70/30 Foodtech launches mycelium research lab and successfully completes seed expansion
SINGAPORE, Feb. 20, 2024 /PRNewswire/ — 70/30 Food Tech, a Singapore holding company with operations in China and other parts of Asia, has launched a low-cost whole-cut mycelium-based protein solution. We are actively developing it. These innovative products are positioned as affordable, high-quality alternatives to traditional animal-based proteins, tailored for the Asian market.
The company has introduced mushroom and soy-based protein products for B2B customers, specifically targeting white-collar workers in China. Guaka is a Chinese restaurant chain specializing in snacks and health foods, with an estimated 1 million end consumers across all its stores, and he is one of the buyers of B2B solutions.
“In 2023, despite facing challenges related to the post-pandemic situation and economic climate, we hope to continue to grow in Asia, especially if we can provide affordable and healthier alternatives to animal protein We maintain a positive outlook on the growth potential of the plant-based sector, driven by fungal biomass fermentation,” said Ib Samyukta, CEO and Founder.
In a recent financial milestone, 70/30 Food Tech has successfully closed an undisclosed amount of seed extension round funding. This round attracted significant support from investors including Better Bite Ventures and follow-on investments from seed investors. The primary use of the funding is to launch his 70/30 Mycelium Laboratory to develop fungi-based biomass ingredients.
“We believe that mycelium-based sustainable protein products have the potential to be the gateway to widespread consumer adoption in Asia, especially given the familiarity and positive perception of fungi in this region. We like 70/30 Food Tech's product pipeline and unique market launch,'' said Michal Klar, founding partner of Better Bite Ventures.
The company launched initial pilot-scale experiments of biomass fermentation technology at the Shanghai Academy of Agricultural Sciences in 2021, primarily to develop cost-effective alternative proteins.
After researching multiple B2B customers, the company says that financials play a vital role in the foodservice decision-making process when considering switching from animal-based to plant-based suppliers.
“Achieving cost efficiency is critical, and food companies in China and other parts of Asia are likely to be interested in products that can offer competitive prices compared to animal-based products. , which will help us gain greater market share and drive adoption,” said Doris Li, CEO of GFIC, a consultancy focused on accelerating the development of the alternative protein industry in China. said.
Biomass fermentation produces high-quality protein with an amino acid ratio equal to or higher than that of animal protein. The resulting product also has a texture similar to animal meat, especially poultry and seafood. It also eliminates the need for the extrusion process commonly associated with the production of soy-based proteins, a unit operation that allows soy-based alternatives to be labeled as “processed” foods.
The company takes a close-to-market commercialization approach while ensuring safety and quality by using specially mutated bacterial strains and bioreactor process design.
70/30 Mycelium Research Lab is strategically located within a renowned biotech startup incubator. The incubator identified 70/30 Food Tech as an impact project working on sustainable solutions to combat climate change and also provided financial support.
open to collaboration
70/30 Food Tech welcomes collaborations with potential research partners, future customers, raw material suppliers, and early stage investors interested in the biotechnology and alternative protein sectors.
For media inquiries or additional information, please contact: Eve Samyuktha, Founder and CEO, 70/30 Food Tech, email: eve@7030tech.com
Source 70/30 Food Tech
