Source: Tech in Asia
Singapore-based foodtech startup Shiok Meats said it has raised $3 million in a bridge funding round from Agronomics, US-based VegInvest, UK-based Impact Venture, and UAE-headquartered Mindshift Capital Fund, securing a total of $7.6 million in funding to date.
Founded in 2018, Shiok Meats produces lab-grown seafood meat such as shrimp, claiming to be the first cell-based meat company in Southeast Asia.
The startup will use the new funds to set up its first manufacturing plant in Singapore as it looks to commercialize its business in the next two to three years.
Shiok Meats previously revealed that it’s aiming to sell its first product – a dumpling made with cell-based shrimp – in Singapore by 2021. It’s also eyeing expansion in Hong Kong, India, and Australia.
Currently, the company is still in the pre-revenue, research and development phase. It looks to create more prototypes with its cell-based shrimp meat moving forward.
For now, the startup is working to close its series A round by the end of this year, said Sandhya Sriram, CEO and co-founder of Shiok Meats.