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September 30, 2020

Singapore’s Shiok Meats secures funding to build first cell-cultured food plant

A cell-cultured meat start-up in Asia plans to build its first manufacturing plant ahead of the launch of its first product.

By Dean Best

Shiok Meats, a cell-cultured food start-up in Singapore, plans to build its first manufacturing plant on the back of a new round of funding ahead of the inaugural launch of its shrimp product in 2022.

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  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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The fledgling business has secured US$12.6m in a Series A investment round from a group of investors spread across Asia, Europe and the US, building on $4.6m of seed funding last year.

Netherlands-based investment fund Aqua-Spark, which is focused on sustainable aquaculture, led the round, with participation from 12 other investors.

Cheif executive Dr. Sandhya Sriram, who founded Shiok Meats with its chief technology officer Dr. Ka Yi Ling in 2018, said: “We are extremely excited to announce our Series A funding round which is taking us one step closer to commercialisation. The investors coming in this round, from all over the world, are all aligned towards one mission – sustainable, healthy, and delicious seafood for everyone.

“Our mission is to develop cell-based seafood and meats that are contributing towards a cleaner and healthier seafood industry and solving for the inefficiencies around global protein production.”

Joining the round on the company’s home turf were Seeds Capital, the investment arm of Enterprise Singapore, a government agency which fosters the development of small businesses in the city-state, Ilshin Holdings, Makana Ventures and entrepreneur Kelvin Chan Siang Lin.

From South Korea, the investors include Irongrey and the Yellowdog Empowers Fund, and from Japan the Real Tech Fund and Toyo Seikan Group Holdings.

Outside of Asia, US investors Veg Invest Trust, Aiim Partners and husband and wife entrepreneurs Alex Payne and Nicole Brodeur have backed the business. From Europe, Swiss fund Beyond Impact also contributed.

Beyond the launch of frozen cell-based shrimp, Shiok Meats is planning to develop shrimp paste, a popular food ingredient in Asia, and cell-based lobster and crab products in “the coming years”.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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