Image: Good Startup
Venture capital firm Good Startup has successfully raised US$25 million ($33.1 million) following the first close of its Good Protein Fund I. The first close of the fund – a cross-border venture capital fund that invests in alternative protein companies – exclusively comprises individual investors and family offices.
Notable investors who took part in this round include Anil Thadani (chairman, Symphony Asia Holdings), Tan Kim Seng (chairman, Kim Seng Holdings) and a consortium of senior partners from one of the big three premium consulting firms who have invested in their individual capacity as angel investors.
Good Startup will use the capital raised from Good Protein Fund I’s to invest in a total of 32 companies. To date, the company has invested in six alternative protein startups which include Eat Just, TurtleTree Labs, Avant Meats, Rebellyous Foods, Cultured Decadence, and Novel Farms.
In addition to funding, Good Protein Fund I will actively work with these companies in a range of operational areas. These include IP protection, organisation design, scaling-up, hiring, and fundraising strategies.
With its strategic location within the Southeast Asian market – which is experiencing a surge in demand for protein alternatives due to growing health and environmental consciousness – Good Startup recently received its Venture Capital Fund Management license in Singapore by the Monetary Authority of Singapore (MAS).
“For years, food ecosystem stakeholders had to balance the need to meet food security needs while also balancing the toll that animal food production takes on our world. Yet, the growing role of the biotechnology sector in producing alternative proteins can give us the same food we enjoy with less impact on our environment. This can only be achieved by supporting biotech food companies to scale globally, especially in markets that still depend heavily on meat,” says Gautam Godhwani, managing partner for Good Startup.
“The future of the world’s food ecosystem rests on these next-generation companies. In order for them to meet their sustainable food production goals, they require investors and partners that can guide them throughout their journey. Being a cross-border fund that invests in alternative protein companies globally, we are especially excited about alternative protein ecosystem’s potential in rapidly emerging markets like Southeast Asia where we currently have a rich pipeline of deals that we are actively working on and expect to make announcements soon,” says Jayesh Parekh, managing partner for Good Startup.
