Killiney Group leads S$1.7m seed funding in Hoow Foods
Singapore
FOODTECH startup Hoow Foods has raised S$1.7 million in seed funding led by local food and beverage heritage brand Killiney Group.
Other backers include Innovate360, Singapore's first government-backed food incubator, and TRIVE Ventures, Hoow Foods said on Monday.
The company was incorporated last year by four engineers and scientists from the National University of Singapore.
The team specialises in food reformulation, and has successfully reformulated common food products like coffee and baked goods into healthier versions, while retaining their taste and texture.
One of Hoow Foods' first innovations is a line of premium ice creams that contain less than a third of the calories, fat and sugar served in Ben & Jerry's or Häagen-Dazs. They hit the shelves of FairPrice Finest in 2018, under the brand Callery's.
Hoow Foods is in the process of reformulating a wider range of foods. The seed funding will go towards expanding its research and development capabilities and staff strength.
Hoow Foods chief executive and co-founder Ow Yau Png said: "With our unique proprietary smart platform on food reformulation, we are confident of producing game-changing food products within unprecedented development speeds."
Killiney Group director Woon Tien Yuan noted that the coffee shop chain has branched out into developing its own food pastes and premium instant beverages.
"We are constantly challenging ourselves to innovate and to enter new markets... This strategic partnership (with Hoow Foods) allows Killiney to tap Hoow Foods' expertise in food technology and food formulation, which signifies Killiney's strong belief in research and development," he said.
John Cheng, director of Innovate 360 and of sugar business Cheng Yew Heng, said: "Consumers are seeking healthier options... Innovate 360 and Hoow Foods' collaboration would help us and the industry develop quick, ready and healthier solutions without compromising on taste."
