Better Bite Ventures, the first VC fund dedicated exclusively to both APAC-only founders and alternative protein companies, has announced the launch of a $15 million fund.
Founded by plant-based lifestyle enthusiasts and longtime entrepreneurs, Michal Klar and Simon Newstead, the venture capital firm’s mission is to fund early-stage founders developing vital climate-friendly alternatives to animal-based proteins.
Research recently published by Boston Consulting Group shows that the worldwide alt protein industry could be worth more than $290 billion in 2035, accounting for roughly 11% of the entire protein market, with two-thirds of that expected to be consumed in the Asia-Pacific region.
According to the Good Food Institute data, over $3 billion was invested into alt protein startups in 2020, with APAC startups accounting for over $230 million. Figures for 2021 are expected to show a considerably higher rise.
Better Bite’s first portfolio includes a varied range of alternative protein technologies, including molecular farming, biomass and precision fermentation, plant-based and cell-based interests.
Most of the portfolio firms are based in well-known food tech hubs, such as China (CellX and Blue Canopy), Singapore (Meatiply and Umami Meats), Indonesia (Green Rebel Foods), and Australia (Green Rebel Foods) (Fable Food Co).
A number of Better Bite’s early bets have hit key milestones, with Australian-Californian business Change Foods recently announcing a $12 million round extension. Next Gen Foods, a Singapore-based 18-month-old startup, recently closed a record-breaking $100 million Series A financing. Green Rebel, an Indonesian plant-based beef company, has also obtained large-scale agreements with a number of big food and beverage companies, including IKEA, Starbucks, and Domino’s Pizza.