Float Foods, the Singaporean food tech startup known for its innovative plant-based egg substitute OnlyEg, has announced funding of SGD $2.2 million (approx USD $1.66 million) in an oversubscribed seed funding round. The capital raise will boost R&D and accelerate the commercialization of its flagship product.
Looking to commercialize OnlyEg in a proprietary line of plant-based whole egg technologies, the company is developing the product to have the versatility to be compatible with all diets and cuisines. The closest market alternatives are currently liquid blends egg substitutes limited in preparation to scrambled eggs and omelettes. The legume-based OnlyEg claims to achieve a comparable degree of likeness to a real chicken egg and will be commercialised as two separate components – egg yolk and egg white.
Singapore is fast becoming famous for being an alt protein hub for investment and development. Float Foods itself recently launched NEW FOOD Startup 2020, the first joint cross-border food incubator with Indonesia. OnlyEg is currently in R&D to improve its nutritional profile and longer shelf life, and on track for commercial release in Singapore by 2022.
“The response to our first funding round has been phenomenal and highly encouraging. We’re proud that what we’ve built in the last year—amidst a global pandemic—can allow us the position to choose the right investors that not only believe in Float Foods’ vision of innovating and advancing a sustainable, plant-based food ecosystem in Singapore and beyond for everyone, but also pave a clearer way forward as we work towards delivering our promise of a fully functional, versatile plant-based whole egg substitute aligned with Singapore’s 30 x 30 goals,” shared Vinita Choolani, CEO of Float Foods.