JAKARTA -- Green Butcher, an Indonesian plant-based meat startup, has secured up to $2 million in a seed funding round led by Singapore-based venture capital firm Teja Ventures and global alternative protein investor Unovis Asset Management, DealStreetAsia has learned.
The impact-oriented SavEarth Fund of James and Suzie Cameron, Phi Trust, C4D and individual investors joined the round, Green Butcher co-founder and CEO Helga Angelina confirmed to DealStreetAsia. Financial details remain undisclosed.
Green Butcher was founded by Max Mandias and Helga Angelina, who also founded Burgreens, a plant-based eatery chain in Indonesia.
It provides plant-based chicken and beef alternatives as well as veggie protein foods. The startup's beefless offerings this month debut at Starbucks Indonesia. In addition, Green Butcher supplies Burgreens, a chain of vegan restaurants also backed by Teja Ventures.
"This fresh funding will help us expand the R&D team," Angelina said, "scale-up production, and launch into mainstream retailers by Q2 2021."
The company intends to grow 10 times faster than it did last year and reach profitability this year, she added.
"Given Asia's rising preference for plant-based food," said Virginia Tan, Teja Ventures' founding partner, "we see Green Butcher's potential to be the leading consumer brand for plant-based food tailored to the Asian palate and with significant cost and supply chain advantages."
Investor interest in Southeast Asia's alternative protein space is on the rise.
Shiok Meats, a Singaporean cell-based meat startup, in September secured $12.6 million in its Series A funding round, led by sustainable aquaculture-focused fund Aqua-Spark.
Phuture foods, a Malaysian plant-based food startup, raised its seed round in 2019, while, Karana, a Singaporean plant-based meat startup, secured $1.7 million in seed funding from several investors across the region.
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DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.