Cultured seafood company Shiok Meats has raised an undisclosed amount of investment in a bridge funding round from Woowa Brothers Asia Holdings, CJ CheilJedang Corporation, and Vietnamese-based seafood exporter Vinh Hoan Corporation. This brings Shiok Meats’ total funding to date to $30 million, according to a company press release.
The round also included existing investors IRONGREY, Big Idea Ventures, Twynam Investments, Henry Soesanto, The Alexander Payne Living Trust, Beyond Impact Vegan Partners, Boom Capital Fund, Toyo Seikan Group Holdings, and Mindshift Capital.
While Shiok Meats did not disclose the exact amount of the bridge round, it likely clocked in around the $10 million mark, a figure based on publicly available information about the company’s financials.
The new funds will go towards building an R&D production facility in Singapore, where the company is based. To date, Shiok Meats has developed cultivated shrimp and lobster, and aims to eventually produce those products at scale via its production facility.
Several other cultivated protein companies, including Future Meat, MeaTech 3D, and fellow cultured-seafood company Willdtype, have also announced production facilities over the last few months. BlueNalu, another seafood-focused company, announced a production facility back in 2020 that is slated to be operational towards the end of this year.
For its part, Shiok Meats says it plans to launch in Singapore by 2023 at the latest. The company received the prestigious Startup SG Tech Proof-of-Value grant, which helps companies fast-track development of their technologies/products and which could help Shiok Meats get to market faster.
In Singapore, at least, Shiok already has competition. San Francisco, California-based Eat Just nabbed the world’s first-ever regulatory approval to sell cultivated meat from Singapore and is currently selling its “chicken” at restaurants in the city-state.
