🇸🇬 Vegan ice cream firm scoops up $1.1m in fresh funds

Singapore-headquartered Kind Kones, a plant-based ice cream startup, has raised S$1.5 million (US$1.1 million) in its series A round led by DSG Consumer Partners.

The fundraise lifted Kind Kones’ valuation to S$10 million (US$7.4 million), the company told Tech in Asia.

Photo credit: Kind Kones

Other investors that took part in the round include Apricot Capital and Lam Soon, as well as Allianz Capital Partners managing director Andress Goh.

Founded in 2017 by Ishpal Bajaj and Serina Bajaj, Kind Kones serves all-natural vegan ice cream, along with desserts that are healthier alternatives to their conventional versions. The company operates in Singapore and Malaysia, where it 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 and a rise in consumers’ disposable incomes.

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The latest investment will be used to transition the company’s business model from retail to consumer packaged goods, where its vegan ice creams will be available in supermarkets by the second quarter of the year.

Kind Kones will also use the funds for research and development of its product portfolio and scaling up its online presence.

Over the past year, the startup has doubled its revenue to nearly S$2.3 million (US$1.7 million), with up to 40% of its sales coming from its online channel.

It currently has 25 staff, and aims to add another four employees in the foodtech and operations teams by the end of the first quarter of 2022.

Kind Kones is also looking to expand its operations into Thailand early next year, followed by other Southeast Asian countries, including Indonesia.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.