Singapore startup that develops plant-based eggs banks $1.7m in seed round

Float Foods, a Singapore-based foodtech startup, announced it has raised S$2.2 million (US$1.7 million) in its seed round led by venture capital firms Insignia Ventures Partners and DSG Consumer Partners.

Photo credit: Float Foods

Investors including Apricot Capital, Baksh Capital, Teja Ventures, Ebb & Flow, Water Tiger Investments, Agrocorp Ventures, and Innovate 360 also participated in the round.

Float Foods develops technology for plant-based foods and alternative proteins, with a focus on egg and dairy-free segments.

The fresh capital will be used to boost research and development and facilitate the commercialization of OnlyEg, the company’s flagship product in a line of plant-based egg technologies.

Made up of legume-based substitutes, OnlyEg will be marketed as two separate components – one resembling egg yolks and the other resembling egg whites. The company’s aim for the product is achieving a comparable degree of likeness to a real chicken egg.

“The capital and insights from our unique mix of strategic partners allows us to start planning our road map for regional expansion after Singapore and start making inroads to key markets such as China, India, and Indonesia,” said Vinita Choolani, founder and CEO of Float Foods.

Currently, OnlyEg is in the research and development stage and is on track to be sold in Singapore by 2022. Foodtech products for plant-based egg shreds and patties are also in the works.

The development comes after Float Foods was awarded the project development grant for OnlyEg by Temasek Foundation in March this year, lifting the startup’s post-money valuation to S$7.5 million (US$5.7 million).

Currency converted from Singapore dollar to US dollar: US$1 = S$1.32.