Good Startup Raises Protein Fund Worth $25M at The First Close
Good Startup has surprisingly raised an enormous amount of funding at their first close. It is a Singapore-based venture capitalist that works with a vision to develop alternative protein companies around the world. Recently, they hit their first close of a protein fund worth $25 million. Though the total funding size that the company is aiming for is still unknown to all.
Good Startup Raises Protein Fund worth $25M at the First Close
Good Startup is a venture capital firm located in Singapore and has started its journey only 5 months. They work with a mission to remove all kinds of animals from their food system which ultimately inspired them to collect the optimum amount of funding to execute their plan. And lately, they have successfully raised US $25 million in the first close of its Good Protein Fund.
Individual investors and family offices made up the fund’s first close. Anil Thadani, chairman of investment firm Symphony Asia, and Tan Kim Seng, co-founder of Tembusu Partners and founder and ex-chairman of KS Energy, are among them. As angel investors, a number of professional partners from one of the unknown consulting companies also contributed.
According to this venture capital firm, Good Startup intends to invest its money from the funds in 32 alternative protein companies. They have already invested in 6 different alternative protein startups including San-Francisco-based egg and meat company Eat Just, alternative dairy maker TurtleTree Labs, Avant Meats, Rebellyous Foods, Cultured Decadence, and Novel Farms.
The Protein Fund will not only invest in these companies, but they will also advise businesses on a variety of operational issues, such as intellectual property rights, organizational design, increasing production, recruiting, and fundraising strategies.
According to Gautam Godhwani, the managing partner at Good Startup,
“The growing role of the biotechnology sector in producing alternative proteins can give us the same food we enjoy with less impact on our environment. This can only be achieved by supporting biotech food companies to scale globally, especially in markets that still depend heavily on meat.”
Good Startup also claims that they will invest 80% of their funding in the new companies whereas the rest 20% of the funding will be saved for the development of the large alternative protein firms to flourish their business. Depending on the size and possibility of the startup, the amount of investment will vary from $25000 to $1 million.
Good Startup basically targeted the Asia continent as this part of the world is mostly underdeveloped in this sector. They intend to apply all the learnings and techniques from the developed countries in this field to the markets in their early stage like Asia. They hope to have a contract of 4 years investment period with the organizations.
Read More: Accelerator vs Incubator: Which is For You?
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