Cultured seafood company Shiok Meats has raised an undisclosed amount of investments in a bridge financing round from Woowa Brothers Asia Holdings, CJ CheilJedang Corporation and Vietnamese seafood exporter Vinh Hoan Corporation. This brings Shiok Meats’ total funding to date to $ 30 million, according to a press release from the company.
The round also included existing investors IRONGREY, Big Idea Ventures, Twynam Investments, Henry Soesanto, The Alexander Payne Living Trust, Beyond Impact Vegan Partners, Boom Capital Fund, Toyo Seikan Group Holdings and Mindshift Capital.
Although Shiok Meats did not disclose the exact amount for the bridge ride, it likely reached around $ 10 million, a figure based on publicly available information about the company’s finances.
The new funds will go towards building an R&D production plant in Singapore, where the company is based. To date, Shiok Meats has developed farmed shrimp and lobster and ultimately aims to produce these products on a large scale through its production facility.
Several other cultured protein companies, including Future Meat, MeaTech 3D and cultured seafood company Willdtype, have also announced production facilities in recent months. BlueNalu, another seafood-focused company, announced in 2020 a production facility that is expected to be operational by the end of this year.
For his part, Shiok Meats announces his intention to launch in Singapore by 2023 at the latest. The company received the prestigious Startup SG Tech Proof-of-Value grant, which helps companies accelerate their technology / product development and could help Shiok Meats to market faster.
In Singapore, at least, Shiok already has some competition. Eat Just, based in San Francisco, Calif., Obtained the world’s first regulatory approval to sell Singaporean cultured meat and currently sells its “chicken” in restaurants in the city-state.