Big Idea Ventures, a global leader in early-stage investments in the alternative protein sector, has recently unveiled its latest accelerator cohort (6th) in October.
Seventeen early-stage startups were selected for pre-seed investment as part of Big Idea Ventures’ bi-annual new protein accelerator program. Investments were made through the firm’s 3 offices in New York, Paris and Singapore. Among these 17 startup companies are six from the Singapore accelerator and they include Singapore-based ImpacFat, Dynacyte, Mycosortia, SonoBiosciences and AIgrow Biosciences. Only one company Smart MCs is based in Australia.
Dr. Dalal AlGhawas, Big Idea Venture’s Program Director in Singapore said, “In alignment with Singapore’s development of advanced infrastructure for alternative protein, our 6th cohort spans innovative solutions for both upstream and downstream processes of fermentation and cellular agriculture. From bioreactors to cell lines and even microcarriers, supporting these auxiliary services will bring us closer to commercialisation and price parity.”
AFBR has managed to gain deeper insights on 3 Singapore-based startups in the cohort and they are as follows:
ImpacFat
ImpacFat is all about #GoodFat. “We are the first cell-based fish fat focus company in the world that aims to enhance the nutrition value and taste of alternative meats,” said Mandy Hon, Managing Director of ImpacFat.
Ms Hon explained that its fish fat is high in nutrition values such as Omega-3 fatty acids and antioxidants, low in saturated fat and no trans-fat. As compared to other livestock fat, which contains a lot of unhealthy saturated fat, ImpacFat contains a lot more healthy fat to supplement alternative meats.
ImpacFat is also nutrition and taste customisable to individual alternative meat needs.
As of now, ImpacFat has filed a patent for its technology. “We are currently working on cost reduction and serum replacement . ImpacFat is ready for scale-up production and is looking to build our pilot scale production system in the coming year,” added Hon.
ImpacFat is currently on seed round funding for US$2.2 million. The company hopes to invest in a pilot scale production system, hiring top talent and acquiring infrastructure to prepare itself for large-scale manufacturing.
Algrow Biosciences
Algrow Biosciences creates dairy alternatives with one of the world’s most sustainable, nutritious and abundant ingredients – microalgae. Their technology specifically tackles target molecules in microalgae linked to off notes and green pigment, to create neutral biomass suited for dairy applications.
Its existing technology could produce microalgae biomass at up to 85% lower cost compared to existing processes. This enables the company to create end products that are tasty, nutrient-dense and also cost competitive versus existing alt dairy options.
Currently, Algrow Biosciences has completed its initial prototype, which consumers surveyed rated 7 out of 10 in acceptability. Having been accepted into the Big Idea Ventures accelerator programme, it is doubling down on R&D and building its scientific team. It is looking to raise a Seed round in the first half of 2023.
Mycosortia Ptd Ltd
Mycosortia utilises its proprietary microbial consortia fermentation technology to upcycle fiber- and protein-rich food sides streams such as okara and spent barley grains to protein-rich food ingredients.
Using the novel upcycled protein-rich food ingredients, Mycosortia develops alternative protein food products such as meat analogue, seafood analogue, dairy-free and egg-free food products.
Geng Anli, Director and Cofounder of Mycosortia said, “Our process achieves high-fiber bioconversion without using any chemicals and any commercial enzymes. It is a cost-effective and zero-waste process. In addition, the technology can be applied to many fiber-rich food side streams, including wheat bran, rice bran, coffee grounds and palm kernel cakes etc. We are currently in the stage of novel food product prototyping.”
Mycosortia has obtained a pre-seed fund from Big Idea Ventures. It is raising seed fund to scale up its process and production, and to bring its products to the market.
Big Idea Ventures is a venture firm focused on solving the world’s greatest challenges by backing the world’s best entrepreneurs, scientists and engineers. Through its 3 funds, namely the New Protein Fund, the Generation Food Rural Partners fund and the Strategic Opportunities fund, Big Idea Ventures invests in the best food, food technology and agritech companies globally.
