WTH Foods, a Manila-based alternative protein startup, has received initial finance in the amount of $1.2 million.
Big Idea Ventures, an alternative protein fund, and Henry Soesanto, CEO of Filipino food and beverage major Monde Nissin, are among the investors.
WTH Foods plans to utilise the funds raised in the round to improve its plant-based goods and grow into Singapore, Southeast Asia, and beyond.
WTH Foods has also opened an R&D lab to improve the texture and flavour of its goods, which are mostly Filipino meals aimed at the 2.2 million Filipinos living abroad.
“Many people love the taste of meat but are looking for healthier and more sustainable options,” said Stephen Co, co-founder and CEO of WTH Foods. “At WTH Foods, we are developing plant alternatives for meat lovers, the same texture and taste of their favourite dishes but with the added health and sustainability benefits.”
WTH Foods, a plant-based, ready-to-eat meal company founded by Co, Carlo Antonio Ng, and Carissa Lim in 2019, offers “kinder to the world” meals.
The company creates plant-based replicas of local and sustainable products including microalgae, mung beans, jackfruit, and seaweeds that have the same flavour, nutritional, textural, and functional attributes.
So far, the company claims to have created 60 recipes using 60 different types of plants, bringing in more sustainable, healthier versions of Filipino and Asian classics.
Umani, a new product line, is expected to launch in 2022. Plant-based versions of popular Asian processed meats including sausages and luncheon meat will be available.
Due to increased worldwide demand and technical advancements in novel protein sources such as peas and chickpeas, the plant-based meal has been a popular issue in recent years.
According to Crunchbase statistics, venture capitalists have invested about US $4.2 billion in 363 announced deals in this space since 2016. VCs has invested in 39 transactions totalling $602 million as of March 2021.
Alternative protein firms in Southeast Asia received financing this year, including Malaysia’s Phuture, Singapore’s Growthwell Foods, Mohjo, Next Gen, and Float Food.
