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Knowledge Snapshot is a daily AFN characteristic by which we analyze agrifoodtech market funding information supplied by our mother or father firm, AgFunder.
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Singapore alt-protein startups at present dominate the Modern Meals class in Asia-Pacific.
General, Modern Meals — for which different protein is the core phase — garnered $356 million, based on AgFunder’s first-ever Asia-Pacific AgriFoodtech Investment Report.
That momentum has continued in 2022; Singapore alt-protein startups are set to beat 2021’s complete because of a record-breaking seed-stage transaction and some different high-profile offers.
Asia-Pacific startups closed a complete of 74 offers for the Modern Meals class. China closed 16, carefully adopted by Singapore with 15 and India with 14.
Singapore leads the cost
Singapore’s energy within the Modern Meals class is partly as a result of city-state’s authorities investing closely within the class.
Greater than 90% of Singapore’s meals is imported, and simply 1% of its land obtainable for meals manufacturing, in accordance to the Singapore Food Agency (SFA). Due to this, the city-state should embrace progressive meals options to bolster its personal safety in world hampered by fragmented provide chains.
The 30 by 30 goal goals to have Singapore producing 30% of its meals regionally by 2030. Presently, greater than 30 corporations within the city-state are growing different proteins. Singapore can also be the one nation to have permitted the sale of cultivated meat, which it did in 2020 for US foodtech firm Eat Simply in 2020.
Singapore seems to be poised to steer once more in 2022. One firm, Next Gen Foods, broke data in February with its $100 million Sequence A spherical. Turtle Tree Labs, with its cell-cultivated milk, and plant-based meals maker Growthwell Group are additionally names to observe.
The remainder of Asia-Pacific
Elsewhere within the area, Australia has a number one growth-stage firm in V2Food, which landed the most important fundraise for Modern Meals startups in 2021.
Simply three Korean startups closed funding through the yr. That features Zikooin, which makes meat alternate options from upcycled grains. In Southeast Asia, Indonesia’s Green Rebel Foods is the top-selling plant-based model.
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