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Singapore Venture Capital Good Startup Raises $25 million for Protein Fund 

Singapore-based venture capital Good Startup has generated $25 million for its Good Protein Fund I, which will be used to invest in other alternative protein-based companies.

Singapore Venture Capital Good Startup Raises $25 million for Protein Fund

Good Startup was able to secure funds from Symphony Asia Holdings chairman Anil Thadani, Kim Seng Holdings chairman Tan Kim Seng, and a group of senior partners who are acting as angel investors from an undisclosed consulting firm. The venture capital already has a portfolio of investing in alternative protein-based companies such as San-Francisco-based faux egg and cell-meat maker Eat Just, alternative dairy maker TurtleTree Labs, cell-based seafood producer Avant Meats, plant-based chicken maker Rebellyous Foods, and many more. 

The capital raised will be dispersed to fund a total of 32 companies. In addition, Good Startup will work closely with these companies in a range of areas including IP protection, organization design, scaling-up, hiring, and fundraising strategies. The firm further elaborated that 80% of the fund will be utilized in early-stage startups and the remaining 20% in late-stage firms and secondaries. 

The investment period of the fund will last for four years, with more than half of it being allocated in Asia. This foresight emphasizes the global shift to alternative protein as a viable solution to climate change concerns, and as an emerging market. In 2019, a Barclays report predicted that the global alternative protein market, currently valued at $1.4 billion, could increase tenfold to $140 billion by 2029.

The competition for alternative meat is only just heating up. Companies based in Asia-Pacific received $205.61 million in investments last year, over six times the $33.8 million they raised in 2019 and nearly 21 times the amount they were given in 2018, which was $9.86 million.

Other important progress made in this sector includes Eat Just which raised $170 million this May, and Oatly which has successfully been listed on the Nasdaq that same month.


Global e-commerce giant Alibaba has bought HungryNaki, a local Bangladeshi food delivery company at around Tk8 crore, to strengthen its footprint in Bangladesh. Established in 2013, HungryNaki is the first on-demand food delivery company in Bangladesh HungryNaki is serving more than 500,000 customers across Dhaka, Chattogram, Sylhet, Cox’s Bazar, and Narayanganj through its network of over 4,000 restaurants in these cities and towns. The company has around 500 drivers and 100 staff. General secretary of the e-Commerce Association of Bangladesh, Muhammad Abdul Wahed Tomal said, "This will be a positive move, "HungryNaki will get bigger." Bangladesh's food delivery market has attracted international interest before. Berlin-based Foodpanda launched in the country soon after HungryNaki. More recently, Singapore-based Golden Gate Ventures led a $15 million round for rival delivery service Shohoz. Industry insiders said now the country is witnessing a boom of different types of e-commerce services and global companies are showing utmost interest to invest in the Bangladesh market. Alibaba started investing in Bangladesh by acquiring the largest online shopping company Daraz in 2018. At the same year, “Alipay”, the Chinese mobile payment giant owned by Alibaba Group, bought 20 percent stakes in Bangladesh’s largest mobile financial services provider “bKash Limited”. Alibaba, the Chinese multinational technology company that works in e-commerce, retail, internet, and technology, was founded in 1999. It is one of the top 10 most valuable corporations and is named the 31st-largest public company in the world on the Forbes Global 2020 list. In December 2020, the Chinese authorities launched an investigation into the alleged monopolistic practices of Alibaba Group.

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