HOOW Foods, which specialises in formulating healthier versions of snacks and ingredients, has raised an undisclosed pre-Series A funding round led by Nanyang Realty, a vehicle of the Singapore-based Ang family which is involved in the hospitality, real estate and shipping industries.
The funding round was joined by Korean venture funds Sunbo Angel Partners and Lighthouse Combined Investment. Hoow Foods previously raised S$1.7 million in a seed round last year led by food and beverage player Killiney Group and joined by venture firm TRIVE.
Founded in 2018, Hoow Foods is the maker of low-calorie ice cream brand Callery's. It also helped Killiney develop its Premium Milk Tea and reformulated Premium White Coffee products, both of which were launched this year. Hoow Foods and Killiney are now also working on new flavours and producing healthier versions of instant beverages.
The startup plans to use the fresh funding to expand its R&D headcount, invest in technology and grow its operations in the region. Hoow Foods also plans to accelerate the launch of several of its products with its commercial partners.
"We at Hoow Foods are extremely humbled to receive this vote of confidence by our new strategic partners. We are excited to work with them to expand our capabilities beyond Singapore," said the startup's chief executive Ow Yau Png in a press release.
Ken Ang, a third-generation member of the Ang family, said: "This strategic investment will allow Hoow Foods to tap our various networks, especially our hospitality and real estate investments both locally and overseas, to further demonstrate and grow their current capabilities."
Choi Young Chan, co-chief executive of Sunbo Angel Partners and Lighthouse Combined Investment, said: "We commenced operations recently in Singapore to be on the lookout for exciting startups, and we are delighted to be part of Hoow Foods' growth journey. We look forward to working with Hoow Foods and food manufacturers to develop healthier food products for consumers in South Korea and North-east Asia."