Seed funding led by Monde Nissin CEO Henry Soesanto closed by Singaporean based meat replacement startup with US$ 4.6 million. Y Combinator, AiiM Partners, Big Idea Ventures, Aera VC, Beyond Impact Advisors, Boom Capital and Entrepreneur First, and others joined the fund.
This is Mode Nissin’s second venture into the meat replacement industry. The first was acquisition of UK based meat replacement company, Quorn Foods. In case of Y Combinator’s, this is its first investment in the meat replacement industry.
With the new funds raised by Shiok Meats, the startup plans to fortify its R&D capacities and expand its team of engineers, according to reports.
Stem cells scientists, Sandhya Sriram and Ka Yi Ling founded Shiok Meats in 2018. The combined experience of both the scientists is of about 20 years in stem cells. They quit their government jobs to build their own meat replacement company. The company is currently based out of a laboratory.
The term Shiok is a Malay and Singaporean slang which means fantastic and delicious. The startup aims to create cell-based crustacean meats including shrimp, crab and lobster, as opposed to the red-meat focused meat replacement companies in the west.
The target of the company is to bring their products in the market for purchase in three to five years among the Asia Pacific crowd. They will start from Singapore and eventually expand their business to countries like Hong Kong, India and then Australia.