Alchemy Foodtech, a Singaporean startup aiming to reduce carbohydrates, sugar and GI (glycaemic index) of foods, has raised US$3 million in funding from public-listed Thai President Foods, Pine Venture Partners and Sour Sally Group investment arm Selera Kapital.
Existing investors Thai Union, Fuchsia Venture Capital, Heritas Capital, and SEEDS Capital also participated.
The new funds will continue to support Alchemy Foodtech’s next stage of development in markets locally and overseas. “With the funds raised, we can pursue our growth in China, support our new China office, and expand to other countries, including Thailand, Indonesia, Korea, Japan and the US through distributors and B2B partners,” said CEO Alan Phua.
Also Read: Thai Union invests in Singapore’s Alchemy Foodtech, VisVires New Protein from its US$30M fund
The global demand for healthier food options is growing as more than one in three adults is overweight, and one in ten adults lives with diabetes. Alchemy Foodtech addresses these issues by providing tasty, healthier food options that reduce the negative impact of excess carbs and sugar on people’s health.
The company has developed its patented Alchemy Fibre technology platform based on plant ingredients to replace sugars and carbs and reduce glycemic index while delivering great taste and texture.
The interest in carb and sugar reduction is growing, with many companies pledging to reduce sugar in their product offerings by 2030. With strong global demand, Alchemy Foodtech has collaborated with several MNCs on various products, including noodles, bread, cookies, ice creams, yoghurts, and beverages. It will launch some of these in H1 2023.
In 2018, Alchemy raised 7-figure funding in a pre-Series A round led by Heritas Capital and SEEDS Capital.
Alchemy was part of the first cohort of SPACE-F, the first food tech incubator and accelerator programme in Thailand.
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