Plant-based food startup Eat Just to set up first Asian factory in Singapore
American foodtech startup
announced a partnership with a consortium led by Proterra Investment Partners Asia to build its first factory in Asia.
The consortium will invest up to US$100 million, while Eat Just pours up to US$20 million to build a plant-based protein production facility in Singapore, according to the statement.
Photo credit: Eat Just
Singapore has already provided an enabling environment for the project with support from the Singapore Economic Development Board, the company said.
“It is increasingly important for us to invest in novel sustainable agri-food technologies, such as alternative proteins, to meet the world’s future needs for food and nutrition,” said Singapore Economic Development Board executive vice president Damian Chan in a statement. “This will allow us to better cater to the needs of the Asian markets, while creating exciting opportunities for Singapore.”
Founded in 2011 Eat Just is the company behind the plant-based egg alternative Just Egg, which is made with turmeric and mung bean protein. The newly formed subsidiary, called Eat Just Asia, will create a supply chain to serve manufacturing and distribution partners or Eat Just’s flagship product across Asia.
Existing distribution partners in Asia include South Korea’s SPC Samlip, Thailand’s Betagro, and a partnership in mainland China which is yet to be announced.
Once built, the first factory will add to the company’s large-scale protein facilities in North America and Germany. Eat Just said that other future factories in the region are set to follow as the demand for protein in the region increases.
Eat Just and Proterra Investment Partners Asia are also in discussions to expand their partnership to focus on cultured meat, i.e., meat made from cells instead of slaughtered animals.
Another Singapore biotech startup looking to develop sustainable food alternatives is TurtleTree Labs, which uses cell-based technology to create milk. It claims to be the first biotech company in the world that can recreate real milk from all mammals inside a lab. Its main goal remains to be producing high-value human breast milk.
The company raised
in its seed round earlier this year.
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