Singaporean plant-based ice cream startup raises $754k in seed round

Kind Kones, a plant-based ice cream startup, announced it has raised S$1 million (US$753,900) in a round led by Singapore-based VC fund DSG Consumer Partners.

Photo credit: Kind Kones

The round was also joined by Sabre Ventures, along with other investors. The deal was advised by Bayfront Capital Advisors.

“Kind Kones is guided by a philosophy of being kind to health, planet, and others. We support the idea of conscious consumption and mindful eating. This funding is a great stepping stone for us to work toward building global brand presence and develop new distribution channels. We are excited to have DSG together with us on this journey,” said Ishpal Bajaj, CEO and co-founder of Kind Kones

“Early-stage businesses are intrinsically risky and nothing ever works according to plan. What you want is a team that you believe can adapt,” said Deepak Shahdadpuri, managing director of DSG Consumer Partners, of the VC fund’s investment.

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Founded in 2017, Kind Kones serves all-natural vegan ice cream, along with desserts that are healthier alternatives to conventional versions. The company operates in Singapore and Malaysia and has six outlets and two ecommerce channels.

The ingredients it uses in its frozen tubs include coconut, cashew, almond, and fruits. Kind Kones’ ice cream also comes in flourless, gluten-free cones.

The global vegan ice cream market is expected to be valued at US$805.3 million by 2027, pushed by an increase in health awareness as well as an increase in customers’ disposable incomes.