Hey Maet, makers of pea protein-based meat alternatives, announced yesterday that it received investment from and secured a partnership with Shuangta Food (tip of the hat to Green Queen). The investment amount was not disclosed.
Hey Maet will use this investment towards R&D and opening a food laboratory in Shanghai. Hey Maet employs food scientists from MIT, UC Berkely, and the University of Helsinki to create a diversity of meat alternatives such as faux beef cubes, minced pork, sausages, and even burgers and nuggets for the Westerner’s palate. The main ingredients in its products are pea protein, soy, and rice protein.
Yesterday was a busy day for plant-based meat as Beyond Meat made the announcement that it will soon launch two production facilities near Shanghai to facilitate further expansion throughout China. In a bit of a twist, Shuangta supplies pea protein to both Hey Maet and Beyond Meat. Needless to say, Shuangta’s investment in Hey Maet will make it intriguing to see how these two companies compete in China’s plant-based market.
Beyond Meat and Hey Maet are not the only players that recognize China as a booming market for plant-based animal protein alternatives. Eat Just has launched products in the Chinese market, Omnipork is rapidly expanding into retailers throughout China, and Nestlé plans to open a plant-based meat factory near Beijing.
In addition to Shuangta Foods, Hey Maet also received funding from from Shenzhen Tiantu Capital and UpHonest Capital. Hey Maet plans on launching into thousands of restaurants and working with caterers throughout China by the end of this year.