First Bite: Better Bite Ventures backs four early-stage APAC alt protein startups, from cauliflower ice cream to cultivated seafood

For First Bite, we are writing checks even at the idea stage. In some cases, when we start talking with founders, they have not even incorporated the business.

That as well means that the check size is slightly smaller. “We did it [First Bite] in late 2022 for the first time, and we are happy with the results. It is great to support four teams to help them kickstart their projects. We will now run it on a regular basis, likely several times a year.” Founding partner Simon Newstead added: “Founders often think it’s too early to approach us when they’re just starting with an innovative idea.

A startup “developing novel bioreactor-free technology that could significantly reduce costs. Accelerate the scalability of fermentation-derived alt proteins.” Klar would not provide further details given the firm is still in stealth mode. A startup cofounded by food technologist Mrinali Kumar and vegan chef Jenni Matheson to make plant-based ice cream featuring ‘imperfect’ cauliflower that would otherwise go to waste.

India’s first cultivated seafood startup, Klevermeat was cofounded by Nithin Shetty and Swapnil Kamble. Going to Klar: “The high cost of production is still the major hurdle in cultivated meat and seafood. We believe India has a potential to drive it down given a unique combination of world-class, but more affordable R&D and bioprocessing talent and more economical scale up facilities.” Allium Bio (Singapore).

Cofounded by Jon Ho and Albertus Sarwono, Allium Bio co-cultures strains of microalgae and mycelium to create components that improve the taste and performance of plant-based products. Its first product is a functional protein isolate designed to “replace soy protein and many of the common functional additives for the plant-based meat industry.” According to Ho: “When we put microalgae and mycelium together, we get this incredible 1+1=10 effect, where the final component is more than the sum of its parts.

The two species work together to create this even faster-growing product with all the high-value properties of microalgae that is also easier and lower priced to crop.” To date, Better Bite Ventures has invested in 20 early-stage alt protein businesses across Asia Pacific in areas including molecular farming; plant-based meat, eggs, and dairy; cell-cultured meat and seafood; and fermentation-based foods. Portfolio firms include Change Foods, Vow , Umami Meats, Next Gen Foods (TiNDLE) and Miruku.

The next round of First Bite applications is open until May 19. Alt protein capital invested by region in 2022.

Source: Good Food Institute (GFI) analysis of Pitchbook data