Growthwell Foods, a Singapore-based producer of plant-based alternatives for meat and seafood products, has raised USD 22 million (EUR 18.8 million) in a Series A funding round.
The round was led by Creadev, an investment firm based in France, and participated by global venture capital company GGV Capital and Iris Fund, Green Queen reported. Singapore-based sovereign fund Temasek and DSG Consumer Partners, the two existing investors, also joined the funding round.
The funds from the round will be used to support Growthwell’s global expansion schemes and launch its new products to markets beyond Southeast Asia region, according to Growthwell Executive Director Justin Chou.
“We are extremely pleased to have global investors like Creadev and GGV Capital onboard Growthwell as we look to scale up our plant nutrition business beyond Southeast Asia,” Chou said. “We will continue to trailblaze plant nutrition in Asia.”
Earlier this year, Growthwell announced a partnership with Indoguna, a premium foods provider operating across Asia and the Middle East, aiming to “feed 100 million” people with sustainable protein products.
Growthwell’s previous seed funding round of USD 8 million (EUR 6.8 million) last year was led by Temasek and participated by DSG Consumer Partners, Insignia Ventures and Genesis Ventures.
Growthwell makes plant-based products, including vegan seafood analogs made with Israeli food tech’s ChickP protein; OKK, an egg-free cooking ingredients label; Gomama, a plant-based ready-meal brand; and Su Xian Zi, a mushroom-based meat-free alternative brand.
Plant-based food companies raised USD 2.1 billion (EUR 1.8 billion) in funding last year, with investment in alternative protein sector increasing sixfold year-on-year. Demand for alternative protein products in major Asian markets is expected to experience a triple-digit growth in the next few years, an Ipsos and DuPont research showed, and plant-based meat demand in China and Thailand specifically is forecast to increase by 200 percent in the next five years.
“Observing consumers’ rising consciousness toward healthy eating and sustainable consumption, we have a strong conviction that plant-based food targeting the younger generation and flexitarian consumer group will have robust growth in the years ahead,” Creadev China Co-Head Alan Zhu said in a press release announcing its Growthwell investment.
Photo courtesy of Growthwell Foods
