Alternative meat maker Growthwell raises $8m in Temasek-led round

Growthwell Group, a Singapore-based manufacturer of plant-based alternatives for meat and seafood, today announced that it has raised US$8 million in a funding round led by Singapore’s Temasek.

DSG Consumer Partners, Insignia Ventures, Genesis Ventures, Brandify, and Koh Boon Hwee, chairman at Credence Capital, also participated in the round.

Two generations of leadership at Growthwell Group (from left): executive director Justin Chou (son), managing director Chou Shih Hsin (father), and commercial director Colin Chou (son) / Photo credit: Growthwell Group

Established in 1989, Growthwell is a one-stop, meat-free solutions provider for food and beverage organizations. It provides plant-based food alternatives as well as logistics support and customer service. The company said the fresh cash infusion will allow it to accelerate its growth in developing alternative proteins and future food solutions.

Part of its growth plans is to set up a tech center in Singapore by Q1 2021 to focus on the research and development of plant proteins. According to a statement, the facility will be equipped with foodtech applications, moisture extrusion capabilities, and an automatic manufacturing production line to scale production in the region.

Justin Chou, executive director at Growthwell Group, said that the company aims to capitalize on the growing global demand for plant-based alternatives to meat and seafood. According to market research firm Arizton, the plant-based protein market around the world is expected to grow by approximately 9% yearly starting 2020 to reach over US$7 billion in revenue by 2025. The Asian market, however, remains largely untapped.

“The recent Covid-19 pandemic has revealed the vulnerabilities of our food supply chains. Our decision to build a manufacturing facility in Singapore is a timely solution to tackle the food security issue,” Chou said.

The company also said that part of the new funds will go towards its commitment to a “significant stake” in Israeli foodtech startup ChickP. However, it didn’t disclose any financial details.

Under the collaboration, the two companies will develop plant proteins and launch a 90% chickpea protein isolate specially designed for plant-based dairy and meat alternatives. Growthwell is also currently developing chickpea protein-based alternatives to seafood that would be free of allergens, gluten, lactose, and hormones.

The Singaporean company aims to expand the distribution of ChickP products across key Asia-Pacific markets such as China and Australia. It will also develop new product offerings, such as chickpea-based milk and ice cream, in 2021.

It has selected Country Foods as its main distribution partner, according to the statement.