Hong Kong-based start-up Avant announced it has received over USD 10.8 million (EUR 10.3 million) in a funding round led by S2G Ventures.
Avant, a company specializing in cell-cultured fish fillets, said the funding round realized investments from Blue Ocean, Regal Hotels, and Thia Ventures, and was also “strongly supported” by existing investors Lever VC, CPT Capital, ParticleX, Artesian, Good Startup, and Alwyn Capital.
"We are excited to support Avant in its mission to sustainably address the global demand for seafood with cutting-edge innovations," S2G Ventures Oceans and Seafood Managing Director Larsen Mettler said. "Avant has a highly dedicated team and international group of co-investors who are ready to tackle overfishing and responsibly feed markets around the world."
Avant is currently developing three products, a Zellulin marine peptide for skincare products, a cultivated fish maw, and a cultivated fish fillet. The company has received investments from existing seafood companies including Vietnamese pangasius firm Vinh Hoan, and has also received investments from former Regal Springs Tilapia Chairman Markus Haefeli.
Avant has reduced production costs by 90 percent with an animal-free cell-culture medium, according to the company. It has plans to build a new manufacturing plant in Singapore, which would have bioreactors up to 2,000 liters in size. It expects the plant to be operational in 2023.
"We are very grateful for the huge support of new investors and the ongoing commitment from existing investors," Avant CEO and Co-Founder Carrie Chan said. "We look forward to scaling up production for commercialization and sending our products to customers by late 2023.”
In April 2021, Avant Meats teamed with Archer Daniels Midland to open a plant-based analog and cell-based seafood research lab in Singapore.
Photo courtesy of Avant
