Cell-based crustacean meat company intends to launch products by 2023
Singapore-based Shiok Meats, a cell-based crustacean meat company, has raised a bridge funding round from South Korean food industry companies Woowa Brothers Asia Holdings and CJ CheilJedang Corporation and Vietnam-based seafood exporter Vinh Hoan Corporation.
The round also includes further investment from existing investors including Korean family office Irongrey, Big Idea Ventures, Twynam Investments, Monde Nissin’s chief executive Henry Soesanto, The Alexander Payne Living Trust, Beyond Impact Vegan Partners, Boom Capital Fund, based packaging and manufacturing company Toyo Seikan Group Holdings, and Mindshift Capital.
The funding brings Shiok Meats’ total raised capital to approximately $30 million.
Dr Sandhya Sriram, co-founder and chief executive of Shiok Meats said: “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.”
Dr Ka Yi Ling, co-founder and chief technology officer of Shiok Meats, added: “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.”
Founded in 2018, Shiok Meats produced its first cell-based shrimp and lobster prototypes in 2019 and 2020, respectively. The company employs 30 scientists, engineers, food technologists and business professionals and intends to launch in Singapore by 2023.
Date published: 26 July 2021