by Sandhya Sriram and Ka Yi Ling, two former stem cell scientists at Singapore’s A*STAR institute, in August 2018. The company taps stem cell technology to reproduce animal parts for human consumption. It targets crustaceans – shrimps in particular, which alone represents a $40 billion global industry.
The company launched its first cell-based shrimp and lobster prototypes in exclusive tasting sessions in 2019 and 2020, respectively.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning July 19.
|Startups||Headquarter||Investment Size||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry / Verticals|
|Skills Union||Singapore||$1,500,000||Seed||Online Education Services||KDV, Hustle Fund||Edtech|
|Kamereo||Vietnam||$4,600,000||Series A||CPF Group, Quest Ventures, Genesia Ventures||Foodtech|
|Shiok Meats||Singapore||Bridge Funding||Woowa Brothers Asia Holdings, CJ Cheiljedang Corporation, Vin Hoan Corporation.||Foodtech|
|Drive lah||Singapore||$3,200,000||Pre-Series A||KFC Ventures||HH Investments, Accelerating Asia||Mobility Tech|
|Majoo||Indonesia||$4,800,000||Pre-Series A||AC Ventures||BRI Ventures||SaaS|
|Aruna||Indonesia||$35,000,000||Series A||Prosus Ventures, East Ventures||Agritech|
|Partipost||Singapore||$5,000,000||Series A||Quest Ventures||SPH Ventures, iGlobe Partners, XA Network||Marketing Tech|
|GudangAda||Indonesia||$100,000,000||Series B||Asia Partners, Falcon Edge||Ecommerce|