Shiok Meats, the Singapore-based cultivated crustacean meat company, has announced it has raised an undisclosed amount of investment in a bridge funding round led by Asian food industry majors Woowa Brothers Asia Holdings, CJ Cheil Jedang Corporation and Vinh Hoan Corporation.
The round also saw investment from existing investors such as Big Idea Ventures (USA/Singapore), Henry Soesanto (CEO of Monde Nissin), IRONGREY (Korean office investing in global tech companies), Twynam Investments (Australia), The Alexander Payne Living Trust (USA), Boom Capita; Fund (USA), Beyond Impact Vegan Partners (Europe), Toyo Seikan Group Holdings (Japan) and Mindshift Capital (UAE).
With this new investment, Shiok Meats’ total capital now stands at US$30 million.
The company plans to use the funds to scale up its R&D while also setting up a production facility in Singapore.
“We are very excited to be backed by partners who believe in our potential to scale and are equally passionate about the cell-based meat and seafood space. The next 12-18 months are crucial, and the funds will allow us to advance our R&D efforts and build a state-of-the-art production facility in Singapore. We will expand operations, collaborations and also work on vertical and/or horizontal integration within the alternative protein industry,” said Dr. Sandhya Sriram, CEO and Co-Founder, Shiok Meats.
Shiok Meats has also received Enterprise Singapore’s coveted Startup SG Tech Proof-of-Value grant.
“We are committed to bringing this novel technology to the forefront of global food systems so they are robust enough to feed 10 billion people by 2050. As a pioneer venture, we will also continue to do our part in educating consumers on the benefits of cell-based meat technology for the environment, human health, and animal welfare,” said Dr. Ka Yi Ling, CTO and Co-Founder, Shiok Meats.
Launched in 2018, the company currently employs over 30 scientists, food technologists and business professionals. It unveiled its cell-based shrimp and lobster prototypes in 2019 and 2020 respectively, and aims for commercial launch in 2023.
According to information provided on Shiok Meats website, “With our first manufacturing plant, we will be able to feed a certain percentage of the population in Singapore who are interested in exploring our cell-based crustaceans as part of their diet. In the future, we will be expanding our manufacturing plants in other countries so that the locals in these countries can have access to our cell-based crustaceans without incurring the environmental costs from transporting our cell-based crustaceans to these countries.”