Oatside’s early investor sells partial stake to Far East Capital

Far East Capital has bought preference shares in Singapore-based Oatside, a major manufacturer of oat milk, via a secondary sale in late November, according to regulatory filings.

The investment firm – the family office of Far East Organization, one of the city-state’s largest real estate developers – bought the shares from Mugi Capital, a holding company that has backed Oatside since 2021.

Assuming a share price of US$240 at a valuation of US$705 million – per DealStreetAsia’s calculation in August 2025 – Far East Capital’s stake could be worth US$4.57 million.

Photo credit: Oatside

Mugi Capital has also transferred its stake to existing Oatside shareholders, divesting over half its shares in the firm.

Assuming a US$240 share price, the offloaded shares could be worth US$35.3 million, a 4x multiple on the issued price.

Mugi Capital was owned by Angeline Ooi, an agriculture and food industry executive who sits on Oatside’s board. While Ooi is no longer a shareholder and director in Mugi Capital, she continues to own a stake in Oatside.

Tech in Asia sought comment from Oatside about the transactions, but it declined to provide details.

The oat-milk maker, which has raised over US$104 million since inception, was on a tear in 2024. It has doubled its revenue from the year before while keeping its losses contained.

However, Oatside remains an upstart in the industry, with competitor Oatly logging US$824 million in revenue in 2024.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.28.

See also: Oatside doubles revenue to $74m after bets to win alt-milk fans