Shiok Meats, the world's first cell-based cancer meat company based in Singapore, has raised $ 12.6 million (S $ 17.27 million) in a Series A funding round.
The Series A round will be led by Aqua-Spark, the first mutual fund to focus on sustainable aquaculture.
Further investors are SEEDS Capital (the investment arm of Enterprise Singapore), venture capital funds from Korea, Japan, the USA and Europe as well as angel investors.
According to a press release from Shiok Meats, the funds will help build the first commercial pilot facility of its kind in Singapore, from which the minced shrimp product is expected to be launched in 2022.
The startup is thus on schedule and is the first company in the world to have a fully functional commercial pilot plant for cell-based crustacean production.
Clean, sustainable, cruelty-free shrimp
Photo credit: Shiok Meats
Shiok Meat's pilot plant production will be cell-based frozen shrimp meat for dumplings and other shrimp-based dishes.
The prawns are made using cells that are obtained from a small sample of prawns or other crustaceans and grown in a nutrient-rich broth.
The collection of cells is the only stage of production where animal components are needed. Shiok Meat's patent-pending technology allows crustaceans to grow four times faster than conventional production.
To date, the startup has raised a total of $ 20.2 million (S $ 27.69 million).
This funding also comes at an opportune time when food security is the focus in Singapore.
Singapore aims to produce almost a third of the food it needs by 2030, which has sparked renewed interest in food technology startups like Shiok Meats.
"Our mission is to develop cell-based seafood and meat that will contribute to a cleaner, healthier fish industry and address the inefficiencies in global protein production," said Dr. Sandhya Sriram, CEO of Shiok Meats, and Dr. Ka Yi Ling, CTO.
Selected image source: Shiok Meats