Good Startup founders Gautam Godhwani (left) and Jayesh Parekh
Singapore-based venture capital (VC) firm Good Startup today announced that it has closed its Good Protein Fund I at US$34 million.
The fund saw the participation from investors including Vijay Goradia, Founder and Chairman of Vinmar International; Harris Komishane, former Head of Finance and Strategy for Fidelity Investments; and Professor Bala Vissa, INSEAD Professor of Entrepreneurship.
From this fund, Good Startup has already invested in 21 companies out of its target of 35 companies.
Examples of the companies that they have invested in included Eat Just, The EVERY Company, SuperMeat, VitroLabs, and TurtleTree.
Founded in 2021, Good Startup is a VC firm with the mission to remove animals from the food system to minimise environmental footprint.
Also Read: ‘Meat’ing the needs of the alternative protein space in Singapore
Aside from funding, the firm aims to actively work with its portfolio companies across a range of operational areas, including IP protection, organisation design, hiring and fundraising strategy.
It also aims to serve as a bridge between the growing alternative protein ecosystems in North America and Asia.
“The funding support from our latest round empowers us to continue our work at a greater scale. We are now in a stronger position to ramp up our stakeholder engagements and facilitate deeper ecosystem connections in strategic cross border corridors, such as those between Asia and North America,” said Gautam Godhwani, Managing Partner of Good Startup.
A recent study projected a 25 per cent rise in alternative protein consumption, equivalent to approximately US$1.7 billion for plant-based meat alternatives across the Asia Pacific region by 2025.
In Southeast Asia, startups that are working in the alternative protein included OFF FOODS in Indonesia and Cricket One in Vietnam.
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Image Credit: Good Startup
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