70/30 Food Tech – a Singapore-based holding company developing low-cost whole-cut mycelium-based protein solutions – has announced the launch of its Mycelium Research Lab, alongside the successful closure of its seed-extension round fundraising.
Focused on addressing the growing demand for affordable and high-quality alternatives to traditional animal-based proteins in Asia (particularly in China), 70/30 Food Tech is focused on the development of mushroom-soy-based protein products. These products, aimed primarily at B2B customers in China, are gaining traction in the market.
CEO and founder of 70/30 Food Tech, Eve Samyuktha, said: “Despite facing challenges in 2023 related to the post-pandemic and economic conditions, we maintain a positive outlook on the growth potential of the plant-based sector in Asia – especially if we can provide affordable and healthier alternatives to animal protein. We can achieve this with fungi biomass fermentation.”
The company’s recent financial milestone of closing the seed-extension round has seen significant support from investors, including Better Bite Ventures and follow-on investments from seed investors. The funds raised will primarily fuel the operations of the newly established 70/30 Mycelium Research Lab, aimed at further developing fungi-based biomass ingredients.
Michal Klar, founding partner of Better Bite Ventures, added: “We believe that mycelium-based sustainable protein products can be a gateway to broader consumer adoption in Asia, especially given the familiarity and positive perception of fungi in the region. We liked 70/30 Food Tech’s product pipeline and unique go-to-market strategy.”
70/30 Food Tech initiated its pilot-scale experiments in biomass fermentation technologies in 2021, collaborating with the Shanghai Academy of Agricultural Sciences. This initiative is crucial in the development of cost-effective alternative proteins.
Doris Lee, CEO of GFIC, commented: “Achieving cost-efficiency is crucial and food businesses in China and other parts of Asia will likely be interested in products that can offer competitive pricing compared to animal-based products and this in turn, can attract a larger market share and drive adoption”.
70/30 Food Tech employs a biomass fermentation method, which yields high-quality protein with amino acid ratios comparable to or better than animal protein. This process also results in a texture similar to animal flesh, without the need for extensive processing.
Strategically situated within a renowned biotech start-up incubator, the Mycelium Research Lab is supported by financial assistance from the incubator, recognising its contribution towards sustainable solutions combating climate change.
Open to collaborations, 70/30 Food Tech invites potential research partners, clients, suppliers of feedstock and early-stage investors interested in the biotech and alternative protein sector to join their journey.
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.