Singapore’s Alchemy Foodtech raises ‘seven-figure’ funding in bridge round

Alchemy Foodtech, a food technology startup, announced the close of a “seven-figure” bridge round that was led by seafood conglomerate Thai Union Group.

Photo credit: Alchemy Foodtech

Other investors in the round include Temasek-backed foodtech VC Bits x Bites, Fuchsia Venture Capital, and South Korea-based VC Sunbo Partners. Existing investors Heritas Capital and Seeds Capital also participated, following their investment in the startup’s pre-series A round in 2018.

Alchemy Foodtech is a food technology solution startup specializing in the development of lower glycemic index (GI) carbohydrates to tackle diabetes. It aims to incorporate its patented in-house fiber into everyday carbohydrates like rice, bread, noodles, and snacks, and turn refined carbohydrates into healthier ones.

The funding from the bridge round will be used to boost the Singapore-based firm’s production capacity and expansion into markets locally and overseas, with China as the focus, the company said in a statement.

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“The partnerships [with our strategic investors] will help provide us with better market access into international channels such as leading supermarkets, convenience and retail chains, and [other] countries including China, which we have identified as a key market opportunity,” said Alan Phua, CEO and co-founder of Alchemy Foodtech.

The financing round comes amid a rising number of diabetes patients in Southeast Asia, which is estimated to increase to 153 million by 2045 from 88 million in 2019.

The foodtech company plans to accelerate its ongoing projects with food manufacturers such as Gardenia, Lim Kee Foods, and Kang Kang Noodles to bring products like bread, noodles, and rice-based goods into supermarkets in Singapore from January 2021 onwards.

Alchemy also raised S$2.5 million (US$1.9 million) in its pre-series A round that was co-led by Heritas Capital Management and Seeds Capital last year.