East Ventures leads seed round of dairy alternative brand

Singapore-based Mohjo, a direct-to-consumer brand that focuses on plant-based dairy alternatives, has raised an undisclosed amount in a seed round led by East Ventures. K3 Ventures, iSeed Southeast Asia, and several angel investors also participated in the round.

Mohjo founder Juhi Dang / Photo credit: Mohjo

Founded just this January, Mohjo has launched its first line of products – almond milk and almond milk-based beverages – in Singapore. The company plans to use the fresh funds to roll out more products, strengthen its team, and increase market penetration.

Being lactose intolerant herself, Mohjo’s chief executive Juhi Dang said she couldn’t find a plant-based milk that tastes as good as fresh milk. “Most commercially available dairy alternatives are nutrient-low and stabilizer-heavy. They contain 95% to 98% water, are laced with additives, and either taste bad or have no taste at all,” she explained.

The demand for dairy alternatives has been on the rise as people evaluate their diets amid the Covid-19 pandemic, according to Mohjo.

Research company Grand View Research found that the global dairy alternatives market was valued at US$23 billion in 2021 and is expected to expand at 12.5% annually to 2028. The Asia-Pacific region dominates this market with around a 44% share.

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Mohjo investor East Ventures has also partnered with Tech in Asia for the first the Arena pitch battle for environmental, social, and governance (ESG) startups. A total prize worth more than US$24,500 will be up for grabs at the event, which will be held on October 13.