Shiok Meats, the Singapore-based food tech developing cell-based crustaceans, has secured more funding for its bridge round. The oversubscribed round has welcomed support from two new investors, Cultured Seafood LLC and Yi Sung Yong, and will help the startup “take the next step in bringing novel foods to market”.
Shiok has announced follow-on funding for its oversubscribed bridge round that initially closed in July this year. The fresh funds come from Cultured Seafood Investors LLC, led by sustainability startup investor Sandiip Bhammer, and Yi Sung Yong, the CEO of Singapore-based cloud kitchen Grain. The amount of funding was undisclosed, but Shiok says it has raised $30 million to date.
‘Next step’ towards commercialisation
Shiok says that the funding will help the startup race ahead towards its goal of commercialising cell-based seafood by 2023, a plan it set out previously during its initial bridge round close.
“We are so excited to welcome two brilliant partners on this journey. While Sung brings in the zest and passion for FoodTech innovation given his success with Grain, Sandiip is a visionary investor known to value impact and growth in sustainable ventures,” commented co-founder and CEO Dr. Sandhya Sriram.
“We are confident that their invaluable support will help us take the next step in bringing novel foods to market as the competition heats up and mid-scale production looks closer than it used to. With our strategic bridge round, we are intentionally adding a layer of eminent investors who could potentially help us with global expansion, partnerships, and exposure.”
Cell-based crustacean meat
Shiok is the first and the only Asian startup specialising in culturing crustacean meats. In August, shortly after it attracted backing from South Korean food giants Woowa Brothers and CJ CheilJedang Corporation, and Vietnam’s top seafood exporter Vinh Hoan, the company debuted the world’s first cell-based crab.
It has previously created prototypes for cultivated shrimp and lobster, and is now racing ahead to construct Singapore’s first cell-based seafood manufacturing facility.
Shiok is hopeful that the supportive regulatory environment in Singapore, which has already approved Eat Just’s cultured chicken for sale, as well as a positive consumer awareness outlook will make its product a success, especially in seafood-loving Asian markets.
The company has already undertaken two consumer studies in Asia, including in Singapore and in Hong Kong. In Singapore, over 78% of Singapore residents are open to try cell-based seafood, whilst in Hong Kong, the figure is at 95%.
All images courtesy of Shiok Meats.