Proterra to invest $100m in plant-based food startup’s factory in Singapore

US-based foodtech startup Eat Just announced a partnership with a consortium led by Proterra Investment Partners Asia to build its first factory in Asia.

The consortium will invest up to US$100 million while Eat Just will pour up to US$20 million to build a plant-based protein production facility in Singapore, according to the statement.

Photo credit: Eat Just

Singapore has already provided a conducive environment for the project with support from the Singapore Economic Development Board (EDB), the company said.

“It is increasingly important for us to invest in novel sustainable agri-food technologies, such as alternative proteins, to meet the world’s future needs for food and nutrition,” said EDB executive vice president Damian Chan in a statement. “This will allow us to better cater to the needs of the Asian markets, while creating exciting opportunities for Singapore.”

Founded in 2011, Eat Just is the company behind the plant-based egg alternative Just Egg, which is made with turmeric and mung bean protein. The newly formed subsidiary, called Eat Just Asia, will create a supply chain to serve manufacturing and distribution partners or Eat Just’s flagship product across Asia.

Existing distribution partners in the region include South Korea’s SPC Samlip, Thailand’s Betagro, and a partnership in mainland China that has yet to be announced.

Once built, the first factory will add to the company’s large-scale protein facilities in North America and Germany. Eat Just said that other factories in the region are set to follow as the demand for protein in Asia increases.

Eat Just and Proterra Investment Partners Asia are also in discussions to expand their partnership to focus on cultured meat, which is made from lab-grown cells instead of slaughtered animals.

Another Singapore biotech startup looking to develop sustainable food alternatives is TurtleTree Labs, which uses cell-based technology to create milk. It claims to be the first biotech company in the world that can recreate real milk from all mammals inside a laboratory. Its main goal is to produce high-value human breast milk.

The company raised US$3.2 million in its seed round earlier this year.