SG’s Visvires New Protein co-leads Series A round for Dutch poultry startup In Ovo

By Kristie Neo

October 29, 2018

Singapore-based VisVires New Protein (VVNP) has co-led an undisclosed Series A round for Dutch poultry startup In Ovo. The other lead investor is Evonik, a global specialty chemicals company.

According to a statement, the full financing round comes up to “several million dollars”. Investors in the round also include Leiden University, which In Ovo had spun out of.

Founded in 2013, In Ovo develops technology to determine the gender of fertilised chicken eggs. The solution aims to enhance production efficiency and animal welfare in the global chicken industry, where 3.2 billion male chicks are culled each year.

VisVires New Protein founder and partner Matthieu Vermersch said: “Their technology is especially relevant in Asia, the largest egg producers in the world with more than 1.8 billion laying hens. We have witnessed escalating consumer awareness and activism over the years in the region.”

In Ovo plans to use the proceeds to develop a prototype that will speed up the process of analysing and sorting large quantities of eggs. It will also invest in ways to do this more accurately. In Ovo targets to launch its first commercial product in 2020.

Wouter Bruins, co-founder and one of the managing directors of In Ovo, said: “Even before we officially started the fundraising process, the VVNP team proactively maintained a close dialogue with us and played a significant role in shaping our business strategy. Their strong reputation as the go-to fund for food and innovation in the industry and especially for Asia will no doubt be very valuable for us.”

VisVires New Protein is one of the few venture capital firms in Asia with an extremely niche focus – technologies for the global food and feed system. It seeks to identify and back startups solving an array of food-related issues along the entire supply chain.

The Singapore-based fund recently closed its $40-million first fund in June. In a recent interview with DEALSTREETASIA, VVNP shared that it plans to launch a $100-million second fund in 2019.

Also Read:

SG’s VisVires New Protein to launch $100m second fund next year

SG’s VisVires New Protein Capital co-leads $10.6m round for Mitte

SE Asia to embrace agritech first, foodtech later, says Sirius Venture’s Eugene Wong

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.
APPLY NOW

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.
APPLY NOW