To launch new plant-based foods & beverages, Mohjo raised seed funding from East Ventures
Mohjo, a dairy-substitutes company located in Singapore, has received an unknown amount of initial investment headed by East Ventures.
iSeed Southeast Asia, K3 Ventures, and other prominent angel investors also participated in the round.
The funds will be utilised to expand the company’s capabilities and introduce new plant-based meals and drinks. A portion of the funds will also be used to hire more people and expand the market.
Mohjo, founded by Juhi Dang in January 2021, seeks to “deliver 100 percent clean foods” and drinks made from plants and chemical-free components through its own facilities. In Singapore, the direct-to-consumer foodtech company just introduced its first product line, almond milk, and almond milk-based drinks.
“Most commercially available dairy alternatives are nutrient-low and stabilizer-heavy. They contain 95-98 per cent water, are laced with additives, and either tastes bad or have no taste at all,” said Dang as she was lactose-intolerant and struggled to find a tasty type of plant-based milk when moving to Singapore. “Mohjo is a result of me trying to solve these problems as a consumer of dairy-alternative products myself.”
Mohjo is quickly growing its operations, sales, and marketing capabilities in Singapore.
“We are looking for passionate and ambitious folks who believe that we can change the planet with the choices we make at mealtimes,” she added. “Mohjo is building an inclusive workplace where business is done the right way.”
The market for dairy substitutes is gaining traction and recognising a growing need, owing to the ongoing COVID-19 epidemic, which has caused individuals to rethink their diets.
East Ventures believes that by incorporating innovations into both goods and customer service, the digitally native brand will be able to expand and offer standardised clean, plant-based meals and beverages to the market.
Globally, the dairy alternatives market is about $23 billion and is anticipated to increase at a 12.5% CAGR between 2021 and 28. According to Grand View Research, the Asia-Pacific region dominates this industry with a 44% share. The burgeoning market for dairy substitutes has been bolstered by increased lactose intolerance, consumers’ increasing attention on healthier options, the growing number of flexitarians, and mounting ethical and environmental concerns about consuming dairy.
In an effort to improve national self-sufficiency and reduce its carbon impact, Singapore has cultivated more businesses that use technology to make delectable plant-based cuisine from natural components in recent years. Diabetes foodtech breakthrough, plant-based chicken TiNDLE Alchemy Shiok Meats, cell-based shrimp, lab-grown cheese, and human breast milk are all examples of foodtech. TurtleTree Labs and other food-tech firms are pushing Singapore to become Asia’s alternative protein hub.
