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Hong Kong cell-cultured seafood startup Avant Meats raises $10.8m

Will use funds to boost R&D, launch products

Fried fillets made from Avant's lab-grown fish. The company is looking to expand its business.   © Avant/Reuters

SINGAPORE -- Cell-based seafood producer Avant Meats has secured $10.8 million in a Series A funding round led by S2G Ventures, according to regulatory filings.

S2G Ventures, which typically invests in companies specializing in the food, agriculture, ocean and clean energy sectors, has invested $5 million in the Singapore and Hong Kong-based company, its filings with Singapore's Accounting and Corporate Regulatory Authority (ACRA) show.

ACRA filings only reflect the equity funding received so far in the round. The overall funding round could be larger and potentially have other components such as debt.

Other investors in the round include repeat investor ParticleX, as well as Lever VC, Artesian, Thia Ventures, CPT Capital and the Good Protein Fund, which is managed by Good Startup.

The last fundraising by Avant Meats was in December 2020, when it closed $3.1 million in seed funding to support its research and development efforts and to launch its cultured fish meat products in the market.

DealStreetAsia has reached out to Avant Meats for comment.

Founded in 2018, the company is China's first meat cultivation biotechnology firm and the only company in Asia to develop cultivated meat for food, skin care and skin care products using patent-pending technology to produce zero-residue protein directly from fish cells through what it says is an efficient, scalable, safe and reliable biological process.

Going forward, Avant is looking to produce traceable and sustainably cultivated proteins in a fully-contained environment for consumption, skin care and functional applications.

In line with this, the company last year joined hands with the Bioprocessing Technology Institute under Singapore's Agency for Science, Technology and Research (A*STAR) to scale up its proprietary process for producing cost-effective food-grade cultivated fish.

As part of this, the companies will jointly develop and optimize solutions for the scalable production of cultivated fish cells. This includes the identification of key factors affecting the growth of cultivated fish cells, and the process design to improve scale-up and production economics.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and greater China. Nikkei owns a majority stake in the company.

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