Better Bite launches US$15m fund to back alternative protein startups
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NEWLY-ESTABLISHED venture capital firm Better Bite Ventures has set up a US$15 million fund to invest in early-stage Asia-Pacific startups developing alternative proteins.
Its initial portfolio of 10 companies include Next Gen Foods, the Singapore-based maker of plant-based chicken TiNDLE, cell-cultured fish startup Umami Meats, and Indonesia-based plant-based meat and dairy startup Green Rebel Foods.
Better Bite's first fund is backed by PropertyGuru co-founder and climate-tech investor Steve Melhuish, Fave co-founder Joel Neoh, and former Carousell executive and Rainforest co-founder JJ Chai.
Other limited partners include impact investors, growth-stage fund managers, family offices as well as food and tech entrepreneurs from Asia, the US and Europe.
Better Bite will invest primarily at the founding, pre-seed and seed stages.
Its founders are Michal Klar and Simon Newstead, who are angel investors in the alternative protein space and have previously operated tech companies.
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Klar was an early employee and head of product and customer experience at Polish e-commerce platform Allegro, a tech unicorn that was acquired by Naspers.
He was later chief executive of OLX Indonesia and most recently founded the Future Food Now newsletter, featuring business news on alternative protein startups in the Asia-Pacific.
Newstead spent 7 years at Juniper Networks and later founded mobile game company Frenzoo and vegan confectionery company Bite Society. He also co-founded the Hong Kong Vegans group and the Vegan Startup Podcast that he has co-hosted for over 3 years, interviewing alternative protein founders from around the world.
Better Bite's team includes venture partner Sonalie Figueiras, who founded impact media platform Green Queen Media and SourceGreenPackaging, a marketplace for sustainable packaging.
"Now is the time for Asia - we believe home-grown companies with local insights will take a leading role in this rapidly growing market," said Klar.
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