Roehl Niño Bautista · · 1 min readMonde Nissin CEO joins Chinese foodtech firm’s $3.5m raise
China-based Haofood, a plant-based food producer, has raised US$3.5 million in a seed round joined by Big Idea Ventures (BIV), Rich Products Ventures, and Monde Nissin CEO Henry Soesanto.
Sichuan peanut sauce chicken using Haofood’s product / Photo credit: Haofood
Haofood produces chicken-like alternative meat from peanuts. Its proprietary process results in a “stronger umami” taste with no monosodium glutamate used in its products. The company now has 50 different brands available in more than 200 outlets across China.
The firm was founded in 2020 by Astrid Prajogo, Shaowei Liu, Jenny Zhu, and Kasih Chen. Last year, the company took part in BIV’s third cohort.
Its latest raise will fund its research and development facility’s improvement and channel sales strategy as it eyes expanding towards Asian markets and beyond.
Investments in the alternative protein industry hit US$5 billion globally in 2021, with US$312 million going to firms in Asia Pacific. Around 70% of the capital invested in the region went to companies focused on plant-based food.
See also: Why are alternative protein startups like Impossible Foods scaling to China?
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
