Vegan food producer Growthwell Group from Singapore announced yesterday it had raised $8 million.
The investment was led by Temasek with participation from DSG Consumer Partners, Insignia Ventures, Genesis Ventures, among others.
The funding will be used to open a plant-based protein research and development centre and as investment capital in CHiCK.P an Israeli startup that produces proteins from chickpeas.
CHiCK.P's protein is the world’s first chickpea protein isolate that’s neutral in taste and can be used in production of different vegan and dairy-free alternatives.
The Growthwell Group was founded in 1989 and today owns several alternative protein companies operating on Asian market, including plant-based meat producer OKK, vegan mutton company Su Xian Zi, and ready to eat meals maker gomama.
Growthwell develops plant-based seafood substitutes such as vegan shrimps, crab patties, and squid using chickpea proteins.
Next year, the company will start using chickpea proteins to develop dairy-free alternatives to milk and ice cream.
“As a leading manufacturer, we aim to capitalize on the growing global demand for plant-based alternatives in the areas of meat and seafood. The recent COVID-19 pandemic has revealed the vulnerabilities of our food supply chains” Growthwell Executive Director Justin Chou said.
“Our decision to build a manufacturing facility in Singapore is a timely solution to tackle the food security issue. Ultimately, Growthwell strives to be the local and regional champion in supporting the drive to achieve long-term food supply stability.”