bigideaventures
  • Accelerator
  • Funds
  • Portfolio
  • Team
  • Events
  • Media
  • Careers
  • Contact
  • Apply
Select Page

Singapore plant-based meat startup Karana closes US$1.7m seed funding

by admin | Jul 9, 2020 | Press

KARANA, which is set to launch “pork” made from organic jackfruit this year, has closed its seed funding round with US$1.7 million, the Singapore-based startup announced on Thursday.

Investors include chief executive officer of Monde Nissin Corp, Henry Soesanto, who acquired Quorn Foods for US$831 million in 2015; Big Idea Ventures, a Temasek and Tyson Foods-backed fund dedicated to plant-based foods; and Germi8, a venture capital firm which invests in agri-food startups.

Also participating in the funding round were angel investors including Hong Kong-based food and beverage entrepreneurs, Kevin Poon and Gerald Li.

Karana plans to use the funds to launch its first range of plant-based meats and dim sum products in Singapore, as well as to accelerate its research and development (R&D) capabilities. The funds will also be used to build a regional food-tech team.

For its first ingredient, Karana has used proprietary techniques to transform “responsibly sourced organic jackfruit into a ‘pork’ that comes shredded or minced”, the company said.

Added Dan Riegler, Karana’s co-founder: “Sustainability has never been more important, especially when it comes to food, and our first base ingredient was carefully chosen with this in mind.

“Jackfruit is an extremely efficient crop with high yields and low water usage making it friendly to smallholder farmers… Sixty per cent of jackfruit is currently being wasted, a contributor to global warming, so at Karana we’ll be reducing that wastage, while working with farmers to support the local economy.”

Separately, Enterprise Singapore (ESG) has been connecting the startup to food manufacturers that can be potential partners in its commercialisation journey.

Karana is set to launch its “whole-plant pork” made from jackfruit in Singapore this year in collaboration with some restaurants, while its products will be available through retail in early 2021, the company said.

Bernice Tay, director of the food manufacturing division at ESG, noted that Singapore’s vibrant startup ecosystem offers food-tech startups quick access to capital, mentorship expertise and R&D facilities.

“We are heartened to see Karana selecting Singapore as the choice location to set up its headquarters and launch its brand, with the aim to expand into Asia, one of the fastest-growing regions globally,” said Ms Tay.

She added that startups like Karana offer innovations to meet changing consumer needs, and create new job opportunities.

Recent Posts

  • Successful Alternative Protein Fund First Close Announced for New Protein Fund II by Big Idea Ventures
  • Growing Crops with Less Groundwater
  • OSU breeding program produced series of purple tomatoes with healthy antioxidants
  • Kiki Milk Named in Fast Company’s World Changing Ideas Awards
  • 卵価格高騰で代替品に脚光、供給不足長期化の様相も選択肢は少なく

Categories

  • Blog
  • Podcast
  • Portfolio
  • Press
  • Research Paper
  • Uncategorized
Apply to join our New Protein Fund accelerator program

.

Apply to join a GFRP NewCo Management team
  • Contact
  • Funds
  • Investing
  • Partners
  • Portfolio
  • Media Kit
  • Research
  • Terms
  • Anti Spam
  • Copyright
  • DMCA
  • FTC
  • Privacy
  • Social Media
New York

88 Pine St., 14th Floor
New York, NY 10005

Singapore

28a Keong Saik Road,
SG 089135

Paris

Station F, 5 Parv. Alan Turing 75013 Paris, France 

Newsletter
Stay on top of our latest news.
Loading
Don’t worry, we won’t spam you.
© 2020 Big Idea Ventures. All Rights Reserved
  • Follow
  • Follow
  • Follow
  • Follow
 
Required 'Candidate' login to applying this job. Click here to logout And try again
 

Login to your account

  • Forgot Password?

Reset Password

  • Already have an account? Login

Enter the username or e-mail you used in your profile. A password reset link will be sent to you by email.

Close
 

Answers

 

Account Activation

Before you can login, you must active your account with the code sent to your email address. If you did not receive this email, please check your junk/spam folder. Click here to resend the activation email. If you entered an incorrect email address, you will need to re-register with the correct email address.