Monde Nissin chief executive Henry Soesanto has put money into fledgling Philippines alt-meat business WTH Foods.
Soesanto and Big Idea Ventures – an alternative-protein venture fund and accelerator – have taken part in a seed funding round at WTH Foods, which already markets plant-based meat products, included ground meat and an alternative to canned corned beef, in retail stores.
Manila-based WTH Foods, set up in 2019, said it had raised US$1.2m. Co-founder and CEO Stephen Co added: “This funding will help us accelerate the development of these products and reach more markets across south-east Asia and around the world so people can enjoy popular dishes guilt-free.”
Next year, the company is set to a new range of plant-based processed meat products, including sausages and luncheon meat.
As well as leading Monde Nissin – the owner of UK meat-free business Quorn Foods – Soesanto has invested in a range of up-and-coming firms offering alternatives to traditional meat and dairy products.
So far, Soesanto’s investments include Swedish plant-based cheese maker Stockeld Dreamery, Singapore cell-based shrimp maker Shiok Meats and Future Meat Technologies, which is developing cell-cultured meat.