Plant-based food maker Growthwell raises US$22m in Series A funding

PLANT-BASED nutrition foodtech company Growthwell Foods has raised US$22 million in Series A funding in a round led by private equity investment firm Creadev.

GGV Capital, Iris Fund and existing investors Temasek and DSG Consumer Partners also participated in the round, the company said in a press statement on Tuesday.

With the funding, Growthwell plans to accelerate its business expansion and product development efforts within the region. The amount raised in the Series A round is thrice the amount raised during the company's seed round in 2019, it said.

The company manufactures plant-based alternatives to meat and seafood. It first started in 1989 with meat substitutes and now focuses on seafood alternatives. It plans to target flexitarians with their seafood and chicken alternatives. Flexitarians primarily eat a plant-based diet while still allowing animal products.

Alan Zhu, co-head of Creadev China noted that Growthwell differentiates itself from others through its plant-based seafood with a focus on Asian cuisine.

"Observing consumers' rising consciousness toward healthy eating and sustainable consumption, we have a strong conviction that the plant-based food targeting the younger generation and flexitarian consumer group will have robust growth in the years ahead," he said.

Growthwell Foods executive director Justin Chou said: "We believe our current Series A fundraising round is one of the largest in the South-east Asia foodtech space and we will continue to trailblaze plant nutrition in Asia."