May 11, 2021

By Lynda Kiernan, Global AgInvesting Media

Early stage food tech investor and accelerator Big Idea Ventures (BIV) has announced a final close of its $50 million New Protein Fund I with Japanese confectionery brand Meiji Holdings joining as its latest investor.

Meiji joins existing investors – including some of the world’s top names in food such as Bühler Group, Temasek, Tyson Foods, AAK, Givaudan – as well as Thailand’s NR Instant Produce PCL, and the Silicon Valley Community Foundation.

With accelerators in New York, Singapore, and now Paris, and headed by managing general partner Andrew Ive, Big Idea Ventures is looking to invest in the best emerging plant-based food, ingredients, and alternative protein startups across three pillars: plant-based food products; plant-based food ingredients and technology; and cell-cultured meats.

Much of the capital raised will be used to support BIV’s global accelerators. However, approximately 25 percent of the New Protein Fund I will be allocated for direct investments in food tech companies, with commitments ranging from $500,000-$2 million. 

And although the fund plans to allocate a minor percentage of its capital to cell-cultured meat startups, that is precisely where it committed its first investment – in Singapore-based Shiok Meats.

Since that first investment in Shiok Meats in 2019, Big Idea Ventures has made 25 investments, from plant-based cheese companies such as Grounded Foods and Pleese Foods, to plant-based egg product producer Evo Foods, plant-based pork and crayfish producer Phuture Foods, as well as the first vegan honey company in the world, and the first cell-based foie gras producer in France.

Demand for alternative proteins, particularly plant-based proteins, continues to grow. Between 2017 and 2019, U.S. consumer spending on plant-based foods increased by more than 28 percent, from $3.9 billion – $5 billion, according to data from The Good Food Institute. Of all categories, plant-based milks are the most developed, however, plant-based cheeses grew by 51 percent over this same time period, while Europe is seeing growth in its number of flexitarian eaters. 

Aware of these shifts, Meiji stated that its investment and partnership with The New Protein Fund I aligns with its strategies outlined in its 2026 Vision for long-term corporate value improvement.

“We will combine the strengths we have cultivated over the past 100 years, with the latest technologies and new findings. Thus we create innovative ways to meet our customers’ needs with food and health, and grow in Japan and around the world, sustainably,” said Meiji in a company statement. “By investing in this fund, we will engage in the advanced technology related to the food sector held by startups and venture businesses and explore new business models. Through aggressive collaborations with such companies, we will work towards creating new value for food and health.”

The bulk of the capital most recently raised will be allocated to supporting BIV’s accelerator programs in New York, Singapore, and Paris, as well as for follow-on commitments for select high-potential participants of these programs. Intentions will be to make investments in accelerator companies of $200,000, with potential follow-on investments in the range of $500,000 to $2 million for the strongest businesses. 

It just happens that BIV announced its third cohort of startups just a week ago:

New York Accelerator –

~ AquaCultured Foods — seafood alternative using microbial fermentation
~ The Frauxmagerie — plant-based cheese using cultures without dairy
~ Innocent Meat — B2B cell-based meat production system
~ incrEDIBLE — edible cutlery to reduce single-use plastics
~ Blue Ridge Bantam — Cell-based ground & whole-cut turkey
~ New Breed Meats — plant-based burgers, grounds & sausages with superior nutrition and taste
~ Plant Ranch — authentic plant-based Mexican meats

Singapore Accelerator –

~ Angie’s Tempeh — tempeh fermentation technology to create protein-rich foods
~ Animal Alternative Technologies — cell-based meat services including bioreactors and software
~ [Stealth Mode] — novel food ingredients with micro biorefinery
~ GreenGourmet Foods — plant-based dairy
~ Haofood — alternative chicken protein from peanut focused on the Asian market
~ MAD Foods — plant-based beverage

Hybrid Accelerator (participants in both Singapore and New York) –

~ Wellme — plant-based yogurt
~ Meat. The End — production technique to replicate meat-like mouthfeel and taste

“This group of startups has been incredible to work with in the New Protein Fund,” said Andrew D. Ive, founder and general managing partner, Big Idea Ventures. “All of these companies are addressing real world challenges and represent some of the most promising innovations in the food and agriculture sectors.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.