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Candice Lee · · 6 min readA frozen dream, an ambitious bet, and a home on the line
“Six months is all it’ll take,” Eugene Wang tells Tech in Asia, when asked how long his alternative protein startup will need to become commercial ready in Europe. “The only thing stopping us is money … In the worst-case scenario, I will sell my house.”
He needs US$10 million. He plans to use proceeds from his house sale – along with government grants he is looking to apply for – to rent a manufacturing plant in Taiwan for a pilot production.
Image credit: Timmy Loen
Wang is the co-founder of Sophie’s Bionutrients, a Singapore-based company established in 2010 that cultivates a plant protein called chlorella from microalgae. This ingredient is getting a second life in emulsifiers and texturizers for processed food like baked goods, ice cream, and dairy to enhance texture and stability.
The company was previously known as Sophie’s Kitchen and manufactured plant-based seafood.
After years of research work, Sophie’s is one stage away from receiving approval from the European Food Safety Authority (EFSA), which will certify that the firm’s products are safe for sale in the European Union.
“EFSA is the most stringent standard globally and will open doors to the rest of the world,” says Wang. He adds that most of the companies interested in Sophie’s products are based in Europe.
But these products must reach a manufacturing scale of at least 100 tonnes to be affordable for the market. The team currently works out of a 3 tonne-capacity lab.
Sophie’s Bionutrients co-founders Eugene Wang (left) and Barnabas Chan / Photo credit: Sophie’s Bionutrients
Adding to the hurdles, Sophie’s hasn’t been able to raise funding amid a wintry investment climate in the last three years.
Wang shared that the company has been operating on US$2.5 million since 2021, with US$1.5 million coming from his own funds. Neither he nor his co-founders, Kirin Tsuei and Barnabas Chan, have taken a salary since 2022.
Sophie’s other investors include Seeds Capital, the investment arm of Enterprise Singapore, and Maison Denis, an F&B company known for its Ayam Brand label.
Betting its future on Futura
Wang’s confidence lies in food manufacturers that have shown interest in Sophie’s products.
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House on the line
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Sophie’s Bionutrients founder Eugene Wang is selling his house to buy six more months to save his alt-protein startup from shutting down. But will it work?
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