Markus Haefeli, the chairman of Regal Springs Tilapia, one of the foremost producers of premium tilapia globally, is one of the primary investors in Avant Meats’ latest USD 3.1 million (EUR 2.6 million) fundraising round, which closed 3 December.
Founded in 2018 in Hong Kong, Avant aims to produce animal-free fish proteins for food, skincare, and other applications through the cultivation of fish cells in a fully contained environment.
In a press release posted on its LinkedIn page, Avant said it hoped to use the investment to bring its first products to market in 2021.
“Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support,” Avant Co-Founder and CEO Carrie Chan said. “We will accelerate our work with the sustainable seafood and function protein industries to accelerate adoption of our products into existing global supply chains.”
The financing will also be used for further research and development, Chan said, with an eye toward lowering costs.
Other investors in the fundraising round were China Venture Capital, AngelHub, and ParticleX – all based in China – as well as Lever VC, CPT Capital, Loyal VC, Artesian, and 208 Seed Ventures. PTG Food, a consortium of food business located in the Asia-Pacific region, also participated, as did Haefeli, whose company is owned by the Singapore-based Golden Springs Group.
“Avant’s capabilities to cultivate animal proteins from a fully traceable system will offer additional assurance to food and skincare brands demanding the highest level of functionality, safety, and accountability,” Haefeli said in the release.
According to Avant, research firm MarketsandMarkets projects the global cultivated meat market will be valued at around USD 214 million (EUR 176.5 million) by 2025 and at USD 593 million (EUR 489.1 million) by 2032.
“The growth will be fueled by innovation in animal protein cultivation, combined with the soaring interest in animal welfare, environmental sustainability, and safe and diversified protein supply chains," Haefeli said.
Avant bills itself as the first cultivated meat biotechnology company based in China. It has patents pending for proprietary technology that allows it to grow protein from fish cells.
Wang Yijun, the CEO of China Venture Capital, said his firm’s investment was in line with China’s 14th Five-Year Plan.
“We will continue to invest in companies with agricultural technology that secure supply chains and boost self-sufficiency in food production,” Wang said.
Photo courtesy of Markus Haefeli/LinkedIn
