Last week, Bloomberg writer David Ramli reported that, “Cell-based seafood producer Shiok Meats of Singapore has received $12.6 million in Series A funding — the latest alternative protein company to raise money as the pandemic pressures global food-supply chains.
“The new round of funding will sustain the startup for at least three years and help finance research, development and its first plant in Singapore, according to Chief Executive Officer and co-Founder Sandhya Sriram. New shareholders include SEEDS Capital — the investment arm of Enterprise Singapore — and several venture capital funds. Temasek Holdings-backed fund Big Idea Ventures, which was a seed investor, didn’t take part in the latest round.
“Startups and food giants around the world are racing to invent and improve alternatives to traditional meat production as consumers become more careful about nutrition and the environment. While fake-meat companies like Impossible Foods Inc. and Beyond Meat Inc. are raising the lion’s share of funding as they expand into new markets, other startups are working on lab-grown alternatives for a potential pool of customers that want to eat real meat and seafood that doesn’t come from living animals.”
