Alchemy Foodtech, a Singapore-based food innovation company, announced Thursday that it has raised $3million from investors including public-listed Thai President Foods, Pine Venture Partners and Selera Kapital, an investment arm of Sour Sally Group.
Existing investors including global seafood leader Thai Union, Fuchsia Venture Capital, Heritas Capital and SEEDS Capital also followed on the investment, Alchemy Foodtech said in a statement.
According to the statement, the new funds will continue to support Alchemy Foodtech’s next stage of development in markets locally and overseas.
“With the funds raised, we are able to pursue our growth in China and support our new China office, and through distributors and business to business (B2B) partners, expand to other countries including Thailand, Indonesia, Korea, Japan and United States,” said Alan Phua, Chief Executive Officer of Alchemy Foodtech.
According to him, the firm is currently working with multi national companies (MNCs) from different countries to deliver better health in their foods.
Alchemy Foodtech is a Singapore-based deep tech company with a mission to “Make Carbs Good” by helping the world eat better refined carbohydrates by lowering sugar impact from foods and reducing sugar intake.
“We are glad to support Alchemy Foodtech in its global market expansion,
“There is a strong demand for healthier alternatives across Asia and the rest of the world, and we believe the Alchemy team has the right capabilities and track record to capture this opportunity,” said Hyuk-Tae Kwon, Chief Executive Officer of Pine Venture Partners.
According to the statement, the global demand for healthier food options is growing as more than one in three adults are overweight and one in ten adults are living with diabetes.
Alchemy Foodtech is focused on addressing these issues by providing tasty, healthier food options that reduce the negative impact of excess carbs and sugar on people’s health.
The company has developed its patented Alchemy FibreTM technology platform based on plant ingredients to replace sugars, carbs and reduce glycemic index while delivering great taste and texture.
The interest in carb and sugar reduction is growing, with many companies pledging to reduce sugar in their product offerings by 2030.
With a strong global demand, Alchemy Foodtech has been collaborating with several MNCs on a wide array of products, including noodles, breads, cookies, ice creams, yogurts, and beverages, and will be launching some of these in the first half of 2023.
“Alchemy Foodtech’s innovation is very timely, and we saw many synergies with our products, from MAMA instant noodles to other items that the companies in the group have,” said May Lerdprapapong, Investment Committee, Thai President Foods.
“I believe that not only Thai President Foods, but many other companies can partner with Alchemy to deliver healthier, tasty foods to their customers,
“Moreover, we are very excited to be one of the first Thai impact investors supporting startups, like Alchemy, that create positive impact to the society beyond just their primary customers,” he added.
Alchemy Foodtech ingredients are proven in both lab and human studies, and its research partners include National University of Singapore and Singapore’s leading research institution, a*star.
Its flagship product, Alchemy Fibre For Rice, is sold in supermarkets and e-commerce platforms in Singapore, and exported to Philippines and United States.