Foodland Ventures recently announced the APAC AgriFood Tech Ecosystem Map 2021 ahead of the virtual APAC Food & Beverage Innovation Summit 2021. The map is set to demonstrate that major leaps in development are emerging in the APAC region, with Singapore leading the way.
The team at Foodland Ventures, the food tech VC & Accelerator, selected 200+ innovative companies from 14 categories across the entire AgriFood value chain as an overall review for its inaugural APAC AgriFood Tech Ecosystem Map. These innovators come from across the entire value chain from farm and food production to consumer-facing solutions.
Innovation and F&B brands have been relatively fragmented and funding for Asia Pacific’s AgriFood tech sector has lagged behind that of the US and Europe in the past. However, in view of a rising and hungry middle class in many regions and Asia’s overall importance for the global food supply chain, this won’t be true for much longer.
Alt-Protein is on the Rise, with Singapore Leading in APAC
In the first half of 2021, China, India, and Singapore saw over $7 billion invested into AgriFood tech and a large wave of AgriFood Tech innovators is emerging to disrupt the sector. Within the rising alt-protein space, Singapore is leading in APAC. According to Foodland Ventures, alt-protein brands in APAC are seeing high growth and catching up with their American and European counterparts.
Well-funded startups in the space include:
- Australian alt-meat brand v2food ($135 million Series B round) recently announced strategic partnerships with three major Chinese food manufacturers following its strategy to develop its footing in Asia and build infrastructure to scale quickly.
- Green Monday in Hong Kong ($70 million Series A round), which was recently ranked eighth on Fortune’s list of the 20 Most Socially Impactful Companies in China.
- China-based STARFIELD ($25 million Seed round), known as China’s fastest-growing plant-based brand.
- Singapore-based Next Gen Foods ($32 million Seed round) is aiming to become the world’s number one plant-based chicken brand
- Shiok Meats ($20.4 million Series A round) in Singapore is on track to becoming the first in the world to commercially launch cultivated shrimp
High dependency on imported food products has been an accelerating factor in Singapore for the alt-protein sector, with its approval of commercialized cultivated meat strengthening Singapore’s leadership status. Revealing global pathways for cultivated meat, the GFI stated in June that cultivated meat moves ever closer to hitting global markets.
Speaking about Singapore in its leading role for the alt-protein space, Alex Holst, Policy Manager at the GFI Europe, told vegconomist: “Singapore led the way last year with the first-ever regulatory approval of cultivated chicken, following a rigorous process and careful consideration of the best approach. The rest of the world should be following Singapore’s lead by funding sustainable protein research and ensuring a robust and clear path to regulatory approval and oversight.”
To assemble and highlight innovations happening across Asia’s Pacific region, Foodland Ventures is hosting the APAC Food & Beverage Innovation Summit 2021 on Nov 25th. Topics include alternative-protein, supply chain innovations, in-store restaurant tech, e-grocery, and cloud kitchens, with founders and executives from Impossible Foods, Shiok Meats, and more.