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Smith Taweelerdniti is the managing director of Nithi Foods, a Chiang Mai-based family business that manufactures spices and seasoning products. In 2018, he decided to become a vegetarian. Soon after that, he realized there were few options for locally made plant-based meat products in supermarkets.
At the time, most plant-based meat replacements available in Thailand were made by Beyond Meat and Impossible Foods, both of which are US companies. He jokes that he always ended up eating tofu at restaurants, while his wife would bite off mouthfuls of fried chicken.
By March 2019, Smith, who was frustrated by the lack of locally made alt proteins, decided that something had to change. He asked his research team at Nithi Foods to develop a plant-based meat product that caters to Asian palates. One year later, Let’s Plant Meat was established as a subsidiary of Nithi Foods. It sells plant-based versions of several Thai favorites, including burger patties, minced pork, and Japanese katsu, a fried meat cutlet.
Smith shaped the direction of Let’s Plant Meat with price points, ingredients, and flavors that match Thai consumers’ expectations. “If you look at the price and positioning of Beyond Meat, they use pea protein instead of soy, which is more expensive. In the US, they [consumers] do not like soy because the majority of soy products grown in the US are genetically modified. But in Asia, we have been eating soy products for 4,000 years,” Smith told KrASIA.
Genetically modified soy might contain <a href="https://www.healthline.com/nutrition/is-soy-bad-for-you" target="_blank" rel="noopener noreferrer">fewer nutrients and more herbicide residues</a>, so Let’s Plant Meat uses soy that is all natural to maintain the integrity of its products, according to Smith.
“Many people in Thailand do not eat beef, and the beefy flavor turns them off. We eat chicken and pork, and add flavors by using different sauces. Asians want something that goes well with different sauces,” he added.
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Let’s Plant Meat has been exporting its products to destinations across Southeast Asia since March 2021. The products are sold in Singapore, Malaysia, Indonesia, Vietnam, Hong Kong, and the Philippines.
There is growing demand for plant-based products in Thailand. The market for these food items had a valuation of BHT 28 billion (USD 851 million) in 2019, and is expected to grow to BHT 45 billion (USD 1.4 billion) in 2024, according to <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Plant-Based%20Food%20and%20Beverage%20Market%20in%20Thailand_Bangkok_Thailand_08-29-2021.pdf" target="_blank" rel="noopener noreferrer">data</a> from Krungthai Compass, a research arm of Krungthai Bank.
The desire to shift to plant-based proteins is often rooted in wanting to maintain a healthier lifestyle. In Thailand, Buddhist traditions also support this diet. Every year, millions of Thai Buddhists abstain from meat during a nine-day vegetarian festival that often takes place in October. But beyond the religious occasion, general interest in adopting plant-based diets is climbing. In 2019, 8% of Thailand’s population was vegetarian or vegan, and that figure is expected to reach 15% by 2025, according to data on <a href="https://www.statista.com/statistics/1246680/thailand-share-of-non-meat-eaters/" target="_blank" rel="noopener noreferrer">Statista</a>.
“The health benefits and the Buddhist belief to abstain from killing animals are the main drivers for Thais to shift to meat-alternative products. Consumers’ increasing concern for their health and nutritional well-being is encouraging them to replace their consumption of animal-based products with plant-based items,” according to a <a href="https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Plant-Based%20Food%20and%20Beverage%20Market%20in%20Thailand_Bangkok_Thailand_08-29-2021.pdf" target="_blank" rel="noopener noreferrer">report</a> published by the United States Department of Agriculture.
An array of notable major food producers have stepped in to claim their corners of the fledgling meat alternatives market, including NR Instant Produce, a Thai food exporter that transforms jackfruit into mock pork.
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In December 2021, NR Instant Produce announced that it was <a href="https://www.bangkokpost.com/business/2236387/new-venture-looks-to-meat-alternatives" target="_blank" rel="noopener noreferrer">partnering</a> with national oil and gas conglomerate PTT and UK-based Plant and Bean to form a joint venture and develop plant-based meat alternatives. That same month, Thailand’s largest meat producer, Charoen Pokphand Foods (CP Foods), <a href="https://www.khaosodenglish.com/sponsored/2021/12/13/cp-foods-co-develops-plant-based-meat-with-the-u-s-startup/#:~:text=Charoen%20Pokphand%20Foods%20Public%20Company,its%20innovative%20%E2%80%9Cvegan%20fat%E2%80%9D." target="_blank" rel="noopener noreferrer">partnered</a> with Lypid, a US-based foodtech startup that develops vegan “fat,” which provides meat-like flavors, according to multiple reports.
Sweet corn producer V Foods, which is owned by former Bangkok governor Apirak Kosayodhin, plans to list on the Market for Alternative Investment (MAI), a stock exchange for SMEs, in 2025 to raise funds to expand its facilities and scale up its business, per <a href="https://www.bangkokpost.com/business/2197495/v-foods-plans-mai-listing-to-fund-plant-based-growth" target="_blank" rel="noopener noreferrer">Bangkok Post</a>.
While major food producers are currently the dominant faux meat producers, Smith remains sanguine about the industry’s development, including the strides made by companies like Nithi Foods.
“The competition will be good for consumers as they have more choices now,” said Smith. “With rising meat prices, the price gap between real meat and faux meat is closing. The entry of major food players also helps educate consumers,” Smith said.

Thai food producers serve up plant-based meat to satiate growing appetite

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Hi. Brady here.
It’s fair to say that meat replacements, like plant-based “beef” and “chicken,” are no longer novel menu items that rely on buzz for people to try them. There are pockets of demand around the world, mostly in major cities where people may be more willing to try new forms of food.
That desire to switch from farmed meat to mass-produced, plant-based replacements may be driven by a sense of adventure, or a true belief in the importance of reducing one’s carbon footprint. Either way, meat eaters are experimenting with new options, and it’s created enough demand for Next Gen Foods to land a USD 100 million investment.
The Singapore-based company was founded in 2020. Even though it is still early in its development, Next Gen Foods’ founders draw from past experience of working with plant-based meat, and are quickly placing their product, Tindle plant-based chicken, on the plates of diners all over the world. And they’re unapologetically aggressive in targeting meat eaters as consumers.
Next Gen Foods’ rapid rise and massive raise gives us plenty to unpack as it cements Singapore as a crucial foodtech hub. Khamila had the story. You can read her article <a href="https://kr-asia.com/next-gen-foods-is-redefining-singapores-status-as-a-foodtech-hub?utm_source=uptake&amp;utm_medium=email&amp;utm_campaign=daily" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://kr-asia.com/next-gen-foods-is-redefining-singapores-status-as-a-foodtech-hub?utm_source%3Duptake%26utm_medium%3Demail%26utm_campaign%3Ddaily&amp;source=gmail&amp;ust=1645212157806000&amp;usg=AOvVaw2YHXypEDxrb-4kX_YI93HK">here</a>.
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<h3>Daily Roundup</h3>
Meet Woay.Vn, <a href="https://kr-asia.com/meet-woay-vn-asia-star-of-the-alibaba-cloud-x-krasia-global-startup-accelerator-joint-vietnam-indonesia-demo-day" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://kr-asia.com/meet-woay-vn-asia-star-of-the-alibaba-cloud-x-krasia-global-startup-accelerator-joint-vietnam-indonesia-demo-day&amp;source=gmail&amp;ust=1645212157807000&amp;usg=AOvVaw1tFQfXl1Uf6mTOvnb_TIh5">Asia Star</a> of the Alibaba Cloud x KrASIA Global Startup Accelerator joint Vietnam-Indonesia Demo Day.

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… deal, and chefs have indicated that Tindle “mimics the flavor and texture of chicken,” Ward said—an impressive feat considering its ingredients are texturized soy, wheat gluten, sunflower oil, and oat fiber.
In the US, Tindle is now being offered at restaurants in major cities including San Francisco, Los Angeles, Napa, New York, Miami, and Philadelphia. This will add to the brand’s existing network of over 200 restaurants around the world, located in Singapore, Hong Kong, Dubai, Amsterdam, and more. The startup is also looking to increase its brand distribution to all 50 US states later this year.
“We’re moving into North America now because it is currently the biggest market for alternative protein. Based on research, we estimate the sector to grow by 9% to 10% year-on-year,” Ward said.
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<h3>Next Gen’s next steps</h3>
By any measure, Next Gen Foods’ USD 100 million funding is significant. Beyond Meat managed to raise USD 122 million over 12 funding rounds spread over ten years. Impossible Foods received a USD 500 million check in November 2021, a decade after its founding. Next Gen Foods’ investors have leapt ahead to cut a nine-figure check for a company that has been in operation for less than two years.
The company is likely benefitting from the experience of other brands that came before it, layered on top of the founders’ own experience.
Impossible Foods made its name by focusing on distribution to food and beverage establishments starting in 2016, and only placed its products on supermarket shelves three years later, followed by its own sales portal launching in 2020. For now, Next Gen Foods is following the first step in that trajectory, and Ward didn’t rule out the possibility of selling Tindle in retail settings once plant-based chicken gains sufficient recognition.
To reach that point, Ward pointed to economies of scale to bring down Tindle’s price. “As we scale, production becomes more efficient, and the cost of raw materials will decrease due to higher volume. Hopefully, we can bring the price down to make it more accessible. We believe that in order to make an impact, we have to be available and affordable,” he said.
For now, Next Gen Foods is focusing on its R&amp;D efforts in Singapore. Its new R&amp;D center in the city-state, formulated in partnership with Temasek’s Asia Sustainable Foods Platform, will begin operations later this year and function as a launchpad for new food-related technologies, applications, and products.

Next Gen Foods is redefining Singapore’s status as a foodtech hub

California-based Impossible Foods has arrived in Australia and New Zealand, marking the company’s third and fourth international market launches in 14 months. Impossible Foods’ flagship product, Impossible Beef Made From Plants (known as Impossible Burger in other markets), is now available on the menus of top chefs in Auckland, New Zealand, the greater Sydney area, and nationwide across Australia at Grill’d—Australia’s leading national burger brand.
Earlier this year, Australia and New Zealand’s regulatory body, Food Standards Australia New Zealand (FSANZ), approved Impossible Foods’ key ingredient, heme (soy leghemoglobin), for use in plant-based meat products, paving the way for Impossible Foods’ commercial launch in both markets. To date, the ingredient has been approved for sale in every market that has completed its regulatory review.
“Our launches in Australia and New Zealand are another huge step towards bringing delicious, sustainable options to every market in the world,” said Dennis Woodside, president of Impossible Foods. “Both countries are home to some of the most devoted meat-eaters on earth, and we know consumers there are going to love Impossible Beef.”
Australia and New Zealand are two of the highest meat-consuming countries in the world per capita, alongside the United States and Argentina. Both countries are known for their meat-centric culinary scenes and cultural pastimes centered around meat-based dishes, like barbecues, roasts, and festivals.
At this year’s Web Summit, one of the tech industry’s premier conferences in Europe, Impossible Foods CEO Pat Brown spoke about the company’s expansion into Australia and New Zealand and the company’s ambitions to ultimately expand to Europe.
<figure id="attachment_135900" aria-describedby="caption-attachment-135900" style="width: 1522px" class="wp-caption aligncenter"><img class="wp-image-135900 size-full" src="https://console.kr-asia.com/wp-content/uploads/2021/11/Screenshot-2021-11-18-at-23.31.38.jpg" alt="" width="1522" height="938" srcset="https://console.kr-asia.com/wp-content/uploads/2021/11/Screenshot-2021-11-18-at-23.31.38.jpg 1522w, https://console.kr-asia.com/wp-content/uploads/2021/11/Screenshot-2021-11-18-at-23.31.38-300x185.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2021/11/Screenshot-2021-11-18-at-23.31.38-1024x631.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2021/11/Screenshot-2021-11-18-at-23.31.38-768x473.jpg 768w" sizes="(max-width: 1522px) 100vw, 1522px" /><figcaption id="caption-attachment-135900" class="wp-caption-text">Impossible Foods CEO Pat Brown at Web Summit 2021. Photo courtesy of Impossible Foods and Web Summit.</figcaption></figure>
In addition to Australia and New Zealand, Impossible Foods’ products are available in the US, Canada, Singapore, and Hong Kong, and were recently launched in the<a href="https://impossiblefoods.com/ae-en/media/news-releases/impossible-foods-expands-to-the-middle-east"> United Arab Emirates</a>, the company’s first market in the Middle East. Impossible Foods’ mission is to be sold in every major market globally where conventional meat from animals is sold.
Global mission
Impossible Foods' innovative approach to transforming the global food system via compelling plant-based products has the potential to be a powerful part of Australia’s ambitious goal to achieve net zero emissions by 2050. The production of animals for use in food is responsible for up to 17% of greenhouse gas emissions globally, and animal farming destroys vast swaths of natural habitat that would otherwise be vital in removing carbon dioxide emissions from the atmosphere.
Impossible Beef has a far lower environmental footprint than conventional meat: 96% less land, 87% less water, and 89% fewer greenhouse gas emissions compared to beef from cows produced in the US. An ISO-conforming Life Cycle Assessment commissioned by Impossible Foods to compare Impossible Beef to cows produced in the Australia-NZ region is expected to demonstrate similar environmental benefits.
Impossible Beef also contains no animal hormones or antibiotics, and is packed with nutrients. Each 113-gram serving of Impossible Beef delivers 18.8 grams of protein and is a good source of iron, fiber, and B vitamins (niacin and B12).
In its approval of Impossible Foods’ key ingredient, heme, FSANZ noted that the decision “supports greater consumer choice for meat analogue products with a source of iron, which may benefit consumers wanting to reduce or eliminate animal products from their diet.” The body added that approval of the ingredient “supports greater consistency with international food regulations, industry innovations, and creates trade opportunities for Australia and New Zealand.”
Availability
Australians are now able to try Impossible Beef at all 150+ locations of the country’s iconic burger brand, Grill’d, and at chef Julian Cincotta’s popular restaurant<a href="https://buttersydney.com.au/"> Butter</a>—a fried chicken concept with several locations in the greater Sydney area.
Simon Crowe, founder and managing director of Grill’d, said of the launch, “We’re incredibly passionate about creating healthy, sustainable, and—most importantly—delicious burgers, so we’re thrilled to be the first national restaurant group in Australia to add Impossible Beef to our menu. They’re unbelievably mouth-watering and made for people who love meat; you’ll think you’re eating the real thing!
Impossible Beef is the natural next step for Grill’d in our mission to challenge the status quo with innovative, healthy, and sustainable products. We can’t wait for guests to taste the new Impossible range at Grill’d.”
In New Zealand, Impossible Beef will debut at burger chain Burger Burger and the Middle Eastern restaurant Fatima’s, two popular local spots founded by hospitality entrepreneurs and sisters Mimi and Sophie Gilmour. It will also debut at the modern bakery Ashby, the French-inspired restaurant Cantine, and at Waiheke Island’s iconic restaurant Vino Vino, helmed by chef Connie Aldao.
To learn more about Impossible Foods’ launch in Australia and New Zealand, and to find a participating restaurant, please visit<a href="https://impossiblefoods.com.au/"> impossiblefoods.com.au</a> or<a href="https://impossiblefoods.nz/"> impossiblefoods.nz</a>.
This article was published in partnership with Web Summit 2021.

Impossible Foods accelerates international expansion with launches in Australia and New Zealand

India is having its D2C (direct-to-consumer) moment. The nascent space is witnessing it all—exponential growth, new and soon-to-be unicorns, funding deluges, mergers and acquisitions, startups targeting public markets, and a quick spate of <a href="https://kr-asia.com/fireside-ventures-vinay-singh-on-the-trend-of-indian-startup-rolling-up-online-brands">Thrasio-styled firms buying D2C brands</a>. And there is a good reason behind it: the D2C market in the country is expected to<a href="https://issuu.com/inc42/docs/d2c_report_v12" target="_blank" rel="noopener noreferrer"> triple to USD 100 billion by 2025</a> from USD 33.1 billion last year.
D2C brands bypass the conventional method of multiple supply chain partners by marketing and selling products directly to consumers through online and offline channels. Backed by VCs and fuelled by massive digital adoption, they are a crop of newfangled brands that connect with consumers by catering to personalized needs across categories like food and beverages, beauty and personal care, fashion, and electronics and appliances.
Some of the D2C companies that have become mainstream include online meat seller Licious, electronics appliance retailer BoAt, coffee sellers Sleepy Owl and Rage Coffee, home furnishing provider Wakefit, fashion brands Bewakoof and Faballey, and beauty and personal care firms MamaEarth, Wow Skin Science, Good Glamm Group (formerly MyGlamm), and Sugar Cosmetics, among others.
Currently, there are over <a href="https://issuu.com/inc42/docs/d2c_report_v12">800 D2C brands</a> operating in the country. In the first seven months of 2021, local startups in the segment have raised a total of <a href="https://inc42.com/datalab/indian-d2c-startups-raised-783-mn-in-the-first-seven-months-of-2021/" target="_blank" rel="noopener noreferrer">USD 783.7 million</a> across 66 funding deals—almost half of the USD 1.75 billion funding that flowed into the sector in the last seven years—from 2014 to 2020.
Earlier this month, D2C meat delivery startup Licious became a unicorn after raising a USD 52 million round led by IIFL. Prior to Licious, eyewear retailer Lenskart and beauty product firm Nykaa—being omnichannel D2C players and category leaders—turned into billion-dollar companies in 2019 and 2020, respectively.
"Licious is one of the fastest-growing consumer brands in the country with two million unique customers across 14 Indian cities,” said Pranav Pai, founding partner at 3one4 Capital, one of the earliest backers of Licious. He added that the six-year-old startup expects to close the current financial year with an increase of 6x in revenues over the same period last year.
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<h3>Fuelled by digital adoption</h3>
The rapid growth of D2C brands is partially driven by the increasing number of online shoppers. Compared to the 100 million people making purchases online in FY 2020, India is projected to have <a href="https://www.bain.com/insights/how-india-shops-online-2021/" target="_blank" rel="noopener noreferrer">more than 350 million online shoppers</a> by 2025, according to a recent report by Bain &amp; Company and Flipkart.
Furthermore, during the ongoing festive season—the October to December period when Indians celebrate festivals such as Dussehra, Diwali, and Christmas—D2C brands are expecting a further surge in traction.
Two-year-old D2C brand The Sleep Company, which sells premium sleep accessories focused on a healthier lifestyle, including mattresses and pillows, recently kicked off its online festive sales—slashing prices by up to 45% and launching a slew of new products. The startup said it expects to hit INR 1 billion annual run rate (ARR) by November 2021.
"After a tumultuous year and a half, we expect a 50% increase in people who are willing to invest in lifestyle health care products within the comfort segment this Diwali," said Priyanka Salot, co-founder of The Sleep Company.
The digital D2C brand had clocked an <a href="https://www.financialexpress.com/brandwagon/the-sleep-company-increases-marketing-spends-by-eight-times-to-rs-8-crore-in-fy22/2338444/" target="_blank" rel="noopener noreferrer">estimated revenue of INR 111 million</a> in the financial year ended March 31, 2021—up 15 times from FY 2020—its first year of operations.
Similarly, three-year-old plant-based home and personal care D2C brand Beco is in the process of launching a brand campaign around Diwali and expects its revenues to grow by 4x by year-end.
Aditya Ruia, co-founder of Beco, told KrASIA that the demand for Beco's products spiked up when the healthcare pandemic hit last year, as most of them fall under the essentials category. "Customers are increasingly becoming more conscious of the products they are using daily and their impact on nature," he said, adding the company's sales rose 500% between 2020 and 2021.
Notably, both The Sleep Company and Beco raised seed rounds earlier in July and hired Bollywood actors as brand ambassadors to reach a wider audience. Aside from their own portals, they sell products through e-commerce platforms to fuel their growth. For context, Flipkart and Amazon—the primary e-marketplaces for D2C brands—sold combined goods worth <a href="https://kr-asia.com/flipkart-leads-festive-season-sales-while-amazons-sinks-deeper-into-controversy-in-india" target="_blank" rel="noopener noreferrer">USD 4.2 billion</a> in the first leg of festive sales earlier this month.
"India is fast becoming a breeding ground for large D2C brands in open and even, crowded spaces," Anup Jain, managing partner at Orios Ventures Partners, told KrASIA.
This is primarily because of two milestones, he believes. In India, the internet access rate has hit 50%, and Indians are more comfortable than ever before with paying digitally, he explained. This reflects the massive number of UPI (an instant, bank-to-bank payment system) transactions that crossed 3.6 billion in September 2021.
"Larger traditional players have mostly focused only on the top 25 million households of the country over the past 30 years," Jain added. "The next five years will see multiple D2C brands targeting this very consumer fiercely with 'better-for-you' and 'better-for-the-planet' products as well as targeting small Indian towns with quality products at affordable prices."
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Rohit Krishna, a general partner at WEH Ventures, told KrASIA he expects challenger consumer D2C brands to hit at least a 50% growth over last year’s festive season.
"There’s much lesser uncertainty with regards to COVID-19 in this festive season compared to last year," he said. In addition to that, he explained that new marketplaces like Cred and Instamart have ramped up their operations in the last few months, which D2C brands can tap to expand

India's D2C brands ride high on VC support and digital adoption

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E-Commerce

India

… meat brands in 2020 alone, according to <a href="http://m.caijing.com.cn/api/show?contentid=4799547" target="_blank" rel="noopener noreferrer">data</a> compiled from open-source reports, and nearly all of them raised eight figures in US dollars.
That means Plant Professor has many competitors that are each attempting to develop products that carry similar health-focused messaging. Starfield, one of the most well-known Chinese plant-based meat producers, raised three investments in 2020. Meanwhile, it has collaborated with some of the trendiest F&amp;B brands in China, like Hey Tea, Nayuki, and Tim Hortons, to put veggie burgers on their menus. Other homegrown brands, like Zhenmeat and HeyMeat, also closed their seed rounds last year.
Foreign incumbents are also entering China to feed the world’s most populous nation.
Beyond Meat, the first plant-based meat company to become a listed company, made its debut in the Chinese market in April 2020 through a collaboration with Starbucks. Another star company, The Very Good Butchers, teamed up with Burger King and supplied patties to more than 300 restaurants in China last December.
Despite all these formidable competitors, Plant Professor’s Zhao still firmly believes that local brands know Chinese taste buds best and can retain loyal customer bases.
“My mom always hates low-calorie food and thinks it’s tasteless,” another young user wrote in her review of Plant Professor on Xiaohongshu. “But she completely changed her mind after tasting this plant-based dumpling. This is something that can get your mom’s approval.”
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This article is part of KrASIA’s “<a href="http://kr-asia.com/collections/inside_chinas_startups/" target="_blank" rel="noopener noreferrer">Inside China’s Startups</a>” series, where the writers of KrASIA speak with founders of tech companies in the country.

Plant Professor is reshaping the Chinese diet, one dumpling at a time

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<h3>Leading the way: Electric mobility</h3>
Global climate tech investments last year were <a href="https://about.bnef.com/blog/climate-tech-vc-investing-tops-17bn-in-2020/">skewed toward the new mobility sector</a> in the US and China. Back in India, 80% of the climate funding during the previous five years went into sustainable mobility and energy, in line with the global trends, the IIC report noted.
“If you look at emissions overall, the mobility sector is a big chunk of carbon dioxide emissions,” said Wenger.
“India, Southeast Asia, and China are adding more vehicles than any other part of the world because their economies are growing rapidly,” he explained. “It felt important to us that these countries needed to make the EV transition very rapidly so that the new vehicles being added ideally would be EVs and not internal combustion engine vehicles.”
“This is the thinking that led USV to explore India,” he said. Wenger added that USV didn’t want to back a specific EV manufacturer but rather enable startups that are building EV infrastructure, which is why it joined hands with domestic VC firm Prime Ventures to invest in REVOS.
“The world has realized that as India, China, and Southeast Asia become more prosperous, the world would be better served if they did not follow the same path as western countries, generating the same level of carbon emissions,” Siddarth Pai, founding partner of VC firm 3One4 Capital told KrASIA. “Lowering the per capita carbon footprint while increasing prosperity will be the key to ensuring sustainable development, and India, China, and Southeast Asia can best show this path.”
Priya Shah, who set up an early-stage climate-focused fund, Theia Ventures, in April 2021 to back climate tech, sustainability, and circular economy startups, believes the Indian climate tech ecosystem is starting to take off, with electric mobility acting as a driver.
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“There has been a surge of activity in the Indian electric mobility space with the support of government regulations, consumer awareness, and demand coming together over the last year,” she told KrASIA. “Hundreds of startups are providing battery as a service through swapping stations, mobility as a service, ride-sharing, electric charging infrastructure, battery chemistry, so a lot of innovation is happening to propel the electric mobility sector, supported by the venture ecosystem.”
Through Theia, Shah invests in local startups across smart energy, renewables, electric mobility, energy storage, alternative materials, biofuels, and waste management.
“Cleantech has gone through a transformation as a sector where solutions are no longer solely focused on high capex, infrastructure projects with a long gestation period,” she said. “With climate solution companies now incorporating technological innovations, there is a wake-up call within the startup ecosystem that you can reach profitability faster and save the planet at the same time.”
Furthermore, Shah said consumers are more aware than ever.
“They are choosing to go electric, buy sustainable clothing, eat plant-based meat and use solar power,” she said. “We may be five to eight years behind the US and Europe (in terms of having large climate-tech focused public companies), but we are getting there.”
Aside from sustainable mobility, VCs are increasingly looking to back Indian tech startups that are innovating in areas like climate-smart agriculture and food solutions, clean energy, environment and natural resource preservation, and waste management.
<figure id="attachment_132906" aria-describedby="caption-attachment-132906" style="width: 2188px" class="wp-caption aligncenter"><img class="size-full wp-image-132906" src="https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM.png" alt="" width="2188" height="1562" srcset="https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM.png 2188w, https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM-300x214.png 300w, https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM-1024x731.png 1024w, https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM-768x548.png 768w, https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM-1536x1097.png 1536w, https://console.kr-asia.com/wp-content/uploads/2021/09/Screenshot-2021-09-30-at-11.26.21-AM-2048x1462.png 2048w" sizes="(max-width: 2188px) 100vw, 2188px" /><figcaption id="caption-attachment-132906" class="wp-caption-text">Source: Shutterstock</figcaption></figure>
<h3>A broader lens to climate investing</h3>
Shah said a number of climate-focused entrepreneur networks, incubators, accelerators, and early-stage funds have come up over the last few years, fostering the growth of startups in the space. The list includes Climate Collective, GoMassive, Sangam Ventures, and Infuse Ventures, aside from programs and funds run by corporates like Amazon, Procter &amp; Gamble, Nestlé, and Shell.
However, bigger mainstream VCs have stayed clear of such deals so far.
In the climate space, it takes a long time for startups to do extensive research to reach a viable idea and bring it to market, Pai believes.
“In such cases, having short-term capital like VC funding actually becomes counterproductive,” said Pai. “Because VCs are bound by funding cycles and need exits within a particular timeframe, it puts entrepreneurs under tremendous pressure.”
Before VCs can come onboard the cap table of climate tech companies, Pai explained, there is a need for long-term patient capital—either from foundations, family offices, or government in the form of grants—and for educational institutions to offer entrepreneurs infrastructure to explore ideas and build prototypes.
“VCs can't solve the world's problems. VCs can scale up ideas and take them to market faster to make returns for their investors,” he added. “We are monitoring a few climate tech startups in incubation centers and will back them when they are ready to start commercializing in three to four years.”
Instead, ESG investing has become a new lens for Pai to assess deal flow. Last year, 3One4 became one of the first Indian VC signatories to the UN-supported Principles of Responsible Investing. ESG investing implies considering environmental, social, and governance issues and risks during the investment process.
This essentially means 3One4 invests in startups that adopt practices to lower their carbon footprints, among other things. Pai believes Indian entrepreneurs are as socially conscious as everyone else. His VC firm works with its

Climate tech investments gain pace in India

Venture Capital

Electric Vehicles

… class="wp-caption aligncenter"><img class="size-full wp-image-131315" src="https://console.kr-asia.com/wp-content/uploads/2021/09/robt-1024x640-1.png" alt="" width="1024" height="640" srcset="https://console.kr-asia.com/wp-content/uploads/2021/09/robt-1024x640-1.png 1024w, https://console.kr-asia.com/wp-content/uploads/2021/09/robt-1024x640-1-300x188.png 300w, https://console.kr-asia.com/wp-content/uploads/2021/09/robt-1024x640-1-768x480.png 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-131315" class="wp-caption-text">SavorEat's robot chef. Courtesy of SavorEat via NoCamels.</figcaption></figure>
“We believe it is right and necessary to expand to additional products such as plant-based turkey, pork, seafood products,” Vizman says, “We are already working on some of them.”
She also says SavorEat has completed the construction of the robot chef prototype and manufactured the first units. They are now in a series of operational experiments within SavorEat laboratories, demonstrating the digital manufacturing of the burger patties. Various taste tests are also being performed “with great success,” she adds.
“We are very pleased with the results,” she adds.
<blockquote>
<h3>Read this: <a href="https://kr-asia.com/redefine-meat-set-to-launch-3d-printed-alt-meat-in-europe" target="_blank" rel="noopener noreferrer">Redefine Meat set to launch 3D-printed alt meat in Europe</a></h3>
</blockquote>
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The article was originally published by <a href="https://nocamels.com/2021/09/israel-savoreat-sodexo-usa-meatless/" target="_blank" rel="nofollow noopener noreferrer" data-type="external">NoCamels</a>, a leading news website covering breakthrough innovation from Israel for a global audience.

Israel's SavorEat to launch US pilot with meatless burgers, robot chef

MENA

… 1000px) 100vw, 1000px" /><figcaption id="caption-attachment-38373" class="wp-caption-text">Shiok Meats' cell-grown shrimp dumplings. The company recently acquired Gaia Foods for broader commercialization. Photo courtesy of Shiok Meats.</figcaption></figure>
<h3>Global innovation hub for alt protein</h3>
While the government’s main goal in advancing the foodtech ecosystem is to reduce dependence on imported food, Singapore’s homegrown alternative meat companies can enjoy the favorable environment to grow big enough to compete on the global stage, experts believe.
Ive drew a comparison between Singapore and other Asian foodtech ecosystems like Japan and China. “Japan has some great cell-based companies that were early to the category. However, the ecosystem is not as cohesive or as supported by investors and local food corporations. China recently announced a five-year plan which includes cellular and genetic foodtech technologies, but it only has a few successfully funded cell-based alternative companies so far.”
A number of Singaporean companies are already showing a promising future in the international arena. Some examples are Karana, which sells its whole-plant bao and dumplings in Hong Kong. The startup also aims to launch its products in the US soon. In August, Shiok Meat <a href="https://www.greenqueen.com.hk/shiok-meats-gaia-foods-cell-based-meat-fish/">acquired cell-based red meat Gaia Foods</a> for broader cell-meat commercialization and expansions in Asia. Moreover, cultured milk company TurtleTree Labs is reportedly working with Virginia-based Solar Biotech to <a href="https://www.prnewswire.com/news-releases/eat-beyond-portfolio-company-turtletree-scales-sustainable-cell-based-milk-manufacturing-301361290.html" target="_blank" rel="noopener noreferrer">scale the production</a> of its cell-based milk.
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Gautam Godhwani, managing partner of alt protein-focused VC Good Startup, said that while many Singaporean alternative protein startups have their eyes on the global market, they often adopt a hybrid strategy, seeking supply chains and manufacturing opportunities in Asia while focusing on R&amp;D and distribution efforts in the Europe or US markets.
“We will see more specialization across each region when it comes to the different segments within the alternative protein sector. Over time, Singapore has had the opportunity to become a significant player in R&amp;D, manufacturing, and a corporate hub for companies targeting Asia," said Godhwani.
He added that the industry is "nearing the end of the first chapter of the alt protein revolution," with the next chapter bringing new technologies, innovation in the supply chain, and broader product offerings. It will take time for Asia to reach its full potential in the industry, but Singapore is well-positioned to do so, given its current focus and traction in the sector, Godhwani added.
“Singapore still needs additional investment in talent and infrastructure to develop a rich ecosystem that can support a large number of startups in this area. This will become more important in the coming years due to increased engagement from the government, businesses, and research institutions."
As the market for alternative meat and plant-based diets is set to hit USD 290 million by 2035, according to a study by <a href="https://www.bcg.com/press/23march2021-alternative-protein-market-reach-290-billion-by-2035">Boston Consulting Group and Blue Horizon Corporation</a>, faux meat could soon become a daily dish in Singaporean restaurants and home cuisines.

Singapore has a strong appetite for alternative proteins

Singapore