Alternative protein firm WTH Foods has raised US$1.2 million in a seed funding round backed by Big Idea Ventures and Monde Nissin CEO Henry Soesanto.
Based in Singapore and the Philippines, the plant-based food producer also launched a research and development facility to create healthier, meat-free alternatives of popular Filipino dishes. It has already developed 60 sustainable products, and it plans to use the seed money to reach other markets with a Filipino presence in Southeast Asia.
WTH Foods previously worked with the Singapore Institute of Technology (Singaporetech) and National University of Singapore for product development and marketing strategies. The firm also said that it co-developed a seaweed-based chicken product with Singaporetech and is aiming to launch sausage and luncheon meat alternatives next year.
“Many people love the taste of meat but are looking for healthier and more sustainable options. At WTH Foods, we are developing plant alternatives for meat lovers, the same texture and taste of their favorite dishes but with the added health and sustainability benefits,” said Stephen Co, co-founder and CEO of WTH Foods.
Companies creating plant-based meat, egg, and dairy received US$2.1 billion worth of investments in 2020. Aside from health reasons, sustainability and meat shortage fears also fueled interest in plant-based meat especially among the growing middle income population in Southeast Asia, according to Euromonitor.
Editing by Miguel Cordon and Lorenzo Kyle Subido