Singapore-based Float Foods, which produces whole plant-based eggs, announced today that it has raised $2.2 million SGD (~$1.66 million USD). This round of funding was led by both DSG Consumer Partners and Insignia Ventures, with participation from Teja Ventures Apricot Capital, Baksh Capital, Agrocorp Ventures, Water Tiger Investments, and Ebb & Flow. In addition to this recent round, Float Foods previously raised an undisclosed amount of capital through a grant from the Temasek Foundation in March of this year.
The startup’s proprietary product is called OnlyEg, which is made from a base of legumes. The alternative egg contains both a yellow yolk and the whites like a regular egg, allowing it to function much like a regular egg in various applications.
One common concern with alternative protein products is that they do not have the same nutritional value as their animal counterpart. This can sometimes be true, however, Float Foods claims that its alternative egg contains as many vitamins and minerals as a chicken egg. The company also said it is improving upon the nutritional content of its OnlyEg before it launches.
There are not many other whole plant-based eggs on the market, and Float Foods mainly faces competition from companies making alternative eggs in liquid form. However, there is a company based in Singapore called OsomeFoods that recently launched an alternative whole, hardboiled egg product made from mycoprotein. Eat Just is building a factory in Singapore to expand availability of its liquid egg product throughout Asia.
OnlyEg is not yet available on the market, and Float Foods said that the product will likely launch next year. In addition to the alternative whole egg product, the company is also developing plant-based egg patties and shreds.