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

S’pore Food Tech Startup Shiok Meats Raises $17.27M – To Build World’s First Commercial Plant

by admin | Sep 29, 2020 | Press

Shiok Meats, the world’s first cell-based crustacean meat company based in Singapore, has raised US$12.6 million (S$17.27 million) in a Series A funding round.

The Series A round is led by Aqua-Spark, the first investment fund focused on sustainable aquaculture.

Other investors include SEEDS Capital (the investment arm of Enterprise Singapore), venture capital funds from Korea, Japan, USA and Europe, as well as angel investors.

According to a press release by Shiok Meats, the funds will contribute towards building the first-of-its-kind commercial pilot plant in Singapore, from which it plans to launch its minced shrimp product in 2022.

This puts the startup on schedule to become the first company in the world to have a fully functioning commercial pilot plant for cell-based crustacean production.

Clean, Sustainable, Cruelty-Free Shrimp

shiok meats funding singapore
Image Credit: Shiok Meats

The output of Shiok Meat’s pilot plant will be frozen cell-based shrimp meat for dumplings and other shrimp-based dishes.

The shrimp is created via the cells obtained from a small sample of shrimps or other crustaceans, and grown in a nutrient-rich broth.

Collecting cells is the only stage of production where animal components are required. Shiok Meat’s patent-pending technology can grow crustaceans four times faster than conventional production.

To date, the startup has raised US$20.2 million (S$27.69 million) in total funding.

This funding also comes at an opportune time, when the spotlight is shone on the issue of food security in Singapore.

Singapore aims to produce almost a third of the food that it requires by 2030, which has led to a renewed interest in food technology startups such as Shiok Meats.

“Our mission is to develop cell-based seafood and meats that are contributing towards a cleaner and healthier seafood industry and solving for the inefficiencies around global protein production,” said Shiok Meats CEO Dr. Sandhya Sriram and CTO Dr. Ka Yi Ling.

Featured Image Credit: Shiok Meats

Recent Posts

  • 5 Alternative Protein Innovation Trends To Watch In 2023
  • Big Idea Ventures’ Generation Food Rural Partners Fund Receives Rural Business Investment Company License From USDA
  • Big Idea Ventures announces Investment in Multus Biotechnology
  • WTH Foods Launches Frozen Plant-Based Meat Line
  • Black Sheep Foods closes $12.3 million Series A round

Categories

  • Blog
  • Events
  • Podcast
  • Portfolio
  • Press
  • Research Paper
  • Uncategorized
Apply New York Apply Singapore Apply Paris
  • Contact
  • Funds
  • Investing
  • Partners
  • Portfolio
  • Foodivate
  • 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.