February 25, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Better Bite Ventures is a new venture capital investor launching with its first fund – a $15 million alternative protein fund with a dedicated focus on the Asia Pacific region. 

The first-of-its-kind vehicle comes to light with a portfolio already including 10 Asia Pacific startups leveraging plant-based and cellular agriculture technologies to develop climate-friendly meat, dairy, egg, and seafood alternatives that are better for people, animals, and the planet.

The timing of this launch seems to be optimal. Although Asian cuisines have long included plant-based proteins such as tofu and tempeh, adoption of food alternatives intentionally made from plants, or cellular or lab-produced alternatives, is just now gaining ground in a market with massive potential.

Tai Lin, managing partner, Proterra Investment Partners Asia, provided insight to GAI News in a previous interview about shifts occurring in China’s mindset around food, explaining, “If you look back 20 years within the food space in China, the focus was on food security and quantity – more was better; 10 years ago the focus was food safety. Today, the focus has appeared to move on to premiumization of foods, which means higher quality, more nutrition, more transparent as to where it comes from and how it’s made, more convenient, and more value-added.”

In an article written by Lin in July 2021 titled, Alternative Proteins and the Future of Food in Asia, Lin outlines various reasons why Asia is primed to see significant growth in alternative proteins including familiarity with plant-based building blocks, and younger generations (Millennials and Gen-Z) who are much more health conscious, curious, highly educated, digitally connected, and willing to spend money for value-added foods. 

In fact, consumer spending on food in general across Southeast Asia is expected to increase by 83 percent between 2019 and 2030, outpacing China to reach $1.1 trillion, according to research conducted by PwC, Rabobank, and Temasek. 

In addition, when asked about their likelihood of becoming vegan or vegetarian within the next 12 months, 43 percent of Indonesia respondents were affirmative, while other positive responses were: Thailand – 37 percent; Singapore and the Philippines – 23 percent; Malaysia – 20 percent; and Vietnam – 13 percent.

Furthermore, the environmental benefits of alternative proteins can’t be overlooked. Analysis from John Hopkins University has demonstrated that alternative proteins have the potential to save up to 93 percent of greenhouse gas emissions, 89 percent of water, and 98 percent of land compared to traditional animal protein production. 

And once hitting the market, these alternative protein products could reach a value of $290 billion by 2035, according to Boston Consulting Group, which noted that two-thirds of this potential could come from Asia Pacific. 

Created by Michal Klar and Simon Newstead – two operators based in Asia Pacific that have turned to impact investing – Better Bite is eager to drive a new wave of APAC startups through investing primarily at founding, pre-seed, and seed stages of growth.

“We’re here to invest in bold founders building Asia’s future food-tech unicorns,” said Michal Klar, general partner, Better Bite. “Now is the time for Asia – we believe home-grown companies with local insights will take a leading role in this rapidly growing market.”

“Having been founders ourselves, we know how helpful having truly supportive investors can be,” added Simon Newstead, general partner, Better Bite. “Being responsive with founder-friendly terms, a lack of red tape and a focus on long term sustainability, we aim to be a trusted partner right from the start.”

Klar and Newstead are not alone. The venture team also includes Sonalie Figueiras, founder of Green Queen Media and sustainable packaging global marketplace SourceGreenPackaging, as a venture partner. 

“Having known Michal and Simon in the space for years, I know how switched on and impact driven they are,” said Figueiras. “I’m delighted to join as a senior advisor and industry collaborator.”

The launch portfolio includes startups approaching alternative proteins from a variety of directions, from plant-based to precision and biomass fermentation, to molecular farming across China, Singapore, Indonesia, and Australia:

– Next Gen Foods: Singapore-based maker of TiNDLE plant-based chicken which just raised a record-breaking $100 million Series A. 

– Blue Canopy: A producer of mass-market alt protein ingredients using biomass fermentation.

– CellX: A China-based cultivated meat pioneer.

– Change Foods: Australia-based alt cheese producer using precision fermentation.

– Fable Food Co.: Australia-based startup turning mushrooms into meat.

– Green Rebel Foods: Southeast Asia’s leading plant-based meat and dairy startup.

– Me&: Australia-based startup using cell-based technology to disrupt the human milk infant nutrition market.

– Meatiply: Singapore-based startup developing cultivated chicken.

– Umami Meats: Singapore-based, cell-cultured fish startup.

– (And one unidentified molecular farming startup that remains in stealth.)

“Michal and Simon believed in us and our potential from the earliest days, through all the ups and downs,” said Helga Angelina, co-founder, Green Rebel Foods. “Having their support and advice has really helped as we’ve grown and are now expanding internationally.”

Esha Saxena, co-founder of Me&, added,  “Better Bite was our first check and also helped behind the scenes with our successful follow-on round. Simon & Michal aren’t afraid to back ambitious projects even at the idea stage.”

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– Lynda Kiernan-Stone 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-stone@globalaginvesting.com.