Shiok Meats, based in Singapore, recently completed a $4.6 million seed round, backed by an impressive list of investors including Y Combinator (their first clean meat investment) and the CEO of Monde Nissin (owner of Quorn). Shiok has its sights set on disrupting the $40 billion shrimp market.
Shiok, which means fantastic or enjoyable in Singapore, is a female-led company created by Dr Sandhya Sriram (CEO) and Dr Ka Yi Ling. The company is the first of its kind in Singapore and South-East Asia. It is focusing on producing alternatives to the unsustainable shrimp industry, with a mission that states it will bring delicious, clean and healthy seafood and meats by harvesting from cells instead of animals. Both doctors have a background in biology and cell science.
The global hunger for shrimp is colossal, with North America alone importing over 110 million pounds of shrimp every year, with twenty pounds of by-catch (unintentional catches of other species) caught for each pound of wild shrimp.
Shiok will use the proceeds of their multi-million dollar seed round to invest further into research and development, as well as adding on bioprocess engineers. They expect to scale production in 2-3 years, enabling them to deliver their products globally for retail.
The Disruption in Food and Sustainability Summit (DFSS) saw Shiok premier its first ever cell-based Shiok Shrimp dumpling on March 29th at the Grand Hyatt Singapore. Mr Henry Soesanto, CEO of Monde Nissin and lead investor in the seed round was quoted on Forbes as stating: “The taste was really good, very promising.”