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Cell-based Seafood Start-up Raises $30 Mln, Investors Include CJ CheilJedang & Vinh Hoan

Source: Feedindo Logo Final

30 July 2021 - Shiok Meats, the world's first cell-based crustacean meat company, reports it has now raised approximately $30 million in funding, with investors including Korean giants CJ CheilJedang Corporation and Woowa Brothers Asia Holdings, as well as Vietnam's largest seafood exporter Vinh Hoan Corporation.

The latest round of investment includes additional investment from existing investors.

"We are very excited to be backed by partners who believe in our potential to scale and are equally passionate about the cell-based meat and seafood space. The next 12-18 months are crucial, and the funds will allow us to advance our R&D efforts and build a state-of-the-art production facility in Singapore. We will expand operations, collaborations and also work on vertical and/or horizontal integration within the alternative protein industry," said Dr. Sandhya Sriram, CEO & Co-founder of Shiok Meats.

Shiok Meats, with its headquarter in Singapore, has also received the coveted Startup SG Tech Proof-of-Value (POV) grant from Enterprise Singapore to fast-track technology development/commercialization.

Shiok Meats was founded in 2018, currently employs 30 employees and is hoping to launch its cell-based seafood in Singapore by 2023.