Shiok Meats raises $3m in bridge funding for cell-based production plant
UK investors Agronomics and Impact Venture alongside VegIngvest and Mindshift Capital have joined the round for the Singaporean start-up
Shiok Meats, the cell-based seafood producer based in Singapore, has secured $3 million in fresh capital ahead of its Series A. UK investors from Agronomics and Impact Venture have joined Mindshift Capital and VegInvest in this bridge funding round. Shiok is also a portfolio brand of Beyond Investing and Big Idea Ventures, among others.
The start-up is still in the R&D stage and plans to use the new funds to set up its first manufacturing plant in Singapore. “Shiok Meats will bring cell-based crustacean meats (shrimp, crab, lobster) to your table,” the company says on its website.
Sandhya Sriram and Ka Yi Ling founded Shiok Meats in 2018. They have used cellular technology to grow shrimp cells and have managed to produce a shrimp substitute. The product has been used to make shrimp dumplings in ‘siu mai’, Asia’s classic dish.
Commercialisation is on the horizon within the next two to three years. Shiok also aims to close a Series A funding round this year. The company has raised a total of $7.6 million in funding to date.
Agronomics is a UK-based alternative meat investor. The venture capital led the bridge funding alongside vegan investment firm VegInvest, London-based angel fund Impact Venture, and Mindshift Capital Fund, an all-woman investment company in UAE.
Investors in the previous fundraising are Y Combinator, Wild Earth CEO and co-founder Ryan Bethencourt, and Henry Soesanto, chief executive of Monde Nissin, one of Asia’s largest seed investors in food-tech start-ups.
Shiok is dedicated to producing cell-based crustacean meats, including shrimp, crab, and lobster. The company explained on its website that its name is taken from a slang that in Singapore and Malay means fantastic and delicious.