Growthwell Group, a Singaporean producer of plant-based meat alternatives, has secured USD 8 million in a funding round led by Singapore’s sovereign wealth fund, Temasek to expand its product range and geographic footprint. Other investors in the round included DSG. Consumer Partners, Insignia Ventures Partners, Genesis Ventures, Brandify, and angel investor Koh Boon Hwee.
With the new capital injection, Growthwell will build a manufacturing center in Singapore that focuses not only on manufacturing but also on research & development. Targeted for completion by the first quarter of 2021, the facility will have the latest food technology applications, high moisture extrusion (HME) capabilities, and a fully automatic manufacturing production line to scale production and cater to the growing demand for plant-based meat alternatives.
The company will also start its investment into ChickP, an Israeli startup, to launch a line of chickpea protein-based seafood alternatives using the startup’s patent-pending technology, namely ChickP Squid, ChickP Crab Patty, and ChickP Shrimp. These products will be free of allergens, gluten, lactose, and hormones, making it one of the safest proteins available for consumption.
Another portion of the USD 8 Million Funding will be used to enhance Growthwell’s distribution networks and supply chain capabilities to markets such as China and Australia. The company currently is present in Singapore, India, and the United States.
(Sources: The Business Times; AgFunder News; Business Insider Singapore)
