Karana closes $2.37m seed funding
This will be used to fund its whole-plant-based meats and dim sum products in Singapore.
Asia’s first whole-plant-based meat brand Karana has closed its $2.37m (US$1.7m) seed round funding, according to an announcement.
Karana has raised capital from some of the region’s leading industry experts, including Henry Soesanto, CEO of Monde Nissin Corp, Temasek and Tyson Foods-backed fund Big Idea Ventures, Japanese and Singaporean fund Germi8, and a leading Asia-based FMCG distributor.
A number of angel investors also participated, including Hong Kong-based F&B entrepreneurs, Kevin Poon and Gerald Li, and a board level FMCG Executive.
Karana plans to use the funds to launch its first range of whole-plant-based meats and dim sum products in Singapore and to accelerate its research and development (R&D) capabilities to develop its product portfolio in the region. The funds will also be used to build out an experienced regional food tech team.
The company chose Singapore as a city to launch in as it is said to be a global leader in food tech innovation, with an abundance of industry experts, strong government support, and like-minded investors.
Karana is set to launch its whole-plant pork made from jackfruit in mid-2020 in Singapore in collaboration with some of the country’s top restaurants. The products will be available through retail in early 2021.