A venture capital company in Singapore called Good Startup that specializes on alternative proteins has closed its most recent fund. The founder and chairman of Vinmar International, Vijay Goradia, participated in the $34 million new fund known as Good Protein Fund I together with Harris Komishane, a former head of finance and strategy for Fidelity Investments, and Bala Vissa, an INSEAD professor of entrepreneurship. Good Startup, which was established in 2021, seeks to eradicate animals from the world’s food supply. It also invests in non-food enterprises, such as those that produce leather substitutes. Out of a target of 35 startups, Good Startup has so far invested in 21 businesses.
According to managing partner of Good Startup Gautam Godhwani, the company typically invests in early-stage businesses with checks averaging $500,000 in size. Among its current portfolio companies are Avant Meats, a producer of cultivated fish products with operations in Singapore and Hong Kong; Nowadays, a manufacturer of plant-based “clean-label” chicken; Mooji Meats, which focuses on using 3D printing to produce plant-based and cultivated meats; and Rebellyous Foods, another startup producing plant-based chicken, which, according to Godhwani, achieves price parity with conventional chicken through a highly automated production process.
An alternative to current texturing processes is being developed by Mooji Meats. We eliminate the current trade-off between authenticity and scalability by generating excellent textures in large volumes at reasonable costs. In the coming years, the food sector will likely undergo a transformation thanks to plant-based meat substitutes and cultured meat. However, texturing these meats is time-consuming and challenging, which is why most businesses continue to emphasize ground beef. To compete with the genuine meat sector in the long run, authentic entire cuts are required.
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