Hong Kong-based Avant Meats – specializing in cell-based “cultivated” fish fillets – today announced that Vinh Hoan Company (VHC) has agreed to purchase Vinh Technology Pte Limited, a Singapore-based company with a minority interest in Avant.
The world’s largest pangasius producer, Vinh Hoan’s purchase will “establish a strategic partnership with Avant to accelerate commercialization of cultivated fish proteins,” Avant said. That includes leveraging Vinh Hoan’s sales network and industrial manufacturing capabilities.
“VHC is a global leader in aquaculture and functional proteins,” Avant Meats CEO Carrie Chan said in a press release announcing the purchase. “VHC’s knowledge of customer requirements will provide valuable guidance for our product development and commercialization.”
This is the second time in two months that Avant Meats has announced investment from the seafood industry. In December, the company announced that Markus Haefeli – the chairman of leading premium tilapia producer Regal Spring Tilapia – was one of the primary investors in a fundraising round that netted the company USD 3.1 million (EUR 2.5 million).
At the time, Chan said the company welcomed strategic investors.
“Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support,” she 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 latest partnership with VHC is intended to do just that, Avant said.
“This strategic partnership provides an example of how Avant’s biotechnology platform can collaborate with industry players to diversify business and operational model,” the company said. “Avant will continue to work with industry partners to offer sustainable model to produce alternative proteins.”
For VHC, Avant Meats represents a new opportunity to capitalize on emerging consumer trends.
“Avant offers a unique opportunity for us to diversify our future product portfolio to offer additional choices to address emerging consumer needs and trends,” Vinh Hoan CEO Tam Nguyen said.
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.
Photo courtesy of Avant Meats
