A newly launched VC firm serving APAC called Better Bite Ventures sets out with a $15 million fund and an initial portfolio of ten startups encompassing plant-based and cell-based alternatives from the region.
Better Bites claims to be the first of its kind covering alt protein in Asia Pacific and aims to work with pre-seed and seed-stage companies. Co-founders Michal Klar and Simon Newstead say they are “keen to help power a new wave of APAC startups”.
Says Klar: “We’re here to invest in bold founders building Asia’s future food-tech unicorns. 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,” adds Newstead. “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.”
APAC to drive largest growth
APAC expert Allen Zelden, Lead Advisor for Kilara Capital, comments on the development. “Concerns for environmental sustainability, health and wellness, ecosystem decimation and meeting our global future food demands are rapidly shining the spotlight on plant-based alternatives.
“According to Bloomberg Intelligence data released last year, the global plant-based foods market is projected to account for 7.7% ($162 billion) of the $2.1 trillion total global protein market by 2030. As per the report, the Asia-Pacific region is expected to drive the largest part of this growth at $64.8 billion, ahead of both North America and Europe, both projected at $40 billion each.
Zelden concludes that “this is promising news on so many fronts as ultimately, the APAC region and international markets have an imperative to find ways to sustainably feed our growing population. However, to get there, we need to help fuel the ecosystems for these APAC companies so they may fulfil their respective missions, and the launch of Better Bite Ventures is a very welcome and exciting addition to the venture capital landscape.”