The fresh capital will be used to produce clean, sustainable, and cruelty-free shrimp and crustaceans. Shiok Meats is the first cell-based meat company in Southeast Asia and the first and only cell-based meat company working on shrimp.
The funds will contribute towards building the first-of-its-kind commercial pilot plant from which Shiok plans to launch its minced shrimp product in 2022, the startup said.
“This puts Shiok on schedule to become the first company in the world to have a fully functioning commercial pilot plant for cell-based crustacean production,” it added.
Investors in the Series A funding round also include SEEDS Capital, the investment arm of Enterprise Singapore; Japan’s Real Tech Fund and Toyo Seikan Group Holdings; Iron Grey, a global tech investing family office based in Korea; Yellowdog Empowers Fund; Singapore’s Ilshin Holdings and Makana Ventures; Veg Invest Trust; Beyond Impact; AiiM Partners; Kelvin Chan Siang Lim; and Alex Payne and Nicole Brodeur.
The fresh funding comes three months after Shiok Meats raised $3 million in a bridge financing round, led by Agronomics, a UK-based alternative meat investor; VegInvest, a US-based slaughter-free investment firm; Impact Venture, a UK-based angel fund and UAE’s Mindshift Capital Fund.
Shiok Meats was founded in August 2018 by two stem cell scientists, Dr. Sandhya Sriram and Dr. Ka Yi Ling, with over 20 years of combined experience in muscle, fat, and stem cell biology fields.
One of Shiok’s key objectives is also lowering the cost of production of lab-grown shrimp, which remains extremely high as a new and novel product. One lab-grown shrimp product produced by Shiok costs a hefty $300 to produce. Shiok wants to cut this down to $50 per kilogramme by 2021 to make its product more commercially viable.