Thai Union and other investors pile into Asia food tech startups

Fundraising reached $350m in first half of 2020, outpacing last year

Singapore-based food tech startup Shiok Meats provides "cell-based crustacean meat" made from seafood including shrimp, crab and lobster meat. (Photo courtesy of Shiok Meats)

NANA SHIBATA, DYLAN LOH and APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writers

October 22, 2020 12:23 JST

TOKYO/SINGAPORE/BANGKOK -- Investment in food technology startups in Southeast Asia is growing despite headwinds from the coronavirus pandemic as consumers in the region become more concerned with environmental sustainability and healthy lifestyles.

According to a report by AgFunder, operator of the online AgriFoodTech venture capital platform, investment in ASEAN agriculture and food tech startups reached $350 million in the first half of 2020, more than 80% of the total raised last year. Michael Dean, founding partner of AgFunder, said he "expects investment [this year] to exceed the 2019 figure."