Alchemy raises S$2.5m in pre-Series A funding, sets up foodtech lab

Singapore

LOCAL startup Alchemy Foodtech has raised S$2.5 million in its pre-Series A round, co-led by Heritas Capital Management and SEEDS Capital, the venture arm of Enterprise Singapore.

The investment was announced in September last year, but the exact sum was not disclosed then.

Other investors include Bits x Bites, a Shanghai foodtech accelerator and venture capital fund; NUS Enterprise, the National University of Singapore's entrepreneurial arm; and angel investors.

Alchemy will use the funds to further develop its core product 5ibrePlus, a proprietary ingredient which lowers the Glycemic Index (GI) of food such as bread and rice, without changing the …