Better Bite dishes up project for alternative protein firms at idea stage

Singapore VC firm Better Bite Ventures has rolled out a new initiative within its existing US$15 million fund to support aspiring founders in the alternative protein space.

Better Bite co-founders

First Bite, will select “several new alt protein founders in APAC” and invest US$50,000 into each at the idea stage and “very early stage startups, in most cases when they are just getting going.”

Founders working on new ideas in plant-based, fermentation, molecular farming, and cultivated meat spaces qualify for funding.

“We think US$50,000 in many cases is enough to test the initial idea, get to a very first small goal post that would enable more funding,” Better Bite Ventures co-founder Michal Klar told Tech in Asia.

Founded by Klar and Simon Newstead, Better Bite Ventures is backed by impact investors, growth-stage fund managers, family offices, as well as food and tech entrepreneurs from Asia, the US, and Europe. It invests anywhere between US$200,000 and US$700,000 primarily at the pre-seed and seed stages. It has so far invested in over 10 startups in the alt-protein space.

The alternative meat market is likely to touch US$290 billion globally by 2035, with two-thirds of consumption coming from the Asia Pacific, according to the Boston Consulting Group.

See also: Mapping Southeast Asia’s alt-meat makers

Update (Nov. 21, 5 p.m. SGT): This article was updated to clarify that First Bite is a subset of the Better Bite Venture’s current US$15 million fund.