Singapore’s Shiok Meats raises bridge funding and other SE Asia deals

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.

Expand Table

StartupsHeadquarterInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry / Verticals
Skills UnionSingapore$1,500,000SeedOnline Education ServicesKDV, Hustle FundEdtech
KamereoVietnam$4,600,000Series ACPF Group, Quest Ventures, Genesia VenturesFoodtech
Shiok MeatsSingaporeBridge FundingWoowa Brothers Asia Holdings, CJ Cheiljedang Corporation, Vin Hoan Corporation.Foodtech
FanlifePhilippines$50,000Pre-Seed917VenturesEntertainment
KodeGoPhilippines$50,000Pre-Seed917VenturesEdtech
BentaTVPhilippines$50,000Pre-Seed917VenturesEcommerce
Drive lahSingapore$3,200,000Pre-Series AKFC VenturesHH Investments, Accelerating AsiaMobility Tech
MajooIndonesia$4,800,000Pre-Series AAC VenturesBRI VenturesSaaS
ArunaIndonesia$35,000,000Series AProsus Ventures, East VenturesAgritech
PartipostSingapore$5,000,000Series AQuest VenturesSPH Ventures, iGlobe Partners, XA NetworkMarketing Tech
GudangAdaIndonesia$100,000,000Series BAsia Partners, Falcon EdgeEcommerce

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.