Hoov Foods, a deep-tech business located in Singapore, has today announced a pre-series A financing round headed by Farquhar VC that seeks to reformulate foods to make a better and more sustainable version.
This financing round was also attended by existing investors, including TRIVE Ventures and several private investors.
Hoow Foods plans to use the financing to promote its product marketing in local and regional markets at the next level.
In a press statement, CEO and Co-Founder Ow Yau Png said that the funding round enables the company to “spin-off commercially viable products into individual subsidiaries and joint ventures.”
“The ongoing pandemic has taught us many lessons and changing the way we eat to be healthier and sustainable is key,” Ow stressed.
According to Christopher Quek, Managing Partner of TRIVE Ventures, the business will also use the commercial network of TRIVE Ventures to generate sales for their ingredients and food products.
Hoow Foods, which was incorporated in 2018, is building an in-house platform dubbed RE-GENESYS using Artificial Intelligence (AI) and Machine Learning (ML). The platform has a database of important information on the physical and culinary elements.
It uses the platform to develop foods and ingredients that are sustainable, scalable, and healthy to improve consumer meal habits.
It has created 20 new prototypes, including fat and sodium-related, patent-pending functional ingredients and off-shelf goods, healthy pre-measuring, and unique plant meals.
Hoow Foods collaborates with a number of companies in the sector, including the Killiney Kopitiam Group. In just over a year, the company has developed and commercialized over ten consumer packaged goods under the Killiney brand, which are currently marketed and distributed in Singapore and other key worldwide markets, according to the company.
According to Hoow Foods, the collaboration has sold over 1.5 million equivalent cups of drinks.
Killiney Group announced a US$1.2 million seed investment round for Hoow Foods in 2019.
It also collaborates with food and FMCG MNCs and SMEs to strengthen their product R&D skills.