US $1.7 M seed funding secured by OFF FOODS to promote alternative protein in Indonesia
OFF FOODS, an Indonesian foodtech firm, has raised US $1.7 million in a seed round headed by Alpha JWC Ventures, with participation from Global Founders Capital (GFC) and other strategic investors such as Creative Gorilla Capital, Lemonilo, and United Family Capital (UFC).
The funds will be used to finance research and development for new varieties of the company’s core product, OFF MEAT, a chicken-like alternative protein, beginning with nuggets and other chicken-like choices. The firm will also extend to other Indonesian cities, as well as establish a direct-to-customer gaming strategy to reach additional consumers.
“We are doing more than just selling food. We are trailblazing a lifestyle change in Indonesia that hopefully will result in a healthier society and more sustainable earth. OFF MEAT and Indonesia are only our starting points. We are pleased to receive such enthusiasm from our new and existing investors, including established experts in the F&B industry, and we are excited to move forward with our product innovation, nationwide expansion soon, and eventually regional expansion in 2024,” said OFF FOODS co-founder and CEO Dominik Laurus in a press statement.
OFF FOODS was founded in 2021 by serial entrepreneurs Laurus and Jhameson Ko with the goal of becoming Indonesia’s premier alternative protein brand.
One of the most significant impediments to customers adopting alternative protein sources and adopting a plant-based diet has been the cost, which OFF FOODS intends to address by delivering a more reasonable option.
OFF MEAT has witnessed a 10x increase in adoption through business-to-business (B2B) agreements with restaurants since its introduction in August 2021, according to the firm. Its goods are now offered through its partner restaurants in seven Indonesian cities.
OFF FOODS intends to continue increasing its network of food and beverage partners.
Burgreens is another Indonesian business working in the alternative protein field.
Alpha JWC Ventures, the principal investor, made the news just one day after announcing its investment in Hangry, another Indonesian foodtech business.
